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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

Fiat Chrysler posts record Q3 profit thanks to U.S. trucks and Jeep

MILAN — A rebound in car production in Fiat Chrysler on Wednesday reported record third-quarter earnings as production returned to nearly pre-pandemic levels. The Italian-American automaker, which is finalizing its full merger with French rival PSA Peugeot, reported a net profit in the three months ending Sept. 30 of $1.4 billion (1.2 billion euros). That compares with a loss of 179 million euros a year earlier. The carmaker reported adjusted earnings before tax and interest in North America of 2.5 billion euros. That offset deepening losses in Europe, Asia and at its Maserati luxury marquee. Latin America, the only other region to post a profit, saw it narrow by two-thirds to 46 million euros. “Our record results were driven by our teamÂ’s tremendous performance in North America,” CEO Mike Manley said in a statement. Overall, the carmaker said global earnings before tax and interest were a record 2.3 billion euros despite a 6% fall in revenues to 26 billion euros. Global shipments were down 3%, due largely to plant retooling in North American to produce the new Jeep Grand Wagoneer in the luxury SUV segment and the discontinuation of the Dodge Grand Caravan classic minivan. Fiat Chrysler announced earlier Wednesday that its merger with PSA Peugeot is on track to be finalized by the end of the first quarter of 2021, as planned. To meet regulatory concerns, the French carmaker is selling a small stake in a components maker to get below 40% ownership. The new automaker, to be called Stellantis, will be the fourth biggest producer in the world. Earnings/Financials Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Ram Long-Hauler prototype spotted testing, world about to get new largest pickup?

In the past few months, Chrysler's Ram brand has gone from also-ran status behind Ford and General Motors to a class leader in many truck categories including fuel economy (25 miles per gallon highway) and towing (30,000-pound maximum capacity). Now, based off these spy shots recently taken, it looks like Ram is preparing to introduce the be all and end all of pickup trucks, with a production version of its leviathan 2011 Long-Hauler Concept.
Our spy shooters recently caught the two-year-old concept truck running around Auburn Hills, MI covered in stickers that would indicate the truck could be testing for a production model, and last we heard back in September, Chrysler has been trying to build a business case for the massive hauler. On the other hand, seeing as how the only changes made to this truck since it was first unveiled are a full factory tailgate and various Mopar accessories (mud flaps, exhaust finisher and bed step), it doesn't appear that any changes have been made that fit in with the recently announced 2013 Ram HD models.
As a refresher, the Long-Hauler rides on the 197.4-inch wheelbase of the Ram 5500 chassis - usually reserved for stake or box trucks - allowing it to combine the luxury of the Mega Cab with the cargo capability of an eight-foot bed and enough room in between to fit a 60-gallon reserve fuel tank. This, along with the 50-gallon, in-bed fuel tank and the truck's factory fuel tank means that the Long-Hauler has the ability to carry 162 gallons of diesel fuel - enough for one incredibly long haul.