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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Ram recalling 65k trucks for rear-axle heat treating

A problem with the rear axle has promoted Fiat Chrysler Automobiles to recall a selection of Ram trucks. The campaign affects 2015-16 Ram 1500 series trucks – specifically those manufactured between June 17 and September 28, 2015. All told, that amounts to over 65,760 units across the United States. The issue stems, according to the statements below, from the rear axle shaft. Some of those trucks may have not had those axle shafts properly heat-treated, which could cause them to fracture and separate from the wheel. And that, it should go without saying, could lead to a crash. FCA states that most of the vehicles in question are in dealer hands, but while the manufacturer says it is aware of one accident to have resulted from the issue, no injuries have been reported. The owners of the affected vehicles will be notified to bring their trucks in to their local dealership to have them inspected. If necessary, the dealership with replace the rear axle assembly. This recall follows three prior (but unrelated) ones, also issued for Ram pickups, that between them affected well over a million units. Related Video: RECALL Subject : Incorrectly Heat Treated Rear Axle Shaft Report Receipt Date: OCT 15, 2015 NHTSA Campaign Number: 15V661000 Component(s): POWER TRAIN Potential Number of Units Affected: 65,760 Manufacturer: Chrysler (FCA US LLC) SUMMARY: Chrysler (FCA US LLC) is recalling certain model year 2015-2016 Ram 1500 trucks manufactured June 17, 2015, to September 28, 2015. The affected vehicles may have been built with rear axles that were incorrectly heat treated. CONSEQUENCE: If the rear axle shaft was not properly heated treated, it may fracture and a wheel separation could occur, increasing the risk of a crash. REMEDY: Chrysler will notify owners, and dealers will inspect the vehicles and replace the axle assemblies, as necessary, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is R59. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. ### Statement: Heat-treating October 27, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 65,760 U.S.-market trucks – most of which are in dealer hands – to inspect and replace, as required, their rear axle shafts or rear axles.

Stellantis wants to outfit cars with AI software to drive revenue

MILAN — Carmaker Stellantis announced a strategy Tuesday to embed AI-enabled software in 34 million vehicles across its 14 brands, hoping the tech upgrade will help it bring in 20 billion euros ($22.6 billion) in annual revenue by 2030. CEO Carlos Tavares heralded the move as part of a strategy that would transform the car company into a “sustainable mobility tech company,” with business growth coming from features and services tied to the internet. That includes using voice commands to activate navigation, make payments and order products online. The company is expanding existing partnerships with BMW on partially automated driving, iPhone manufacturer Foxconn on customized cockpits and Waymo to push their autonomous driving work into light commercial vehicle delivery fleets. StellantisÂ’ embrace of artificial intelligence and expansion of software-enabled vehicles is part of a broad transformation in the auto industry, with a race toward more fully electric and hybrid propulsion systems, more autonomous driving features and increased connectivity in automobiles. Ford and General Motors also are banking on dramatically increased revenue from similar online subscription services. But the automakers face immense competition for monthly consumer spending from movie and music streaming services, news outlets, Amazon Prime and others. Stellantis, which was formed from the combination of PSA Peugeot and FCA Fiat Chrysler, said the software would seamlessly integrate into customers' lives, with the capability of live updates providing upgraded services over time. New products will include the possibility to subscribe to automated driving features, purchase usage-based car insurance or even increase the power of the vehicle with a tune-up to add horsepower. As a baseline, Stellantis generates 400 million euros in revenue on software-generated services installed in 12 million vehicles. To meet the targets, Stellantis will expand its software engineering team of 1,000 to 4,500 in North America, Asia and Europe. More than 1,000 of the expanded team will be retrained in house. Stellantis also announced a new partnership with Foxconn to develop semiconductors to cover 80% of the companyÂ’s needs and simplify the supply chain. The first microchips from the partnership are targeted to be installed in vehicles in 2024.