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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

2016 Pebble Beach Concours d'Elegance: It's all in the details

It's no secret that Pebble Beach is an ode to gorgeous, and mostly, classic cars. The car show may be a place for automakers to showcase extremely expensive cars to wealthy buyers, but it's also one of the go-to places for enthusiasts that love automobiles and culture. While it's easy to be overwhelmed by the overall beauty of a car, the real magic often needs closer inspection to be realized. Every car at Pebble Beach is a work of art, but the true beauty of the vehicles lies in the details. And Autoblog's photographer, Drew Phillips, managed to capture the details on some gorgeous cars. From the Lamborghini Miura's exquisite steering wheel to Rolls-Royce's Spirit of Ecstasy, it's all at Pebble Beach. We think the details on some of the cars are prettier than the cars themselves, but don't take our word for it. Check out the beautiful gallery above and enjoy the tiny bits and pieces behind some of the prettiest cars in the world. Related Video: Featured Gallery 2016 Pebble Beach Concours d'Elegance Details View 75 Photos Image Credit: Copyright 2016 Drew Phillips / Autoblog Misc. Auto Shows Aston Martin BMW Ferrari Lamborghini Rolls-Royce Pebble Beach

Robert De Niro cast as Enzo Ferrari in new film

In one of Robert De Niro's early defining roles, he portrays a young Vito Corleone as a man climbing up the ranks of the New York underworld in flashbacks during The Godfather: Part II. Soon, we might see De Niro stepping into the shoes of a godfather from the Italian sports car industry in a biopic about Enzo Ferrari. According to The Guardian, De Niro recently told an Italian newspaper that the film would go into production soon and would shoot in Italy. This project apparently holds a high priority for him, and in addition to starring, De Niro's company is co-producing. It could be a while before we see the film in theaters because the script is still being written. We're also told that Clint Eastwood might sit in the director's chair, if he likes the story. Ferrari had a life every bit as fascinating as many fictional characters with stints as a racecar driver, an engineer and of course a canny businessman. He also held a long passion for motorsports, which could make for some very exciting scenes. According to The Guardian, the film would focus on Ferrari's life from around the founding of his sportscar company in the mid '40s through to his death in the late '80s. With characters like Jake Lamotta in Raging Bull and Sam Rothstein in Casino under his belt, De Niro certainly has shown the chops to portray a larger-than-life figure like Ferrari. Hopefully, he has retained the clout to get the film finished, though. Similar motorsports biographies haven't made it to the screen, such as the supposed Brad Pitt and Tom Cruise flick Go Like Hell or the Mad Men-inspired TV show about sports car racing in the '50s and '60s. Related Video: