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Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.

2018 Jeep Wrangler Rubicon Alaska Cannonball | 14,000 miles to Deadhorse and back

I've never delayed big adventure long enough to fill a bucket. But I do have a bucket item that dates to 1992: drive from Deadhorse, Alaska, to Tierra del Fuego, Argentina. Twenty-six years later, it's time. But first, I needed a vehicle. And a Jeep Wrangler was not my first choice. Growing up as a kid in the Midwest, I loved Jeeps. But around 10 years ago I went on a camping trip to Death Valley with a colleague, testing the early JK Wrangler against the competition. By the end of it, I couldn't justify the ergonomic and physical punishment for the admittedly massive capability. So two years ago, I bought a 1994 Toyota Land Cruiser project truck to make the journey. I paid too much, and the Cruiser revealed itself to be not a garage project, but the Manhattan Project. I took this as a good omen. Adventure begins in the deep end, so why wait to get there? During a break from discovering enough gremlins to reboot the movie franchise, I had dinner with Jeep's West Coast PR guy. I mentioned my plans for a six-month overlanding trek to Alaska. He said, "You know, we've got a new Wrangler coming out — that might be a good test of the chassis." My outside voice said, "That would be interesting." My inside voice said, "Hmmm." Anything's possible after 10 years, right? I might like it. Might. Many plans have gone awry on the way to this moment. It's taken more than a year to lock in a start date, because Jeep couldn't spare a Wrangler Rubicon. Everyone else in America keeps buying them. A suitable Wrangler was found eventually, but now the deed had to be done in three months, not six. What was going to be a comfortably-paced, backwoods roll up to Alaska and back has turned into the Rubicon Overland Cannonball. I know 14 weeks is plenty of time to drive to the Arctic and back. (Tierra del Fuego is officially off the itinerary.) However, the point of this trip is to fit in as much dirt, as many bucket-list trails, and all the wild America possible. That means my route's about 14,000 convoluted miles of criss-crossing the country in all the cardinal directions. And that's assuming everything goes to plan. Until last week, I was doing this trip with a friend from college who lives in Marietta, Georgia. He was the photo/video guy. Then he had a medical emergency, so the only trip he's taking is to the OR and rehab. Now I'm going by myself, and I think it's important to point out that I have no idea what I'm doing. That isn't modesty, that's truth: zero clue.

Certain Chrysler owners eligible for buyback program

Certain car owners whose Chrysler vehicles contain dangerous defects will soon have a way to get rid of their lemons without losing money. As part of an agreement with federal regulators, Fiat Chrysler Automobiles has agreed to buy back more than 500,000 vehicles susceptible to veering out of control without warning at above market-value prices. The deal mainly covers certain models of RAM trucks, the Dodge Dakota pickup and Dodge Durango SUV. Further, owners of more than 1.5 million Jeep Liberty and Grand Cherokees at heightened risk for lethal fires are eligible to trade in their vehicles at above market value or, alternately, get a gift certificate if they prefer to have repairs made. Chrysler has "a heavy responsibility to make sure the products they make are safe for the traveling public," said Mark Rosekind, administrator of the National Highway Traffic Safety Administration. "... Here, we are sending an unambiguous signal to industry that if you skirt the laws or violate the law, or don't live up to the responsibility that consumers expect, we are going to penalize you." The buy-back and trade-in options for motorists come as part of an unprecedented penalty NHTSA slapped against Chrysler for violating federal motor-vehicle safety laws. Chrysler will pay a $105 million fine, the highest ever levied by the regulatory agency. In addition to the buy-backs, Chrysler also agreed to an independent monitor for three years. Investigators had outlined problems in the company's conduct in 23 recalls that affected more than 11 million defect vehicles. As part of a consent-order agreement, Chrysler acknowledged it did not notify vehicle owners of recalls in an effective manner and did not notify NHTSA of safety problems. Though those recalls affected millions of drivers, the buy-back and trade-in options are only for a small portion of the vehicles involved. Because Chrysler struggled to fix the problem and no repair was apparent, Rosekind said the buy-backs are reserved "for customers who didn't have a remedy." Buy-backs are for trucks and SUVs affected by three recalls that occurred in 2013 (recalls 13V-038, 13V-527 and 13V-529), that addressed a rear-axle pinion nut that could come loose and cause a loss of vehicle control. Those recalls covered 579,228 vehicles, including 2009-2012 Ram 1500, 2500, 3500, 4500 and 5500 trucks, 2009-2012 Dodge Dakotas, 2009 Chrysler Aspen and the 2009 Dodge Durango.