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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Dodge Charger Pursuit takes Tesla interior approach

A police car's computer is just as integral to its duties as a set of lights and sirens. The popular approach for these systems is to grab something like a Panasonic Toughbook laptop, add a big, bulky tray to hold it, and use this inelegant setup for running plates and doing all the other things a cop needs to do while on the road. The downside, besides simple aesthetics, is that this arrangement robs the officer's shotgun-riding partner from legroom. Dodge, though, has come up with a far more elegant and functional solution. Taking a page out of Tesla and Volvo's book, Dodge has replaced the five-inch UConnect display and laptop mount in the Charger Pursuit police car with an enormous 12.1-inch, portrait-format touchscreen display. Called, UConnect 12.1, the new system doesn't do away with the old fashioned computer outright. Instead it moves the bulky unit to the trunk, where it can connect to the display via an ethernet cable. This is good for multiple reasons. First, there are no pricey installation or upfitting charges, like there are for most laptop carriages. Secondly, the plug-and-play nature of the new UConnect system won't require the department to buy new laptops. And third, there's no need to retrain officers, since the only thing that's really changing is the input. While the Charger Pursuit will continue to offer redundant audio and HVAC controls, the 12.1-inch display can, at the press of a "button" split to display Fiat Chrysler's familiar 8.4-inch display. Make one more tap on the screen, and the police-issue laptop can be managed through the full touchscreen. The touchscreen will also display a menu bar at the top of the page, which can easily be edited by officers. All it takes is a simple drag and drop from the application menu to the top of the display. According to Dodge, the touchscreen will even play nice when its operator is wearing gloves. "As America's high-performance police vehicle, Dodge Charger Pursuit is going big for 2016, offering a massive, Uconnect touchscreen system that streamlines a law enforcement officer's computer system with our easy-to-use Uconnect system – on an all-new laptop-sized 12.1-inch touchscreen display," said Tim Kuniskis, Dodge and SRT's president and CEO.

EV cost burden pushing automakers to their limits, says Stellantis' CEO Tavares

DETROIT — Stellantis CEO Carlos Tavares said external pressure on automakers to quickly shift to electric vehicles potentially threatens jobs and vehicle quality as producers struggle with EVs' higher costs. Governments and investors want car manufacturers to speed up the transition to electric vehicles, but the costs are "beyond the limits" of what the auto industry can sustain, Tavares said in an interview at the Reuters Next conference released Wednesday. "What has been decided is to impose on the automotive industry electrification that brings 50% additional costs against a conventional vehicle," he said. "There is no way we can transfer 50% of additional costs to the final consumer because most parts of the middle class will not be able to pay." Automakers could charge higher prices and sell fewer cars, or accept lower profit margins, Tavares said. Those paths both lead to cutbacks. Union leaders in Europe and North America have warned tens of thousands of jobs could be lost. Automakers need time for testing and ensuring that new technology will work, Tavares said. Pushing to speed that process up "is just going to be counter productive. It will lead to quality problems. It will lead to all sorts of problems," he said. Tavares said Stellantis is aiming to avoid cuts by boosting productivity at a pace far faster than industry norm. "Over the next five years we have to digest 10% productivity a year ... in an industry which is used to delivering 2 to 3% productivity" improvement, he said. "The future will tell us who is going to be able to digest this, and who will fail," Tavares said. "We are putting the industry on the limits." Electric vehicle costs are expected to fall, and analysts project that battery electric vehicles and combustion vehicles could reach cost parity during the second half of this decade. Like other automakers that earn profits from combustion vehicles, Stellantis is under pressure from both establishment automakers such as GM, Ford, VW and Hyundai, as well as start-ups such as Tesla and Rivian. The latter electric vehicle companies are far smaller in terms of vehicle sales and employment. But investors have given Tesla and Rivian higher market valuations than the owner of the highly profitable Jeep and Ram brands. That investor pressure is compounded by government policies aimed at cutting greenhouse gas emissions. The European Union, California and other jurisdictions have set goals to end sales of combustion vehicles by 2035.