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Stellantis and Foxconn will announce a strategic partnership on Tuesday

MILAN — Automaker Stellantis and iPhone assembler Foxconn said on Monday they would announce a strategic partnership on Tuesday. Last year, then-Fiat Chrysler, now part of Stellantis, said it planned to set up a joint venture with Hon Hai Precision Industry, Foxconn's parent company, to build electric cars and develop internet-connected vehicles in China. Fiat Chrysler merged with France's Peugeot maker PSA at the beginning of the year to create Stellantis, the world's fourth-largest carmaker, and relaunching in China is one of its main goals. The two companies will hold a conference call on Tuesday to present the partnership, with Stellantis Chief Executive Carlos Tavares and Foxconn Chairman Young Liu among others, the groups said in a joint statement. In January Taiwan's Foxconn and China's Zhejiang Geely Holding Group said they were joining hands to provide contract manufacturing for automakers. They have said they were in talks to provide contract manufacturing services to electric vehicle maker Faraday Future, while Foxconn will also help building electric sport-utility vehicles in 2022 for Chinese startup Byton. And last week, Fisker Automotive signed with Foxconn to build an electric car at a factory in the United States. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2021 Jeep Wrangler 4xe plug-in hybrid powertrain feature walkthrough | Autoblog

If Tesla Model 3 is successful, Sergio Marchionne will copy it

Fiat Chrysler CEO Sergio Marchionne hasn't hidden his disdain for electric vehicles, but he would copy the Tesla Model 3 if it is successful, according to Automotive News Europe. If Elon Musk "can show me that the car will be profitable at that price, I will copy the formula, add the Italian design flair and get it to the market within 12 months," Marchionne told Automotive News Europe during FCA's annual meeting in Amsterdam. In terms of pre-orders, the Model 3 is a success. Musk tweeted on April 7 that the company had over 325,000 reservations for the sedan, which he estimated were worth around $14 billion. The car will start at $35,000 before incentives. Marchionne, however, isn't optimistic Tesla can actually make the electric sedan work financially. "I'm am not surprised by the high number of reservations but you have then to build and deliver them and also be profitable," he told ANE. The FCA boss is a noted skeptic of EVs. In 2012, he said that the company only built the 500e because of California's zero-emissions vehicle mandate and to give engineers experience with the technology. He doubled-down in 2014 when he claimed FCA lost $14,000 on each 500e and said he would rather people didn't buy them. More recently, he infamously said "you'd have to shoot me first," before he'd allow a fully electric Ferrari. Related Video:

PSA shares rise following FCA's breakup with Renault

Shares in Groupe PSA, parent company of automakers Peugeot, Citroen and the DS brand, rose on Thursday as analysts considered the possibility that Fiat Chrysler could turn back to PSA after withdrawing its $35 billion merger offer for Renault. "Both parties have acknowledged the need for scale or [mergers and acquisitions] and may pursue other opportunities. If Nissan was an obstacle (to an FCA-Renault deal) PSA-FCA discussions could resume," wrote brokerage Jefferies. Back in March at the Geneva Motor Show, rumors started swirling that PSA was interested in a potential merger with FCA. Mike Manley, who took over at the helm of Fiat Chrysler following the death of Sergio Marchionne, had indicated a willingness to look into potential partnership options. Of course, that was all before FCA proposed a merger with Renault — with that deal now off the table, attention naturally turns back to PSA, which is also based in France. "We expect both shares to react negatively but see FCA having wider strategic options and Renault shares more downside risk near-term," said Jefferies. According to Reuters, PSA shares were up 1.5% at the time this was published, making it the top-performing stock on France's benchmark CAC-40 Index. Renault saw its shares slump 7%. Shares for FCA fell 3% in early trading on the Milan Stock Exchange. Considering that FCA said in its statement confirming the withdraw of its merger offer with Renault that "political conditions in France do not currently exist for such a combination to proceed successfully," we have to wonder how keen the company is to begin negotiations with another French automaker like PSA. Those thoughts were similarly voiced by Bernstein Research analyst Max Warburton, who said (via Forbes), "Expect PSA to rise on unrealistic hopes it may be FCA's next date." Earnings/Financials Chrysler Fiat Mitsubishi Nissan Citroen Peugeot Renault FCA renault-nissan