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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

Stellantis will give its brands 10 years to prove they deserve to live

Formed by the merger of PSA Peugeot-Citroen and Fiat-Chrysler Automobiles, Stellantis has 14 brands under its roof, a number that makes it one of the largest groups in the industry. Rumors claimed not every brand would survive, with Chrysler often earmarked to get axed, but the firm said it will give them all a chance to shine. "We're giving each (brand) a chance, giving each a time window of 10 years and giving funding for 10 years to do a core model strategy. The CEOs need to be clear in brand promise, customers, targets, and brand communications," announced Stellantis boss Carlos Tavares during the Financial Times' Future of the Car event. His comments confirm Chrysler fans and dealers don't need to worry about the future — at least not yet. And, against all odds, Lancia enthusiasts can breathe a sigh of relief, too. Former FCA head Sergio Marchionne warned of the brand's demise on several occasions. Alfa Romeo is safe for now, too, as is Vauxhall, which are basically just Opels sold in the United Kingdom with a different badge. The engagement made by Tavares also means Stellantis won't divest any of its brands to raise capital until at least 2031. It's now up to each executive team to make a case for the brand they run, an unusual survival-of-the-fittest strategy in an era when cutting costs is more common than spending cash. Diving into the vast Stellantis parts bin should help even the most troubled brands turn their fortunes around on a relatively tight budget. It seems likely that survive Chrysler will need to look beyond the 300 and the Pacifica/Voyager, the only models in its range, and completely reinvent its image, which is currently nebulous at best. Lancia, once the champion of luxury, performance, and innovation, faces the same challenge. It's not starting quite from scratch, it's relatively popular in its home country of Italy, but it will need to think globally and expand outside of the city car segment to survive. Featured Gallery 2020 Chrysler 300 View 24 Photos Chrysler Dodge Fiat Jeep RAM Citroen Lancia Opel Peugeot Vauxhall

Driving the Jeep J6, Shakedown Challenger and other Mopar concepts

Mopar has been a one-stop-shop for factory-backed performance modifications and accessories on FCA products for a long time now. You want a 707-horsepower engine for your old Plymouth Belvedere? Mopar has you covered with the Hellcrate. Maybe you want a lift and off-roading lights on that newly-bought Wrangler? Mopar can accommodate those wants (or needs, we don’t judge) as well. We get to see some of the companyÂ’s weirdest creations every now and then, but rarely do we get the opportunity to drive the FCA Mopar concepts. ThatÂ’s what made this past Woodward Dream Cruise so special: We got to rip some of MoparÂ’s finest and most recent creations up and down Woodward Avenue. Everything from a 1971 Challenger restomod to the brand-new Easter Jeep Safari J6 concept was in attendance, so letÂ’s get right to it. Mopar Woodward View 6 Photos 1967 Plymouth Hellvedere This car is near the pinnacle of what you can do with off-the-shelf Mopar purchases. It was only a humble 1967 Plymouth Belvedere before Mopar dropped the 707-horsepower supercharged V8 from the Hellcat into the engine bay. Sound ridiculous? Yeah, it is. Other parts of it are new as well, including the disc brakes. Good call. However, Mopar didnÂ’t remove the classic car charm from the entire driving experience. The steering, for example, is surely as slow and inaccurate as it was back in 1967. That doesnÂ’t help matters when youÂ’re trying to put 707 horsepower to the pavement with less-than-ideal rear rubber. Floor it in damn near any gear of the Tremec six-speed, and the front end rises straight up as the rear kicks sideways with the force of many mules. There are no electronics such as traction control or stability control to step in and wrangle the car into submission. But hey, who wants them, anyway? The question remains: Should you buy a Hellcrate engine for your classic? If money were no object, the easy answer is yes. Have at it so long as you love smoky burnouts and excessive amounts of horsepower. Just make sure you know how to deal with that much power before you stick your right foot in it.   Dodge Challenger Shakedown View 15 Photos 2016 Dodge Shakedown Challenger Concept WeÂ’re going downhill in horsepower with this restomod, but the drivability and ease of driving goes way up. Dodge showed this “Shakedown” concept at SEMA awhile back, and as with most concept cars, getting a chance behind the wheel is a special opportunity.