1994 Jeep Grand Cherokee Laredo on 2040-cars

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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.

Jeep Renegade signed by the Rolling Stones brings in $46k for charity

What do Jeep and the Rolling Stones have in common? Well, they've both have been around for longer than most of us, they seem just about indestructible, and not long after one shipped out from America to help save Britain, the other lead the British Invasion of America. But the two enduring icons also came together this past summer as one sponsored the other's European tour. And while they were in Rome, Jeep had the members of the legendary rock group sign a new Renegade that just went up for auction. Bearing the signatures of the immortal Mick Jagger, Keith Richards, Ronnie Wood and Charlie Watts, this star-studded, pint-sized off-roader – the first Jeep to be built in Italy – sold for an impressive $46,000 to an anonymous bidder. That's about two-and-a-half times what the new pebble-crawler is expected to sell for when it reaches showrooms. Proceeds from the sale, handled by Charitybuzz.com, will benefit Community Links, a social-inclusion organization based in London. View 56 Photos

Chrysler accelerates Jeep recall repairs from 2018 to March

You may remember that Jeep's unusual fix for this recall involves fitting a trailer hitch.
The recall of about 1.5 million models of the 2002-2007 Jeep Liberty and 1993-1998 Grand Cherokee over fuel tanks may finish far sooner than originally estimated. In a new filing from Jeep's parent, Chrysler Group, with the National Highway Traffic Safety Administration, the company says that it can complete the repairs for the affected vehicles by March 2015, much sooner than the previous estimate of sometime in 2018. Jeep predicts the total cost of the campaign will be around $151 million.