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France tries to dodge blame for blowing up FCA-Renault merger deal

PARIS — France sought to fend off a hail of criticism on Thursday after it was blamed for scuppering a $35 billion-plus merger between carmakers Fiat-Chrysler and Renault only 10 days after it was officially announced. Shares in Italian-American FCA and France's Renault fell sharply in early trading after FCA pulled out of talks, saying "the political conditions in France do not currently exist for such a combination to proceed successfully." French finance minister Bruno Le Maire said the government, which has a 15% stake in Renault, had engaged constructively, but had not been prepared to back a deal without the endorsement of Renault's current alliance partner Nissan. Nissan had said it would abstain at a Renault board meeting to vote on the merger proposal. However, a source close to FCA played down the significance of Nissan's stance in the discussions, believing French President Emmanuel Macron was looking for a way out of the deal after coming under pressure at home. Context The FCA-Renault talks were conducted against the backdrop of a French public outcry over 1,044 layoffs at a General Electric factory. The U.S. company had promised to safeguard jobs there when it acquired France's Alstom in 2015. The collapse of the deal, which would have created the world's third-biggest carmaker behind Japan's Toyota and Germany's Volkswagen, revives questions about how both FCA and Renault will meet the challenges of costly investments in electric and self-driving cars on their own. The merger had aimed to achieve 5 billion euros ($5.6 billion) in annual synergies, with FCA gaining access to Renault's and Nissan's superior electric drive technology and the French firm getting a share of FCA's lucrative Jeep and Ram brands. FCA has long been looking for a merger partner, and some analysts say its search for a deal is becoming more urgent as it is ill-prepared for tougher new regulations on emissions. It previously held unsuccessful talks with Peugeot maker PSA Group, in which the French state also owns a stake. French budget minister Gerald Darmanin said the door should not be closed on the possibility of a deal with Renault, adding Paris would be happy to re-examine any new proposal from FCA. "Talks could resume at some time in the future," he told FranceInfo radio.

Fiat brings back throwback 1957 Edition for the 500

Fiat is bringing back its retro-styled 1957 Edition treatment for its 500 cabrio and hatchback models, an homage to the original 500, which debuted in 1957 as the Nuova Cinquecento. It's like a Vespa-ization of the little Italian subcompact. For an extra $995 and based on the Lounge trim, the 1957 Edition brings a new, retro fascia with throwback Fiat badging, white exterior mirrors and a choice of white, green or blue 16-inch retro-inspired wheels. You get a two-toned paint job with a white roof on hatchback versions and a black soft top on cabrio models, plus choice of three retro-inspired paint colors: celeste blue, chiaro (light green) and bianco ice (white). Inside, designers have contrasted a mostly ivory interior with marrone brown leather seats decorated with ivory accent stitching on the setbacks, perimeter and cushions. There are also ivory door-trim panels and a marrone brown leather shift boot with manual-transmission models. The steering wheel is wrapped in leather and continues the ivory-brown theme. It's accented with a retro Fiat badge. The Fiat 500 comes standard with the new 1.4-liter MultiAir Turbo engine, which boost output to 135 horsepower and 150 pound-feet of torque and features a sport-tuned exhaust. It's paired with a standard five-speed manual transmission or an optional six-speed automatic. The 1957 Edition was last available for the 2016 model year in a slightly different guise and price point. You can once again retro-pimp your 500 at dealerships starting this fall. Related Video: Featured Gallery Fiat 500 1957 Edition Image Credit: FCA Fiat Convertible Hatchback

Detroit 3 and UAW could create healthcare pool

Healthcare costs continue to multiply in the US with no clear end in sight, but the United Auto Workers and the Big Three are negotiating a way to rapid growth under control. As part of the latest contract talks, the union has an idea to create a healthcare pool across all of its members at Ford, General Motors, and FCA US. If accepted, the company-wide integration would spread out the expenses and create a massive member base for bargaining with insurance companies. Both Ford and GM are at least considering the proposal, according to The Detroit News, and FCA US might be on board, as well. The idea is the work of current UAW president Dennis Williams and is based on the similar pool for the Voluntary Employee Beneficiary Association for retirees. "I've walked through this several ways; I just don't have any other answer," Williams said to The Detroit News. "I do believe this will work. It's worked with the VEBA." Williams was elected UAW president last year and won by an overwhelming margin. He vowed no more concessions to automakers. In addition to healthcare, the two-tier wage system is another major talking point in the contract negotiation because it gives fewer benefits to entry-level workers. Higher wages are also a request. Healthcare costs are a massive expense for automakers and are expected to reach over $2 billion this year, according to The Detroit News. The payments are up nearly 50 percent or more in just the last four years.