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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.

Fiat ups Chrysler stake by 3.3%, inches closer to full control

Fiat is one step closer to completing a merger with Chrysler after exercising an option to acquire an additional 3.3 percent of the Auburn Hills-based automaker today. Automotive News reports that Fiat now controls 68.49-percent of Chrysler, which is up almost 10 percent since we last heard news of this deal back in February when Fiat talking to various banks to raise more capital in order to complete the acquisition.
The article says that Fiat is still able to increase its stake in Chrysler up to 75 percent over the next 12 months, but it sounds like CEO Sergio Marchinonne would rather purchase the remaining shares from VEBA - the retiree benefits trust - sooner rather than later. Unfortunately, the two sides still seem far from an agreement on a fair price for the rest of Chrysler, as Fiat has them valued at $4.2 billion compared to the $10.3 billion estimate from the unions that currently own the remaining stake in Chrysler.

2022 Chrysler Pacifica Hybrid loses base Touring trim, starts at $48,255

The Chrysler Voyager is going fleet-only for 2022 while the standard 2022 Pacifica picked up some price hikes and some gains and losses in the equipment department. Time to dish on the 2022 Pacifica Hybrid, which, unsurprisingly, follows the majority of the non-hybrid Pacifica template. Mopar Insiders got info on pricing for the revisions Chrysler made to the lineup. The most important change to the overall Pacifica range, according to MI, is that model and option rationalization leaves just 53 combinations instead of the previous 3,550. That's way more than the Honda Odyssey at just seven permutations, but well behind the Toyota Sienna that has 206. The 3.6-liter Pentastar V6 and its eFlite variable transmission don't change, nor does the inability to spec all-wheel drive. What does get added are the new rear-seat reminder and Clean Air Filtration system that Stellantis is sprinkling throughout all its models. That filtration unit captures 95% of particulates in the air including bacteria, allergens, and pollen. The color palette goes the same way as on the non-hybrid Pacifica, dropping from 10 free colors to seven with just three free. Only Bright White, Brilliant Black, and Ceramic Grey will be no charge. Granite Crystal and the new Silver Mist, which replaces Billet Silver, will cost $95. Fathom Blue and Velvet Red will cost $395.   Product planners pulled the AWD option on the non-hybrid Pacifica Touring. For the hybrid, the Touring trim gets pulled completely, and in fact, it's already happened for the end of 2021. That makes the Touring L the new base model, and it makes this year's optional $995 Safety Sphere Group standard equipment for next year. That installs features like ParkSense for front, parallel, and perpendicular parking, and a 360-degree surround view camera. Conversely, the roof rack and side sunshades won't come as standard equipment anymore. MI says next year's MSRP will be $48,255 after the $1,495 destination charge. Comparing that price to the MSRP on Chrysler's 2021 configurator, next year's van will bring a $1,840 increase over 2021.  Next year's Limited trim will add the $1,895 Premium and Safety Sphere Group as standard equipment. The package adds the parking aids from above as well as a 19-speaker Harman Kardon audio system with a 760-watt amplifier. There's a change up top, though, this trim giving up its three-pane sunroof for a dual-pane sunroof, as well as shedding the side sunshades.