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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

Gilles defends 2014 Jeep Cherokee design as "very contemporary"

Following the forced-hand introduction of the 2014 Jeep Cherokee, there has definitely been a mix of responses revolving around everything from its design to the return of the legendary nameplate. As evidence of this, just check out the 1,000+ comments in our article last week and some of the many opinions that were voiced. Following this not-too-warm reception, Ward's Auto had a chance to talk to Chrysler designer chief - and SRT president - Ralph Gilles, who shed a little more light on the styling direction of the new Cherokee.
Rather than looking to previous models for inspiration, Gilles says that the Cherokee has been designed to be more contemporary, with Mark Allen, head of Jeep design, adding that a main goal was to make sure the design still looks modern five years from now. Interestingly, Gilles does point out that one of the design elements incorporated on the new Cherokee that pays homage to past Jeeps is the sharply downward angle for the leading edge of the beltline, which he notes is meant to mimic the look of the old YJ and TJ Wrangler models fitted with half doors. Of course, the squared-off wheel openings - a signature Jeep cue - are still used.
This is probably a design that will need to be seen on the street in actual daylight to properly assess, but in the meantime, we'll bring you full images and impressions when the Cherokee debuts at next month's New York Auto Show.

Chrysler earns $1.7B in 2012, revises product plans for US

Hot on the heels of Ford's earnings announcement for the year that was, Chrysler today reported a 2012 net income of $1.7 billion, up substantially from the comparatively minuscule $183 million profit earned in 2011 when it repaid its US government loans.
Chrysler's good year ended with an excellent fourth quarter that saw net income rise 68 percent from $225 million in 2011 to $378 million. Where are all those extra earnings coming from? Market share, which Chrysler saw increase to 11.4% last year on sales of 1.65 million vehicles. In fact, the Auburn Hills, MI-based automaker out-paced the industry's market growth of 13 percent last year with sales up 21 percent for the year.
The company also revealed an updated product plan for its Chrysler Group and Fiat brands that looks all the way out to 2016. It's an updated version of the plan introduced in 2009 shortly after Fiat took control of the American automaker, and includes such new additions as an Alfa Romeo model, likely the 4C, to be introduced in the US this year, as well five more Alfa models by 2016. Likewise, Fiat will be growing by an additional seven models in the coming few years.