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Strains between France and Italy risk Renault-FCA merger

PARIS/ROME — Fiat Chrysler's proposed $35 billion merger with Renault has cheered investors, won conditional support from Paris and Rome and even earned cautious backing from trade unions. Beneath this veneer, however, the bold attempt to create the world's third-largest carmaker risks becoming rapidly embroiled in the fraught relationship between France's europhile President Emmanuel Macron and Italy's euroskeptic leaders. For while Deputy Prime Minister Matteo Salvini hailed the proposal as a "brilliant operation," Italy's creaking, state-subsidized Fiat factories are likely to bear the brunt of any production-related cost savings. FCA and Renault said this week that more than 5 billion euros ($5.6 billion) of annual savings would come mainly from combining platforms, consolidating powertrain and electrification investments and the benefits of increased scale. Salvini and France's Finance Minister Bruno Le Maire, who called the deal a "good opportunity" to build a European industrial champion able to compete with China and the United States, have both said they want guarantees on local jobs. "It's not every day that I agree with Salvini," said Le Maire, whose government appears to hold the trump cards. When it comes to where any job cuts fall, France will be helped by its existing 15 percent holding in Renault, whose superior efficiency at its five French plants makes it better placed to handle a supply glut, the demise of the petrol engine and the investments needed for electric and autonomous vehicles. "It will take many, many years to find real savings, and ugly political and operational realities can often swamp the potential of such new entities," Bernstein analyst Max Warburton said of the FCA-Renault plan to rival Japan's Toyota and Germany's Volkswagen. Advantage France? As well as Italy's government having to cope with the aftermath of European elections, which coincided with news of the FCA-Renault plans, political leaders in Rome were only informed shortly before the deal was made public, an FCA source said. This contrasted with the way the French government was treated, with Fiat Chrysler Chairman John Elkann, a fluent French speaker, letting it know of his merger proposal to Renault weeks ago, a French government official said.

2021 Chrysler Pacifica Review | What's new, hybrid fuel economy, pictures

The 2021 Chrysler Pacifica offers something no other minivan can match: a plug-in hybrid model that can go 32 miles on electricity alone and therefore slash your annual fuel bill. It also costs less than the regular V6 version (and Toyota's traditional, non-plugged-in hybrid Sienna) when you factor in federal and state tax credits, and we even like driving it more. In other words, the Pacifica Hybrid is the one to get. But is that novel powertrain enough to make the Pacifica a better choice than the scarce number of other vans for your? Well, considering that the V6-powered version can hold its own against the Honda Odyssey, Toyota Sienna and Kia Sedona/Carnival (literally the only other options), it's a distinct possibility. The Pacifica Hybrid is basically tied with the Sienna has our top choice in the segment in our comparison test, but with so few other rivals, we still recommend checking out the full field. It's also worth noting that Honda, Toyota and Kia have stronger reliability ratings than Chrysler, while the Hybrid's higher monthly payments may not fit your budget despite the hefty one-time tax refund. In any event, no minivan search is complete without at least considering the Pacifica.     What's new for 2021? The Pacifica gets its first comprehensive set of upgrades since being relaunched as a minivan back in '17. The front end has been restyled and LED lighting applied as standard front and rear (the budget-oriented Chrysler Voyager maintains the Pacifica's old look). The Pacifica also now matches its rivals by including a full suite of driver assistance and safety technologies as standard equipment. Infotainment technologies have also been upgraded: Chrysler's latest UConnect interface is paired with a standard 10.1-inch touchscreen; standard Apple CarPlay and Android Auto have been upgraded to wireless connectivity, and Amazon Alexa has been added. New available equipment includes USB-C ports, wireless smartphone charging, the FamCAM rear interior camera, and new games for the rear seat entertainment system. Also new for 2021 is the option of all-wheel drive and the range-topping Pinnacle trim level. The Pacifica Hybrid has also been changed to a powertrain option for the Touring, Touring L, Limited and Pinnacle trim levels – it was technically a separate model before. This is simpler. What are the Pacifica interior and in-car technology like? The Pacifica interior is a lovely place to spend time.

Fiat Chrysler cuts 2018 outlook, shares tumble on weaker quarterly profit

MILAN — The news of former Fiat Chrysler chief executive Sergio Marchionne's death arrived Wednesday moments before the group reported a surprisingly heavy drop in profit. The death of one of the auto industry's most tenacious and respected CEOs overshadowed a big selloff in Fiat Chrysler shares. FCA's scheduled second-quarter earnings presentation, led by Marchionne's successor and former lieutenant Mike Manley, began on Wednesday afternoon with a moment of silence. As eulogies flooded in, FCA shares fell as much as 10 percent as investors digested an unexpected 35 percent fall in net profit, well below market forecasts. Marchionne rescued Fiat and Chrysler from bankruptcy after taking the wheel of the Italian carmaker in 2004 and he multiplied Fiat's value 11 times through 14 years of canny dealmaking. He was due to step down at FCA in April next year. "The best way to honor his memory is to build on the legacy he left us, continuing to develop the human values of responsibility and openness of which he was the most ardent champion," Chairman John Elkann added. On Saturday, FCA named Jeep division head Mike Manley, 54, as head of the world's seventh-largest carmaker, saying the Briton would execute a strategy that Marchionne had outlined in June. FCA has said Manley will work to ensure a "strong and independent" future for the group. Underlining the task facing Manley, FCA cut its full-year earnings outlook after the weaker-than-expected quarterly earnings. Having to deliver the bad news four days into his new job, Manley blamed the result on a weaker performance in China, a market that represents one of new CEO's immediate headaches. "The biggest challenges we face and frankly we're going to continue to face ... are all focused in China," Manley said. FCA has yet to make any significant inroads in China. In Marchionne's June plan, FCA pledged to boost production of sport utility vehicles and invest in electric and hybrid cars to double operating profit by 2022. It unveiled bold targets for Jeep, FCA's profit engine. FCA said adjusted earnings before interest and tax (EBIT) for the April-June period fell 11 percent to 1.7 billion euros ($1.99 billion), compared with 2 billion euros in a Reuters poll of analysts. Chinese demand slumped in the quarter ahead of a July cut in import duties, resulting in higher incentive spending and an increase in unsold vehicle stocks that "particularly affected Maserati," Manley said.