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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.

Junkyard Gem: 2002 Chrysler PT Cruiser Dream Cruiser Series 1

It has become fashionable to hate the PT Cruiser these days, but Chrysler really hit a home run with the idea of a retro-looking, Neon-based vehicle that — legally speaking — qualified as a light truck according to American regulations and thus didn't need to comply with the costly fuel-economy and crash-safety rules applied to cars. PT Cruisers sold like crazy for the first half of the 2000s and even developed something of a cult followingÂ… but familiarity bred contempt once every parking lot and traffic jam in the country filled up with cute-looking retrowagons. I didn't start seeing many of these cars trucks in junkyards until about a decade ago, at which point the Chrysler section of every yard instantly became about 50% PT Cruisers. Most of the time, I ignore them as car-graveyard background noise, but the rare turbocharged Cruisers or those with manual transmissions can catch my eye, as well as those with weird body kits. The more interesting special-edition PT Cruisers also seem worth documenting as historically significant Junkyard Gems, and here's one of the rarest of all: a Dream Cruiser Series 1, found last summer in Colorado. Inspired by Detroit's Woodward Dream Cruise, the '02 Dream Cruiser Series 1 was the first of many special-edition PT Cruisers (if you're going to collect them all, you'll need to find a Pacific Coast Highway Edition, a Sunset Boulevard Edition, a Woodie Edition, and all the subsequent Dream Cruiser Series cars). All the Series 1 Dream Cruisers came in metallic Inca Gold paint, allegedly inspired by the paint on the 1998 Pronto Cruiser concept car. Chrysler planned to build 7,500 of these cars trucks, but I cannot verify actual production numbers. This is the first I've seen in a self-service wrecking yard, at any rate. The Dream Cruiser Series 1 got leather seats and interesting gold-trimmed interior surfaces. This one looks a bit rough inside, but we can assume it was glorious when new. Resale value on the PT Cruiser has cratered in recent years, so even a runner has little chance of evading the cold steel jaws of the crusher, once it starts to rust. Because every performance upgrade you can do with a Neon can also be done to a PT Cruiser, it would be possible to swap all the relevant mechanical bits from an SRT-4 Neon into a snazzy-looking Dream Cruiser and have the quickest PT Cruiser in your timezone. You should do this. This content is hosted by a third party. To view it, please update your privacy preferences.

FCA CEO Mike Manley will take undefined new role after PSA merger

MILAN — Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot, Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, who has led FCA with huge energy, commitment and success over the past year, will be there alongside him," he said. He did not say what position Manley would hold. Elkann — who will chair the new group — said there was still much to be done to complete the merger. "Over the coming months we must work tirelessly and determinedly to fulfill all the approval requirements needed to finalize the commitment we have signed," he said. Related Video:     Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot FCA PSA merger Mike Manley carlos tavares