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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.

Ram helps power Chrysler to 11% gain in May

Increasing consumer demand for Ram pickup trucks and big SUVs has helped to boost May sales for Chrysler. Ram sales were up a total of 24 percent year-over-year for the month of May. In addition, Dodge sales increased by 23 percent in May, with the standout Durango clocking a 24-percent year-over-year improvement (with an updated 2014 model in the wings, incentives are thick on the ground for 2013 inventory). Fiat and Jeep were up only a modest one percent, however, and Chrysler brand sales were down by two percent against last year's figures.
Chrysler is quite pleased overall with brand performance, saying that this May marks the company's strongest in the past six years. It was also the 38th consecutive month showing year-over-year sales gains.
Eight of the automaker's vehicles set sales records for May, as well: Jeep Wrangler and Compass, Dodge Avenger and Challenger, Fiat 500, Chrysler 200 and Ram pickups. Scroll down to read more detail in Chrysler's press release.

2019 Chicago Auto Show photo gallery: All of the grilles

Do you like trucks? How about grilles? Like really big, shiny, chromey, in-your-face, could-be-made-by-Broil-King grilles? Well, the Chicago Auto Show is the place to be. Traditionally known as the truck show of the annual auto show circuit (at least those covered by national media), Chicago has what seems like a small national park's worth of acreage devoted to both consumer and commercial trucks. From humble extended cab Ford Rangers to a mammoth F-650 with cherry picker sprouting from its aft quarters, there's bound to be a truck for everything. And they all have grilles. So above is our gallery devoted to them, because hell, why not? Should you want to know about the trucks attached to those grilles, check out our coverage below. Heavy Duty Trucks 2020 Chevrolet Silverado HD revealed, tows 35,500 pounds 2020 GMC Sierra HD revealed, has more subtle looks than Chevy sibling 2019 Ram Heavy Duty trucks get new face, 1,000 pound-feet of torque 2020 Ford F-Series Super Duty revealed, adds massive gas engine Full-Size Trucks Read how all of the full-size trucks compare to each other 2019 Chevrolet Silverado First Drive 2019 Chevrolet Silverado 2.7L Turbo First Drive 2019 GMC Sierra First Drive 2019 GMC Sierra AT4 First Drive 2019 Ram 1500 Laramie Quick Spin Review 2019 Ram 1500 eTorque Drivers' Notes Review 2019 Ford F-150 2.7L EcoBoost Quick Spin Review 2018 Ford F-150 King Ranch Power Stroke Diesel Review Related Video: Featured Gallery 2019 Chicago Auto Show: All of the grilles View 40 Photos Chicago Auto Show Chevrolet Ford GMC RAM Truck chevrolet silverado