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Renault delays decision on merger with Fiat Chrysler

PARIS — Renault has delayed a decision on whether to merge with Fiat Chrysler Automobiles, a deal that could reshape the global auto industry as carmakers race to make electric and autonomous vehicles for the masses. The deal still looks likely, but faced new criticism Tuesday from Renault's leading union and questions from its Japanese alliance partner Nissan. The French government is also putting conditions on the deal, including job guarantees and an operational headquarters based in France. The French carmaker's board will meet again at the end of the day Wednesday to "continue to study with interest" last week's merger proposal from FCA, Renault said in a statement. A Renault board meeting Tuesday to study the deal was inconclusive. The company didn't explain why, but a French government official said board members don't want to rush into a deal and are seeking agreement on all parts of the potential merger. The official, who spoke on condition of anonymity in line with government policy, told The Associated Press the conditions outlined by France's finance minister still "need to be met." France and Italy are both painting themselves as winners in the deal, which could save both companies 5 billion euros ($5.6 billion) a year. But workers worry a merger could lead to job losses, and analysts warn it could bog down in the challenges of managing such a hulking company across multiple countries. And a possible loser is Japan's Nissan, whose once-mighty alliance with Renault and Mitsubishi is on the rocks since star CEO Carlos Ghosn's arrest in November. Nissan CEO Hiroto Saikawa cast doubt Tuesday on whether his company will be involved in a Renault-Fiat Chrysler merger — and suggested adding Fiat Chrysler to the looser Renault-Nissan-Mitsubishi alliance instead. Saikawa said in a statement that the Renault-Fiat Chrysler deal would "significantly alter" the structure of Nissan's longtime partnership with Renault, and Nissan would analyze its contractual relationships to protect the company's interests. If Renault's board says "yes" to Fiat Chrysler, that would open the way for a non-binding memorandum of understanding to start exclusive merger negotiations. The ensuing process — including consultations with unions, the French government, antitrust authorities and other regulators — would take about a year. A merger would create the world's third-biggest automaker, worth almost $40 billion and producing some 8.7 million vehicles a year.

Fiat Chrysler Automobiles gets officially official this Sunday

Want a chunk of the new Fiat Chrysler Automobiles? Shares of the newly joined (technically) Dutch automaker will begin trading on Monday on the New York Stock Exchange. The company itself will become a single entity on Sunday.
According to The Detroit Free Press, the new FCA will be the world's seventh largest company after Fiat shareholders' chance to oppose the merger expired on October 4. To prevent the merger, shareholders would have needed to exchange at least 500 million euros in shares for cash.
On Monday, current shareholders of both Fiat and Chrysler stock will see their shares converted into an equal number of FCA shares, the Freep reports.

Junkyard Gem: 2006 Chrysler PT Cruiser Route 66 Edition

The world has fallen out of love with the Chrysler PT Cruiser, the small truck (legally speaking, it was a truck by American government definition) that started with off-the-shelf Neon chassis components and added a retro-looking roomy body. In its heyday, though, the PT Cruiser looked cool and different, and sold very well for the better part of its 2000-2010 production run. Chrysler sold some special-edition PT Cruisers, most of which seem to have disappeared without a trace, but I managed to catch this discarded '06 Route 66 Edition in a self-service wrecking yard in Charlotte, North Carolina. The Route 66 Edition came in either black or yellow paint, with yellow brake calipers and these Route 66 badges. PT Cruisers with manual transmission are surprisingly easy to find in junkyards (the manual was significantly cheaper than the automatic), but this is a luxurious two-pedal version. This one had already been hit hard by parts shoppers, who took most of the front body components and a big chunk of the interior. Note the kicky yellow dash trim. The PT Cruiser, being classified as a truck, didn't have to pass the stricter emission-control and crash standards the US federal government applies to cars. That made it a good bargain when it came to capacity-per-dollar for buyers. Eventually, though, the American public tired of the onslaught of faux-retro-styled PT Cruisers (and Chevy HHRs and Volkswagen New Beetles), and now the resulting low resale value of used PT Cruisers sends them to the wrecking yards in record numbers. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Exercise your right foot! Related Video: