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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.

Jock Clear, Lewis Hamilton's race engineer at Mercedes, moves to Ferrari

The HR office at the Ferrari Formula One team has been exceptionally busy this year, and the churn hasn't ceased. Just this month under new team principal Mauricio Arrivabene – the third team principal in 2014 – lead designer Nikolas Tombazis and engineering director Pat Fry were let go, and tire performance expert Hirohide Hamashima will leave the team at the end of the year. Now there's another batch of HR paperwork to be completed, but this is a new hire to join Sebastian Vettel and Esteban Gutierrez: Jock Clear, Lewis Hamilton's performance engineer this season at Mercedes AMG Petronas. Clear will take over Pat Fry's vacant role as head of engineering, and brings a Driver's World Championship pedigree with him, having helped Hamilton to his second title and Jacques Villeneuve to his sole title in 1997 with Williams. He hasn't joined the Scuderia yet, though; Ferrari is still negotiating with Mercedes to "secure his services as soon as possible." Clear will work in a totally revamped engineering department and report to technical director and ex-Lotus F1 man James Allison. The last time Ferrari went an entire season without a win was 1993. The team has attempted to hedge expectations for 2015, Fiat CEO Sergio Marchionne saying, "I think hopefully within the next 12 months we will remove all the baggage of uncertainty that is going to plague at least the initial phase of 2015." Hope springs yet, though: when Arrivabene was asked what he'd be happy with next year, he said, "two or three wins." News Source: ReutersImage Credit: Mark Thompson/Getty Images Hirings/Firings/Layoffs Motorsports Ferrari F1

Petrolicious gets super Seventies in a Ferrari Dino 208 GT4

The Ferrari Dino 308 GT4 was the automaker's first sports car with a V8 mounted amidships, and that formula quickly became the Italian automaker's bread and butter. The 308 in the name denotes a 3.0-liter V8, but for the Italian market, where a tax was imposed on cars with engines larger than two liters, Ferrari decided to de-bore the V8 to avoid the tax. Thus the 2.0-liter Dino 208 GT4 was born, and New York resident Bradley Price likes his 1976 model just the way it is.
Price initially was attracted to the Bertone-styled wedge because it "fit into the whole aesthetic of the space age and of the boundless possibility of [the late 1960s and 1970s]," he says in the Petrolicious video, adding that the opening scene of the original The Italian Job struck a chord with him, and the feeling never left. With 170 horsepower on tap, the 208 isn't very quick, but, in his opinion, it has a sweeter song than the bigger V8 and the driver-centric interior is one of his favorites.
Watch Price snake the original wedge through some East Coast back roads in the video below, and, just for kicks, we've also included the opening sequence of The Italian Job.