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Auto Mergers and Acquisitions: Suicide or salvation?

We love the Moses figure. A savior riding in from stage right with the ideas, the smarts, and the scrappiness to put things right. Alan Mullaly. Carroll Shelby. Lee Iacocca. Andrew Carnegie. Steve Jobs. Elon Musk. Bart Simpson. Sergio Marchionne does not likely view himself with Moses-like optics, but the CEO of Fiat Chrysler Automobiles recently gave a remarkable, perhaps prophetic interview with Automotive News about his interest and the inevitability of merging with a potential automotive partner like General Motors. Marchionne has been overtly public about his notion that GM must merge with FCA. For a bit of context, GM sold 9.9 million vehicles in 2014, posting $2.8 billion in net income, while FCA sold 4.75 million units and earned $2.4 billion in net income, painting a very rosy FCA earnings-to-sales picture. But that's not the entire picture. Most people in the auto industry still remember the trainwreck that was the DaimlerChrysler "merger" written in what turned out to be sand in 1998. It proved to be a master class in how not to fuse two companies, two cultures, two continents, and two management teams. Oh, it worked for the two individuals at both helms pre-merger. They got silly rich. And the industry itself was in a misty romance at the time with mergers and acquisitions. BMW bought Rolls-Royce. Volkswagen Group bought Bentley, Bugatti, and Lamborghini, putting all three brands into their rightful place in both products and positioning. No marriages there, so no false pretense. Finally, Nissan and Renault got married in 1999. A successful marriage requires several rare elements in this atmosphere of gas fumes and power lust. But a successful marriage requires several rare elements in this atmosphere of gas fumes and power lust, the principle part being honesty. Daimler and Chrysler lied to each other. The heads of each unit, the product planners, and finance all presented their then-current and long-range forecasts to each other with less-than-forthright accuracy. Daimler was the far greater equal and no one from the Chrysler side enjoyed that. The cultures were entirely different, too, and little was done to bridge that gap. Which brings me back to the present overtures by Marchionne to GM. "There are varying degrees of hugs," Marchionne stated in the Automotive News piece. "I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you." Seriously?

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.

2020 Dodge Charger Hellcat Widebody, Scat Pack Widebody get grip, go faster

You all knew this was coming. Dodge basically showed it to the public a few months ago. But it's finally official, the 2020 Dodge Charger Hellcat Widebody and naturally aspirated Scat Pack Widebody are going into production. Like the Challenger Widebody, the Charger version is defined by its, well, wide body, which is now standard on all Hellcats and an option on Scat Packs. The fender flares add a total of 3.5 inches of width. Dodge also tweaked the front and rear bumpers and added wider side skirts to help the flares blend into the body. The Hellcat gets a unique rear spoiler, whereas the Scat Pack sticks with the same one its scrawnier twin uses. 2020 Dodge Charger Scat Pack Widebody View 20 Photos But the big advantage to this wide body is the fact Dodge can stick way more tire under the Charger. All Charger Widebody models get 11-inch-wide wheels with 305-mm tires at all four corners. Each version gets revised suspension, too. The Hellcat gets stiffer front springs, thicker front and rear anti-roll bars and retuned shocks. The Scat Pack gets a similar update, but without the thicker front anti-roll bars. Both cars also get six-piston front brake calipers from Brembo with two-piece rotors. All these handling upgrades mean the Charger is an even more impressive track machine. Dodge says the Hellcat now pulls 0.96g on a skid pad, and the Scat Pack Widebody does a little better at 0.98g. The Hellcat has also improved its lap time of Chrysler's 2.1-mile test course by 2.1 seconds, and the Scat Pack improved by 1.3 seconds. Both cars are also still fast in a straight line, with Dodge saying the Hellcat will hit 60 mph in 3.6 seconds on the way to a 10.96 quarter-mile time. Which, Dodge proclaims, makes it the world's most powerful and fastest mass-produced sedan. The Scat Pack Widebody will hit 60 in 4.3 seconds on the way to a 12.4-second quarter-mile.