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Fiat Chrysler, Peugeot announce merger as world's No. 4 carmaker

MILAN  — Fiat Chrysler and France's PSA Peugeot said Thursday they have agreed to merge to create the world's fourth-largest automaker with enough scale to confront big shifts in the industry, including a race to develop electric cars and driverless technologies. Italian-American Fiat Chrysler brings with it a strong footprint in North America, where it makes at least two-thirds of its profits, while Peugeot is the No. 2 automaker in Europe. Both lag in China, however, despite the participation of Peugeot's Chinese shareholder, Dongfeng, and are playing catching up in developing electric vehicles. Fiat Chrysler shares were trading up 9% at 14 euros in Milan, while PSA Peugeot shares were down 3.2% to 22.84 euros. The 50-50 merger is expected to offer savings of 3.7 billion euros ($4 billion), which the automakers expect to achieve without any factory closures — a concern of unions in both France and Italy where the carmakers have more overlap. Fiat Chrysler's strongest brands are Jeep SUVs and Ram trucks and it is focusing on relaunching its premium and luxury brands, Alfa Romeo and Maserati, with a focus on hybrid engines. It still makes smaller cars under the Fiat marquee, mostly for the European and Latin American markets. PSA Peugeot makes mostly small, city-friendly cars, family sedans and SUVs under the nameplates of Peugeot, Citroen and Germany-based Opel, which it bought in 2017. That is where the companies can expect to have the most overlap. The new company would be worth $50 billion, with revenue of 170 billion euros ($189 billion). It would produce 8.7 million cars a year — still behind Toyota, Volkswagen and the Renault-Nissan alliance, which make over 10 million each. Once a merger is finalized, PSA Peugeot CEO Carlos Tavares will be chief executive of the new company, with Fiat Chrysler Chairman John Elkann becoming chairman. Fiat Chrysler CEO Mike Manley will have a senior executive role. "This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity," Tavares said in a statement. Manley called it "an industry-changing combination," and noted the long history of cooperation with Peugeot in industrial vehicles in Europe. The 11-member board will be made up of five members from each company plus Tavares, who is locked in as CEO for five years.

How the demise of Lincoln's Town Car has kick-started a limo revolution

The deaths of the Ford Crown Victoria and the Lincoln Town Car have meant overhauls of three high-profile American fleets: police, taxi and livery car. Just as police fleets are more open to considering other options and a Nissan van is the new face of the NYC taxi, livery car companies are looking at replacements for the Town Car beyond The Blue Oval. Ford, via Lincoln, has made an MKT Town Car (pictured), but an article in the Detroit News claims "it has failed to win over most of the big limousine companies." The upstarts trying to move in include livery and limo editions of the Cadillac XTS, and livery specifications of the Toyota Avalon and Chrysler 300.
Each of those challengers, however, faces challenges. The Town Car was a workhorse, American, rear-wheel-drive sedan with plenty of rear legroom. Cadillac has been in the livery space before but with decontented models that were about selling the brand, not its luxury. It is taking the opposite approach with the XTS, pointing out that its livery edition is "contented in the upper half of the XTS range." Still, the CEO of Michigan's largest livery company says "it's quite a bit smaller than what we're used to," and he also prefers rear-wheel drive.
The Chrysler 300 is rear-wheel drive, and American, which matters to some companies, but Chrysler hasn't yet revealed the livery package for it. The livery Avalon marks Toyota's first time getting into that business in the US, a natural step after having done so well with taxi clients and with the Town Car out of the way. Still, the livery client is a different to taxi buyers, so the Avalon could face other soft-touch hurdles.

Chrysler and Hyundai join Pepsi and Coke as top Super Bowl spenders [w/ video]

Super Bowl XLVIII is barely a week away, and some of the early ads are already leaking out. It's timely then that The Street has released rankings of the top five Super Bowl advertisers since 2009, showing Chrysler and Hyundai/Kia taking two of the spots with $131.7 million in cumulative spending.
Since 2010, the cost to air a 30-second Super Bowl ad has risen from $3 million in 2009 to about $4 million in 2014, and about a fifth of advertisers opt for a one-minute ad, which doubles costs. Last year, the ads brought in $292 million, and they have brought in roughly $2 billion since 2010.
Chrysler has spent $64.3 million since 2009 to make it the fourth highest spending company in the last five years. In that time, the company has rebranded itself as it emerged from bankruptcy with the Imported from Detroit ad campaign that premiered in 2011 and last year's God Made a Farmer Ram Trucks ad. Its 2012 Halftime in America sparked national debate about whether it was also a reference to the upcoming presidential election.