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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.

UAW ratifies FCA contract

The second time was apparently the charm for the proposed contract between the United Auto Workers and FCA US as 77 percent of union members have ratified the four-year deal, it was announced Thursday. "This agreement represents an investment in our US workforce and recognizes its contributions to the company's growth over the past six years." the automaker said in a statement. Now, the UAW must move forward on new arrangements with Ford and General Motors. After members rejected the original offer, UAW president Dennis Williams (pictured above, right) was positive about the new deal's acceptance. "The resolve of our membership and the dedication of our negotiating team has produced an agreement that affords UAW members a strong wage package and job security while still allowing the company to competitively produce high quality vehicles for our customers," he said in a statement. In contrast to the last offer, the new contract largely eliminates the two-tier wage system, and it's now it's possible to attain the same $29 per hour pay over eight years of employment. According to the Detroit Free Press, the deal also no longer limits FCA US from hiring entry-level workers. The original plan for a healthcare co-op across the Detroit automakers is also axed from the latest arrangement. While the strategy was supposed to lower costs, the potential changes weren't explained well to union members, and they rejected it. UAW FCA MEMBERS RATIFY NEW CONTRACT Featured / Negotiations / October 22, 2015 DETROIT – The members have voted to ratify a new four-year collective bargaining agreement with FCA by a 77% majority. The results of the voting are as follows: • Production workers – 77% • Skilled Trades – 72% • Salaried Bargaining Unit – 87% President Williams stated, "The recent bargaining process that took place on behalf of our members at FCA is a testament to the UAW's democratic values and commitment to our members. The resolve of our membership and the dedication of our negotiating team has produced an agreement that affords UAW members a strong wage package and job security while still allowing the company to competitively produce high quality vehicles for our customers." "UAW members at FCA have obtained a strong agreement that provides substantial wage gains, fairness in the workplace, and job security.

Chrysler recalls 350k vehicles over ignition switches

Chrysler has announced a recall covering 349,442 vehicles due to ignition switches that can either become stuck or move without warning. All of the affected vehicles are from the 2008 model year, and were built before May 12, 2008.
The automaker has learned that ignition keys on some vehicles "may not fully return to the 'ON' position after rotation to the 'START' position during engine-startup," the company said in a statement. Additionally, "an ignition key may not fully return to the 'ON' position after rotation to the 'START' position and may inadvertently move through the 'ON' position to 'ACCESSORY' or 'OFF.'"
Chrysler says it is unaware of any related injuries, and notes that while reduced braking, engine or steering power is possible in such instances, the airbags are not affected. The later stands in contrast to General Motors' recent rash of high-profile recalls, and it's an important distinction that Chrysler (understandably) felt necessary to call out in bold print in its press release.