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Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.

Best sport sedans for 2022 and 2023

SUVs dominate the car industry at every size and price level, but some people still prefer the looks, and more importantly, the performance and comfort, of the traditional sedan. With a lower ride height, lighter weight and generally smaller size, they often are much more fun to drive, and can even be more comfortable. Sport sedans of course lean harder on the performance side of things, and are among the best options for sheer speed and fun, thanks to those inherent characteristics. We've rounded up the ones in the segment that do the sporty dance better than any others in 2024 to give you a handy guide when you're shopping for one of your own. You'll find a wide array of cars here including gas, electric and hybrid powertrains. They'll have manual and automatic transmissions and drive the front, rear or all four wheels. Technically a few hatchbacks have slipped in, but they're close enough in look and feel that we wanted to include them. And excluding them means you might miss out on some of the best-driving options available. You wouldn't want that, would you? Alfa Romeo Giulia Why it stands out: Punchy four-cylinder; astounding power from Quadrifoglio; light and nimble character; awesome shift paddlesCould be better: Clunky infotainment; sub-par switchgear Read our Alfa Romeo Giulia review We start this list with one of the most predictable inclusions: the Alfa Romeo Giulia. Yes, it's a stereotype that the Italian sport sedan is fun to drive, but the fact is, well, it is. The Giulia comes standard with a turbocharged 2.0-liter four-cylinder making 280 horsepower, making it one of the most powerful four-cylinders in the segment. It's paired with a snappy and smooth eight-speed transmission and either rear-wheel or all-wheel drive.  The engine is lively and torquey, if a little short of revs, and the chassis feels super-light. The steering is eager and the car jumps into corners. We also highly recommend getting a version with the enormous and superb aluminum paddle shifters that make clicking through gears much more entertaining. And on the topic of the interior, it's attractive, but the various switches and knobs feels a little cheap, and the infotainment system is clunky. Of course there's also the incredible Giulia Quadrifoglio at the high end. It gets a Ferrari-derived twin-turbo 2.9-liter V6 making 505 hp, and it's rear-wheel drive only.

Dongfeng and PSA extend Chinese joint venture

BEIJING/PARIS — China's Dongfeng and Peugeot maker PSA are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker's merger with Fiat Chrysler Automobiles (FCA). Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA). Under the deal, the venture could get the rights to PSA's new brands in China and will benefit from new technologies and intellectual properties, the Chinese company said. PSA was not immediately available for comment. The announcement comes a day after the companies said Dongfeng would reduce its 12.2% stake in PSA by selling 30.7 million shares to the French company. Analysts said the move could smooth U.S. regulatory approval for PSA's roughly $50 billion (GBP38.97 billion) merger with Italian-American carmaker FCA. The sale of Dongfeng's shares in PSA, worth around 680 million euros ($757 million), will leave the Chinese group holding around 4.5% of the merged PSA-FCA, which is set to become the world's fourth-biggest carmaker by sales volumes. "As the cooperation between Dongfeng and PSA deepens, we expect the joint venture to continue making good progress in China," a Dongfeng representative said. On a conference call, Dongfeng said DPCA would have exclusive rights to PSA's Opel cars should the partners agree to bring the brand to China, and enjoy lower prices on car parts imported from PSA. Earlier this year, a document seen by Reuters showed Dongfeng and PSA plan to cut jobs at Wuhan-based DPCA and reduce its number of car plants to try to make the venture more profitable. Chrysler Dodge Fiat Jeep RAM Citroen Peugeot China FCA PSA Dongfeng