1970 Chrysler New Yorker Base 7.2l on 2040-cars

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To grease the skids for Stellantis, PSA offers to boost Toyota's fortunes

BRUSSELS/MILAN — Peugeot maker PSA has offered to boost Japanese rival Toyota to try to address EU antitrust concerns about its plan to create the world's fourth-biggest carmaker, to be called Stellantis, by merging with Fiat Chrysler, people familiar with the matter said on Friday. PSA has offered to increase the production capacity for Toyota in their van joint venture, one of the sources said. Another source said the French company would sell the vans at close to cost. PSA makes vans for Toyota in its Sevelnord plant in northern France. The van collaboration started in 2012. PSA submitted its offer to the European Commission earlier on Friday, three months after the EU enforcer opened a full-scale investigation into the deal with FCA on concerns that it would hurt competition in small vans in 14 EU countries and Britain. "As of now, the transaction has obtained merger clearance in 14 jurisdictions. As previously stated, closing of the transaction is expected to occur in the first quarter of 2021," PSA and FCA said in a joint statement. The Commission, which temporarily halted its investigation into the deal in July while waiting for the companies to provide requested data, did not set a deadline for its decision. "The deadline is still suspended. This procedure in merger investigations is activated if the parties fail to provide, in a timely fashion, an important piece of information that the Commission has requested from them," the EU executive said. It is now expected to seek feedback from customers and rivals before deciding whether to demand more concessions, or either clear or block the deal. Government/Legal Chrysler Fiat Peugeot Stellantis

Fiat, PSA poised to win EU approval for $38 billion Stellantis merger

BRUSSELS/MILAN — Fiat Chrysler and PSA are set to win EU approval for their $38 billion merger to create the world's No.4 carmaker, people close to the matter said, as they strive to meet the industry's dual challenges of funding cleaner vehicles and the global pandemic. The green light from the European Commission would formalize the creation of Stellantis, a carmaking group that could tap hefty profits from selling Ram pickup trucks and Jeep SUVs to U.S. drivers to fund the expensive development of zero-emission vehicles for sale in Europe and China. The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS — while targeting annual cost cuts of 5 billion euros ($6 billion) without closing factories. The Commission and Italian-American group Fiat Chrysler Automobiles (FCA) declined to comment. France's PSA did not immediately respond to a request for comment. PSA and FCA shares reversed losses after the Reuters story was published. PSA stock was last up 2% at 16.83 euros, while FCA shares were 1.9% higher at 11.31 euros. To allay EU antitrust concerns, PSA has offered to strengthen Japanese rival Toyota Motor Corp, with which it has a van joint venture, by ramping up production and selling it vans at close to cost price, the people said. FCA and PSA will also allow their dealers in certain cities to repair rival brands. Following feedback from rivals and customers, the carmakers only had to tweak the wording of their concessions, with no changes to the substance, the people said. The companies did not have to use the COVID-19 pandemic to argue for the merger, they added. FCA and PSA have said they hope to complete the merger in the first quarter of 2021. The challenge of switching to electric cars has been complicated by the COVID-19 pandemic. Just last month, FCA and PSA restructured the terms of their deal to conserve cash and raised their targeted cost savings because of the economic fallout from the health crisis. The companies have said about 40% of the savings will come from product-related expenses, 40% from purchasing and 20% from other areas, such as marketing, IT and logistics.

Labor Day: A look back at the largest UAW strikes in history

American made is almost an anachronism now, but good manufacturing jobs drove America's post-war economic golden age. Fifty years ago, if you held a job on a line, you were most likely a member of a union. And no union was more powerful than the United Auto Workers. Before the slow decline in membership started in the 1970s, the UAW had over 1.5 million members and represented workers from the insurance industry to aerospace and defense. The UAW isn't the powerhouse it once was. Today, just fewer than 400,000 workers hold membership in the UAW. Unions are sometimes blamed for the decline of American manufacturing, as companies have spent the last 30 years outsourcing their needs to countries with cheap labor and fewer requirements for the health and safety of their workers. Unions formed out of a desire to protect workers from dangerous conditions and abject poverty once their physical abilities were used up on the line; woes that manufacturers now outsource to poorer countries, along with the jobs. Striking was the workers' way of demanding humane treatment and a seat at the table with management. Most strikes are and were local affairs, affecting one or two plants and lasting a few days. But some strikes took thousands of workers off the line for months. Some were large enough to change the landscape of America. 1. 1936-1937 Flint Sit-Down Strike In 1936, just a year after the UAW formed and the same year they held their first convention, the union moved to organize workers within a major manufacturer. For extra oomph, they went after the largest in the world – General Motors. UAW Local 174 president Walter Reuther focused on two huge production facilities – one in Flint and one in Cleveland, where GM made all the parts for Buick, Pontiac, Oldsmobile and Chevrolet. Conditions in these plants were hellish. Workers weren't allowed bathroom breaks and often soiled themselves while standing at their stations. Workers were pushed to the limit on 12-14 hour shifts, six days a week. The production speed was nearly impossibly fast and debilitating injuries were common. In July 1936, temperatures inside the Flint plants reached over 100 degrees, yet managers refused to slow the line. Heat exhaustion killed hundreds of workers. Their families could expect no compensation for their deaths. When two brothers were fired in Cleveland when management discovered they were part of the union, a wildcat strike broke out.