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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Chrysler recalling over 200k vehicles across its brands

With more than 200,000 units across six separate recalls and almost all of its brands, it appears that Chrysler has officially jumped headfirst into the recall pool this month. The National Highway Traffic Safety Administration has issued three official recalls for the automaker, and The Detroit News is reporting that the automaker itself has announced three more.
The biggest of the recalls applies to about 120,000 Dodge Charger, Dodge Challenger and Chrysler 300 models for 2011 and 2012 due to faulty wiring harnesses for the seat-mounted side airbags, which could lead to these airbags not deploying in the event of a crash. A little more than 60,000 two-wheel-drive versions of the 2007-2008 Dodge Nitro and 2008 Jeep Liberty SUVs are being recalled due to a heat shield that could cause the driveshaft to break, which if that isn't bad on its own, could then hit underneath where the airbag sensor is mounted, causing the airbags to deploy. Wrapping up NHTSA's recall notices, about 20,000 Jeep Patriot and Jeep Compass models for 2012 are also being recalled due to a problem with the fuel tank transfer tube that could lead to the vehicle stalling. The LX car recall campaign is going into effect this month, while the other two will start next month - all three notices are posted below.
In addition to the official NHTSA recalls, The Detroit News is also reporting that Chrysler is recalling more than 16,000 Ram trucks and a small number of Dodge Dart sedans. Around 6,500 2013 Ram 1500 trucks will be recalled due to an improper adjustment of the parking brake cable from the factory, while 7,000 Cummins-powered 2013 Ram Heavy Duty trucks are being recalled due to an engine cover that does not have as much heat resistance as it is supposed to. Finally, a total of 46 Dodge Dart sedans are being recalled due to a problem with the brake calipers and/or parking brake.

Auto Mergers and Acquisitions: Suicide or salvation?

We love the Moses figure. A savior riding in from stage right with the ideas, the smarts, and the scrappiness to put things right. Alan Mullaly. Carroll Shelby. Lee Iacocca. Andrew Carnegie. Steve Jobs. Elon Musk. Bart Simpson. Sergio Marchionne does not likely view himself with Moses-like optics, but the CEO of Fiat Chrysler Automobiles recently gave a remarkable, perhaps prophetic interview with Automotive News about his interest and the inevitability of merging with a potential automotive partner like General Motors. Marchionne has been overtly public about his notion that GM must merge with FCA. For a bit of context, GM sold 9.9 million vehicles in 2014, posting $2.8 billion in net income, while FCA sold 4.75 million units and earned $2.4 billion in net income, painting a very rosy FCA earnings-to-sales picture. But that's not the entire picture. Most people in the auto industry still remember the trainwreck that was the DaimlerChrysler "merger" written in what turned out to be sand in 1998. It proved to be a master class in how not to fuse two companies, two cultures, two continents, and two management teams. Oh, it worked for the two individuals at both helms pre-merger. They got silly rich. And the industry itself was in a misty romance at the time with mergers and acquisitions. BMW bought Rolls-Royce. Volkswagen Group bought Bentley, Bugatti, and Lamborghini, putting all three brands into their rightful place in both products and positioning. No marriages there, so no false pretense. Finally, Nissan and Renault got married in 1999. A successful marriage requires several rare elements in this atmosphere of gas fumes and power lust. But a successful marriage requires several rare elements in this atmosphere of gas fumes and power lust, the principle part being honesty. Daimler and Chrysler lied to each other. The heads of each unit, the product planners, and finance all presented their then-current and long-range forecasts to each other with less-than-forthright accuracy. Daimler was the far greater equal and no one from the Chrysler side enjoyed that. The cultures were entirely different, too, and little was done to bridge that gap. Which brings me back to the present overtures by Marchionne to GM. "There are varying degrees of hugs," Marchionne stated in the Automotive News piece. "I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you." Seriously?