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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Marchionne blames design 'dummies' for poor Chrysler 200 reception

I like the new Chrysler 200. In fact, we have one in the office this week, and every time I see it outside, I think to myself, "That's a really good looking car." But truly good automotive design allows form to perfectly blend with function, and that's where the 200 falls short – so short, in fact, that Chrysler's midsize sedan has yet to earn a full recommendation from the folks at Consumer Reports. The problem? That slick roof design. During an interview at the Detroit Auto Show this month, Fiat-Chrysler CEO Sergio Marchionne said the 200's rear roofline compromised ingress and egress from the rear seats, and that's why CR can't fully recommend it. "The 200 failed because somebody thought that the rear-seat entry point inside the 200 – which is our fault, by the way – is not up to snuff," Marchionne said to Automotive News. Marchionne went on to say that FCA's designers copied the roofline of the Hyundai Sonata, which "has the same problem." He continued, "We didn't copy the car, we copied the entry point to the rear seat. Dummies. I acknowledge it." Harsh words, but Marchionne isn't alone in his sentiments. FCA design boss Ralph Gilles tweeted today, "He is right, we might have gone too aggressively after aero. Which we achieved as it is best in class. No free lunch." So yes, the 200 looks good. But following this incident, perhaps a redesign will ditch that sloping roof for something that's a bit more functional. Related Video:

Chrysler Recalling 870,000 SUVs For Brake Defect

Chrysler is recalling nearly 870,000 SUVs because corrosion may make the vehicles' brakes harder to use. Jeep Grand Cherokee and Dodge Durango SUVs from the 2011 through 2014 model years are involved. Chrysler says crimp joints in the brake boosters can corrode if they're exposed to water. If the water freezes, the boosters won't aid braking as they usually do. Chrysler began investigating after some customers said their brakes felt too firm when pressed down. The company knows of one accident, but no injuries, due to the defect. Dealers will install a shield to protect the boosters for free and replace boosters that aren't working properly. Chrysler has since changed the design to make the boosters more corrosion resistant. Chrysler will notify owners of the recall, which involves 867,795 vehicles. Related Gallery Safest Crossovers For The Budget-Conscious Family View 10 Photos Recalls Chrysler Dodge