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Fiat Chrysler and Renault pursue $35-billion merger to combat car industry upheaval

MILAN/PARIS — Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals. Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly. Shares in both companies jumped more than 10 percent as investors welcomed the prospect of an enlarged business capable of producing more than 8.7 million vehicles a year and aiming for 5 billion euros ($5.6 billion) in annual savings. It would rank third in the global auto industry behind Japan's Toyota and Germany's Volkswagen. But analysts also warned of big complications, including Renault's existing alliance with Nissan, the French state's role as Renault's largest shareholder and potential opposition from politicians and workers to any cutbacks. "The market will be careful with these synergy numbers as much has been promised before and there isn't a single merger of equals that has ever succeeded in autos," Evercore ISI analyst Arndt Ellinghorst said. With these sensitivities in mind, FCA proposed an all-share merger under a listed Dutch holding company. After a 2.5 billion euro dividend for existing FCA shareholders - giving a big upfront boost to the Agnelli family that controls 29% of FCA - investors in each firm would hold half of the new entity. The merged group would be chaired by Agnelli family scion John Elkann, sources familiar with the talks told Reuters, while Renault chairman Jean-Dominique Senard would likely become CEO. Italian Deputy Prime Minister Matteo Salvini said the proposed merger could be good news for Italy if it helped FCA to grow, but it was crucial to preserve jobs. He did not comment on the French government's 15% stake in Renault, but an influential lawmaker from the ruling League party said Rome may seek a stake in the combined group to balance France's holding. A deal could also have profound repercussions for Renault's 20-year-old alliance with Nissan, already weakened by the crisis surrounding the arrest and ouster of former chairman Carlos Ghosn late last year. The Japanese carmaker has yet to comment on FCA's proposal.

2018 Chrysler Pacifica Hybrid Long-term Review | Introducing something green

BIRMINGHAM, Mich. — I'm stoked to drive this minivan. Legitimately. The 2018 Chrysler Pacifica hybrid is an impressive evolution of the minivan and a smart execution of electric technology. Why hasn't someone made a hybrid minivan until now? I ponder this as I unplug the charger and take my first spin in the Pacifica, the newest addition to the Autoblog long-term fleet. Sinking into the leather seats, I'm immediately relaxed. That's why you buy a minivan: comfort and convenience. Hybrid tech? Well that makes this thing sustainable and even cool. Whether your friends are swanky or wonky, play the plug-in hybrid card and your people hauler is cooler than theirs. What we got We went with the Pacifica Hybrid Limited. It starts at $44,995 and wears a beautiful shade of Ocean Blue. The interior features black and alloy pieces and leather. Power comes from the sturdy 3.6-liter Pentastar V6 dubbed the eHybrid for this application, and it works with an eFlite electrically variable transmission home to two motors making 84 and 114 hp. The hybrid battery pack has 96 lithium-ion cells that generate 16 kWh of energy. The net system power is 260 horsepower. In real-world driving, it's quick, torquey and more fun to drive than the average minivan. It can charge in two hours using a Level 2 charger and offers 33 miles of range on pure electricity. Collectively, it puts out 84 MPGe, and using just the Pentastar it's still rated at a robust 32 mpg in combined city and highway driving conditions. The Limited is the top-of-the line Pacifica trim, offering heated and vented front seats, an 8.4-inch Uconnect touchscreen and 13 Alpine speakers as standard equipment. We added a safety and tech package ($995) that includes parking assist, a 360-degree surround view camera, lane departure warning, adaptive cruise control, seatback video screens and a Blu-ray DVD player. We also ticked the box for the hybrid appearance package ($395) to add 18-inch polished aluminum wheels, body color treatments for the mirrors and door handles, and a "Black Spear Applique" for the rear fascia. It's not worth your money. We topped it off with the $1,595 tri-pane sunroof, which is totally worth your money. Final cost including destination: $49,325. It's reasonable, considering the level of luxury the Limited offers, and as we all know, hybrid tech isn't cheap. If you can get the $7,500 federal tax credit the government offers on electrics, it's a great value.

Appeals court delays 'sensible resolution' meeting between GM, Fiat Chrysler CEOs

DETROIT — Three federal appeals judges have delayed a court-ordered meeting between the CEOs of General Motors and Fiat Chrysler to try to settle a lawsuit over corruption by union leaders. U.S. District Court Judge Paul Borman last week ordered GM CEO Mary Barra and FCA CEO Mike Manley to meet before July 1. But GM on Friday asked the federal appeals court in Cincinnati to overturn the order and remove Borman from the case. In an order issued Monday, three appellate judges delayed Borman's order to provide time to consider legal points raised by GM. GM is suing crosstown rival FCA alleging that it got an advantage by paying off United Auto Workers union leaders to reduce labor costs during contract talks. FCAÂ’s former labor chief, Al Iacobelli, is in prison, although the company denies that it directed any prohibited payments. In his order last week, Borman described the lawsuit as a “nuclear option” that would be a “waste of time and resources” for years if he allows the case to move forward. The judge ordered Barra and Manley to sit down without lawyers by July 1 and reach a “sensible resolution of this huge legal distraction.” Borman wants an update from them on a public video conference that same day. Over the weekend he modified the order to allow lawyers to attend the meeting. In a court filing, GM called BormanÂ’s order a “profound abuse” of power. “The court possesses no authority to order the CEOs of GM and FCA to engage in settlement discussions, reach a resolution and then appear alone at a pretrial conference eight days later, without counsel,” GMÂ’s attorneys said. “Second, the court has no business labeling a properly filed federal lawsuit assigned to the court for impartial adjudication ‘a distractionÂ’ or a ‘nuclear option,’” GM said. Borman canÂ’t be viewed as impartial, company lawyers said. The judge declined to comment. In a court filing Monday, Fiat Chrysler lawyers wrote that GM didn't make a good case to remove Borman because judges routinely direct lawsuit parties to talk about settling. The lawyers wrote that GM originally wanted the case assigned to Borman but now apparently is worried that his tough questions mean he will dismiss GM's claims. “GM should not be permitted now to complain that that judge has turned out to be less hospitable to GMÂ’s claims than GM anticipated. Parties are not permitted to engage in such judge shopping," the filing said.