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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

California to stop buying GM, Toyota and Fiat Chrysler vehicles over emissions fight

WASHINGTON — California said on Monday it will halt all purchases of new vehicles for state government fleets from GM, Toyota and Fiat Chrysler and other automakers backing President Donald Trump in a battle to strip the state of authority to regulate tailpipe emissions. Between 2016 and 2018, California purchased $58.6 million in vehicles from General Motors, $55.8 million from Fiat Chrysler Automobiles, $10.6 million from Toyota Motor and $9 million from Nissan. Last month, GM, Toyota, Fiat Chrysler and members of the Global Automakers trade association backed the Trump administration's effort to bar California from setting tailpipe standards, which are more rigid than Washington's proposed national standards. The automakers declined or did not immediately comment on California's announced ban on purchases of their vehicles. Starting in January, the state will only buy from automakers that recognize California's legal authority to set emissions standards. Those automakers include Ford, Honda, BMW AG and Volkswagen AG, which struck a deal with California in July to follow revised state vehicle emissions standards. "Car makers that have chosen to be on the wrong side of history will be on the losing end of CaliforniaÂ’s buying power," California Governor Gavin Newsom said in a statement. California purchased $69.2 million in vehicles from Ford over the three-year-period, $565,000 from Honda and none from the German automakers. The state also disclosed it will immediately no longer allow state agencies to buy sedans powered by an internal combustion engine, with exemptions for certain public safety vehicles. California's vehicle rules have been adopted by 13 other states. On Friday, California and 22 other U.S. states challenged the Trump administration's decision to revoke California's legal authority to set vehicle tailpipe emissions rules and require a rising number of zero emission vehicles (ZEV). The move follows a separate lawsuit filed in September by the states against the National Highway Traffic Safety Administration seeking to undo a parallel determination. In August 2018, the Trump administration proposed freezing fuel efficiency requirements at 2020 levels through 2026, reversing planned 5% annual increases. The Trump administrationÂ’s final requirements are expected in the coming months and are set to modestly boost fuel efficiency versus the initial proposal, with several automakers anticipating annual increases of about 1.5%.

Junkyard Gem: 1978 Chrysler LeBaron Coupe

From the early 1930s through the middle 1970s, Chrysler used the LeBaron name (taken from a coachbuilder eventually consumed by the car company, much as Fleetwood and Ghia were absorbed by GM and Ford, respectively) on high-end Imperial models. Then, facing decreased demand for mammoth land yachts thanks to certain geopolitical events, Chrysler created a separate LeBaron model, based on the midsize platform used for the Dodge Diplomat/Plymouth Gran Fury. Production of this LeBaron began in 1977 and continued until the debut of Lee Iacocca's famous K-Car LeBarons for the 1982 model year. While you'll find the occasional Diplomat these days, the 1977-1981 LeBaron has become all but extinct. Here's a crash-victim '78 in a Denver car graveyard. Plenty of times, I'll find discarded cars of this era that seem to have moldered outside for decade after neglected decade, but this one drove to its final crash. That means that the 318-cubic-inch (5.2-liter) V8 under the hood would be a good bet to buy for another Chrysler project… but nobody seems interested, because this Malaise Era engine made only 140 horsepower when new. The base engine in the 1978 LeBaron was a 110-horse Slant-6, so at least this car had the upgrade. Sure, the Diplomat was the not-so-plush successor to the non-plush Aspen/Volare and the even-less-plush Dart/Valiant, but Chrysler installed a reasonably nice interior in the Diplomat's Chrysler-badged sibling. This one has the standard "Cortez" cloth-and-vinyl bench seat, but not the optional power windows or door locks. This one has stickers for Run-D.M.C., Public Enemy, Slayer, and MegadethÂ… plus one for the Oakland Raiders, hated rivals of Denver's local sportsball team. I'm pretty sure the car was not being driven by the original purchaser when it crashed. Believe it or not, this car was available with a four-on-the-floor manual transmission and a V8 engine. Were any sold that way? I wouldn't bet on it. Molded-in faux stitching proved very popular in American cars of the late 1970s and early 1980s. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This advertisement may have resulted in some cannibalization of Cordoba sales, though the Pontiac Grand Prix stood as the primary rival for the '78 LeBaron coupe. Featured Gallery Junked 1978 Chrysler LeBaron Coupe View 39 Photos Auto News Chrysler Automotive History Coupe Chrysler LeBaron Junkyard Gems