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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 spy shots give us best look yet

A couple weeks ago, we got a fairly comprehensive set of 2018 Jeep Wrangler spy shots. For fans of the JK-series Jeeps, it was all good news: the basic Wrangler Unlimited formula and shape is present and accounted for, meaning this new Wrangler will be an evolution of the current SUV, rather than a ground-up reimagining. The new shots give us some more detail than we had previously, and let us point out some JL Wrangler features that reaffirm FCA's conservative approach. First of all, the heavy camouflage doesn't manage to fully cover the exposed door hinges, just like in the current model, so those are a safe bet for the production version. The raked-back windshield might lose its ability to fold down, we've heard. The JL remains a body-on-frame truck with a solid front axle, evidenced by the front diff peeking out and the radius arms connected to them. The large exterior mirrors also appear to be carryover items, and the taillights look indistinguishable from the current JK. We expect the front fascia to remain clearly recognizable as a Wrangler, but don't be surprised if the headlight and sidemarkers incorporate some LED elements as a nod to current trends. Remember, the JL will spawn a pickup version, and will slim down for better fuel economy with some aluminum elements, likely incorporated in the body. We expect the Pentastar V6 to carry over, but be joined by a diesel and a mild hybrid at some point in the future. It'll be built alongside its JK predecessor for a short time in Toledo, Ohio. Related Video: Featured Gallery 2018 Jeep Wrangler Detailed Spy Photos View 18 Photos Spy Photos Jeep SUV Future Vehicles Off-Road Vehicles wrangler

Stellantis expects to hit emissions target without Tesla's help

Franco-Italian carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla, its CEO said in an interview published on Tuesday. Stellantis was formed through the merger of France's PSA and Italy's FCA, which spent about 2 billion euros ($2.40 billion) to buy European and U.S. CO2 credits from electric vehicle maker Tesla over the 2019-2021 period. "With the electrical technology that PSA brought to Stellantis, we will autonomously meet carbon dioxide emission regulations as early as this year," Stellantis boss Carlos Tavares said in the interview with French weekly Le Point. "Thus, we will not need to call on European CO2 credits and FCA will no longer have to pool with Tesla or anyone." California-based Tesla earns credits for exceeding emissions and fuel economy standards and sells them to other automakers that fall short. European regulations require all car manufacturers to reduce CO2 emissions for private vehicles to an average of 95 grams per kilometer this year. A Stellantis spokesman said the company is in discussions with Tesla about the financial implications of the decision to stop the pooling agreement. "As a result of the combination of Groupe PSA and FCA, Stellantis will be in a position to achieve CO2 targets in Europe for 2021 without open passenger car pooling arrangements with other automakers," he added. Tesla's sales of environmental credits to rival automakers helped it to announce slightly better than expected first-quarter revenue this week. The next tightening of European regulations will soon be the subject of proposals from the European Commission. The 2030 target could be lowered to less than 43 grams/km. Related Video: Government/Legal Green Alfa Romeo Chrysler Dodge Fiat Jeep Maserati RAM Tesla Citroen Peugeot Emissions Stellantis