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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Ram, Jeep redesigns on hold, Alfa Romeo models may come sooner

Last summer, FCA outlined an ambitious five-year plan that sketched out the company's product intentions for each of its brands through the end of 2018. However, even the best strategies sometimes need tweaking. According to Reuters after speaking with unnamed people at auto suppliers, FCA is now possibly delaying at least a dozen projects in North America for a variety of reasons. From vehicle to vehicle, these postponements allegedly last anywhere from just a few months to over a year. The sources from the suppliers claim that in some cases these tweaks are for engineering and design changes. The next-gen Ram 1500 reportedly has among the shorter delays and is being pushed from mid-2017 to November 2017, according to Reuters. Also, the much-discussed future Jeep Wrangler is allegedly moving a little later to July 2017. Among the vehicles purportedly seeing longer delays, the next-gen Grand Cherokee could get pushed back about a year to 2018. That then forces the launch of the three-row, luxury Grand Wagoneer to be even further away. Jeep's upcoming C-segment CUV and the all-new Chrysler 300, Dodge Charger, and Challenger might also see postponements. The one brand allegedly seeing an accelerated plan is Alfa Romeo. Without going into detail, the sources from these suppliers claim that the Italian automaker is getting even more vehicles for its lineup and could get them even faster than planned. "Those plans need to be flexible and fluid, with the potential to add some vehicles, pull some forward and extend the life cycle of others," FCA said to Reuters about all of these allegations. "We look at these programs on a vehicle-by-vehicle basis." Investment in the auto industry has been a major topic for FCA CEO Sergio Marchionne as of late. He believes consolidation is necessary so that companies aren't burning money on the same projects. Related Video: News Source: ReutersImage Credit: Bill Pugliano / Getty Images Plants/Manufacturing Alfa Romeo Chrysler Dodge Fiat Jeep RAM Sergio Marchionne FCA fca us

I sold my Viper, but the memories I'll keep

The following is written by auto industry veteran Tow Kowaleski. The words are his own, but the memories now belong to everyone thanks to his willingness to share. If you're an industry veteran with a story to share, contact us at tipsATautoblogDOTcom.
It became the flame that started the fire of belief in the next life of Chrysler.
I just sold a car. Nothing new. Millions do it every day. But my car was a 1995 Dodge Viper, so maybe it was a bit more unique since just 12,000 were built. And like others selling a car that's been a part of the family for close to 20 years, this was a confluence of emotions for me. I was sad to see it go, but happy to have the cash and one less big, shiny, under-utilized object in my life.