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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

Wards names its 2015 10 Best Interiors list

Wards Automotive has named the winners of its 10 Best Interior awards, covering a wide but affordable array of vehicles. Where last year's list contained two six-figure vehicles, including the $372,800 Rolls-Royce Wraith, this year's is, well, a whole lot more reasonable. The publication lists the Mercedes-Benz C400 at $65,000 (which seems off), making it the most expensive vehicle here. That said, we'd argue that the entire C-Class line deserves to make this year's list, owing to its varied and high-quality selection of materials. The other vehicle to break the $60,000 mark, meanwhile, is the $60,675 Ford F-150 King Ranch, which has 327,000 pounds of leather lining its interior. Only one other German car, the BMW i3, and one other pickup truck, the GMC Canyon, managed to make this year's list. Here's the full list of this year's winners: 2014 BMW i3 ($52,550) 2015 Chrysler 300C Platinum ($51,175) 2015 Ford F-150 King Ranch ($60,675) 2015 GMC Canyon SLT ($40,465) 2015 Honda Fit EX-L ($21,590) 2015 Jeep Renegade Limited ($33,205) 2015 Kia Sedona SXL ($43,295) 2016 Mazda6 Grand Touring ($33,395) 2015 Mercedes C400 ($65,000) 2015 Nissan Murano SL ($41,905) See what we mean about the mainstream vehicles? Not only is there a distinct lack of luxury brands, it's the price of some of the vehicles that surprise. The Honda Fit, Jeep Renegade and Mazda6 are very reasonably priced, especially when you compare Wards price with the starting price. The Renegade Limited starts at less than $25,000, the Mazda at less than $22K and the Fit at under $16,000. Head over to Wards for a more detailed explanation of why each vehicle won. Featured Gallery 2015 Ward's Automotive 10 Best Interiors View 10 Photos News Source: Wards Automotive BMW Chrysler Ford GMC Honda Jeep Kia Mazda Mercedes-Benz Nissan Truck Crossover Hatchback Sedan nissan murano gmc canyon Interior jeep renegade WardsAuto kia sedona wards 10 best interiors mercedes c400

Stellantis suspends vehicle production in Russia

MILAN - Stellantis on Tuesday said it was suspending production at its Russian plant due to logistical difficulties and sanctions imposed on Moscow. The world's fourth-largest automaker, which produced and sold the Peugeot, Citro¸n, Opel, Jeep, and Fiat brands in Russia, has just 1% of the country's car market. It runs a van-making plant in Kaluga, around 125 miles (201 kilometres) southeast of Moscow, co-owned with Japanese carmaker Mitsubishi, which halted production at the facility earlier this month. "Given the rapid daily increase in cross sanctions and logistical difficulties, Stellantis has suspended its manufacturing operations in Kaluga to ensure full compliance with all cross sanctions and to protect its employees," Stellantis said in a statement. The plant employs 2,700 people. The company will continue to pay salaries through a local downtime scheme and by using anticipated vacation periods, Stellantis told Reuters. It said it did not know how long the stoppage would last, adding that its priority was its staff and the return of peace. Stellantis had already suspended all exports and imports of vehicles with Russia, following Moscow's invasion of Ukraine, moving production to western Europe. It had also said it was freezing plans for more investments in the country. Van production in Kaluga had remained just for the local market. Scores of foreign companies have announced temporary shutdowns of stores and factories in Russia or said they were leaving the country for good since Russia began what it calls "a special military operation" in Ukraine on Feb. 24. Stellantis Chief Executive Carlos Tavares in late March said the group would have to close the Kaluga plant shortly as it was running out of parts. Separately on Tuesday, General Motors Co said it was extending its suspension of business in Russia due to the conflict and international sanctions. The U.S. automaker, which initially suspended imports into Russia and commercial activity on Feb. 28, said it was laying off most of its 66 employees and providing them with separation packages. GM does not have plants in Russia and only sold about 3,000 vehicles annually there prior to the suspension. (Additional reporting by Ben Klayman in Washington; Editing by Mark Potter and Mark Porter) Government/Legal Plants/Manufacturing Fiat Jeep Citroen Opel Peugeot