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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

2014 Dodge Durango

Say what you want about the Dodge Durango, but ever since it came on the scene in 1998, it has occupied its own niche in the SUV market - not too small, not too big, tough, able, not always the best on the road and not always the best off-road. If it were a football player, it would be a tight-end that can block and catch. If it were a hamburger - a double burger with cheese and bacon, but not the Whopper.
As part of a mid-cycle upgrade for what was already a very capable SUV that Chrysler introduced in 2011, and built on the same platform as the Mercedes GL-Class and Jeep Grand Cherokee, the 2014 Durango has gotten some refinements worth noting that have cleaned up its tailoring and toned up its body and powerplant. The result is an SUV that shows itself to be a very good value in a category full of sticker prices that can run away faster than a kid who's been told he has to take ballroom dancing lessons.
Chrysler executives showing us the new Durango made a special point to reiterate that the Dodge brand is not going away, as has been rumored after the company took the Ram and Viper - the cream of the brand - out from under the Dodge umbrella. Turns out Dodge has been the brand attracting the most young people (who knew?) and has a younger average age buyer than Honda. The Dodge brand historically has also attracted buyers who aren't exactly Phi-Beta Cappa, which some companies worry about. Chrysler not so much. Dodge buyers tend to be more the working, high-school-educated, community-college-educated backbone of the work force in America. If they keep coming to Dodge, the Durango is a pretty good piece of hardware to save up for.

Dodge Viper saved from crusher by students, but will it last?

The saga of the Washington state community college hoping to keep its allegedly pre-production Dodge Viper out of the maw of the crusher is going strong. Not only does the school still have the car, but there's a chance that the college might even get to keep it.
The whole situation flared up in March when the South Puget Sound Community College in Olympia, WA, received a notice from Chrysler Group that requested that the school's Viper be destroyed. The automaker had loaned the muscle car to it about a decade ago to use for educational purposes in its auto tech classes. With the Dodge growing long in the tooth, "it is unlikely that these vehicles offer any educational value to students," the company said in its press release on the matter.
However, the college balked at destroying its Viper, despite the fact it had signed a contract with Chrysler Group to do so. The school further claimed that its car was incredibly special because it was a pre-production example and just the fourth one made back in 1992. Although, as we pointed out at the time, the photos of the school's vehicle showed a coupe that looked like a newer Viper GTS.