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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Weekly Recap For 4.22.16 | Autoblog Minute

Senior Editor Greg Migliore recaps the week in automotive news, including a look at the latest from the VW diesel emissions scandal, spy shots of the latest Honda CR-V, and more. Ferrari Honda Volkswagen Crossover Autoblog Minute Videos Original Video emissions scandal diesel emissions scandal

Ferrari officially teases hybrid V8 before official reveal

This is Ferrari's official teaser for the V8 hybrid debuting this week, so let the Photoshop and parsing games begin. Among what we'll call the traditional supercar makers — Ferrari, Lamborghini, and McLaren — the Maranello outfit takes the first dive into the hybrid pool, and they're going to make a show of it. The motorcycle rider who ran down the prototype a few weeks ago looks to have been correct about the rectangular taillights. The last time we saw anything other than round taillights on a production Ferrari was on the much-loved Testarossa and the much unloved 348. There's some deliberate obfuscation going on, unsurprisingly. In the teaser, the rear wing stands up extra tall in the middle. The wing on the prototype spotted last week carries across the car from fender to fender; you can trace the line it makes around the rear three-quarter underneath the camouflage. Based on where there's mesh in the camouflage paneling to let air through, our guess is that the wing does more than channel air under its middle as on the F8 Tributo. And we'll wait to see if the twin exhaust outlet truly dominate the backside like bazookas. VIP clientele have apparently been headed to Maranello as of this morning, ready to witness a three-day event for the production sports car that will sit above the 812 Superfast and below whatever succeeds the LaFerrari. Eyes in Italy say there's a large tent at the Fiorano circuit erected just for the cause. Word is that Ferrari will reveal the car online around the same time as VIP showing, with an in-the-sheetmetal showing sometime next month, perhaps at Le Mans. Ferrari hybrid supercar View 9 Photos