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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.

2017 Jeep Com-Patriot looks like a mini Grand Cherokee

Jeep plans to merge the Compass and the Patriot into a single model, and today we're getting an undisguised look at the compact crossover. These images from Brazil's Autoo were captured before a photo shoot. The SUV, which retains the same shape as the prototypes our photographers captured testing earlier this year, borrows a sizable amount of styling cues from the larger, more expensive Jeep Grand Cherokee. If the SUV's badging is anything to go off of, Jeep will retain the Compass moniker for the upcoming vehicle. At the front, the SUV has a similar grille to the Grand Cherokee with seven rectangular openings, which are smaller than the ones found on the current compass, with chrome trim. The headlights and LED daytime lights are also similar to the ones on the Grand Cherokee. The black roof, which is a new touch for Jeep, is a nod toward the SUV's European competitors like the Land Rover Range Rover Evoque. The new model loses the square-like taillights on the previous model for oval-shaped ones. Overall, the SUV adds modern touches to the aging Compass and Patriot models while staying true to Jeep's iconic look. The SUV is expected to utilize a modified version of the platform found on the Jeep Renegade and Fiat 500X. Power could come from a 2.0-liter turbocharged inline-four engine that's mated to either a nine-speed automatic transmission or a six-speed manual gearbox. Just like the current model, the upcoming Compass will have front-wheel drive as standard with all-wheel drive as an option. The next-gen Compass will be manufactured at Jeep's new plant in Brazil, where the vehicle will also makes it official debut later this year. The baby Grand Cherokee will make its first appearance on American soil at this year's Los Angeles Auto Show. Related Video: News Source: AutooImage Credit: Autoo Design/Style Spy Photos Jeep Crossover SUV jeep compass jeep patriot

Chrysler set to make $266M-investment into 8-speed transmission production

Chrysler will shortly make a significant $266-million investment into its Kokomo, IN transmission factory in a bid to expand production of its eight-speed automatic transmissions. The gearboxes, which are built under license from Germany's ZF Friedrichshafen, have been well received by customers and critics, and according to an SEC filing obtained by Automotive News, the transmissions will eventually find their way to all of Chrysler's rear-drive offerings (Viper and heavy-duty Ram models, aside). According to AN, a Chrysler spokesman says the investment has not been confirmed, but once it is, it'll mark the company's latest in a growing line of investments at the facility. Chrysler has poured $1.5 billion into Kokomo since 2009.