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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.

Junkyard Gem: This 1987 Dodge 600 SE Sedan is suspiciously Benz-ish

The K Platform, introduced for the 1981 model year, saved Chrysler from certain bankruptcy. By 1983, a stretched-out K chassis had been developed; the Chrysler version was the E-Class, while Dodge had the 600. These cars have become all but extinct now, so this '87 600 sedan in a Denver-area wrecking yard is a noteworthy Junkyard Gem. Ford explicitly compared the appearance of the late-1970s Granada to that of the Mercedes-Benz W123 in their advertising, and so the ground was broken for Chrysler to make the allusions to Stuttgart machinery even more obvious a few years later. The name of the Chrysler E-Class was about as subtle as a tire iron blow to the kidneys, and the badging on its Dodge 600 sibling left little to the imagination. 600s came from the factory with several variations of the Chrysler 2.2/2.5 engine, as well as the Mitsubishi "Hemi 2.6" four-cylinder. This car has the 2.5 Chrysler engine, rated at 97 horsepower. Base price was $10,553, about $23,500 in 2017 dollars (the cheapest new Mercedes-Benz E-Class cost $38,600 in 1987, so there wasn't much customer overlap between the two cars). The 600s weren't bad cars for the price, though the build quality wasn't quite up to Mercedes-Benz standards. You'll find this thumbtack treatment on most K-Car headliners that still drive today. The interior is all tan and brown, with plenty of tough industro-velour upholstery and not-so-convincing artificial wood. Aluminum-faced home audio equipment was all the rage during the 1980s, and the trend spread to automotive controls. No cassette in this car, but at least it had AM and FM radio (even plain old mono AM radios were still expensive options on many cars as late as 1987, so the standard AM/FM stereo rig in the 600 was an attractive deal). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. You can't beat the 600!

470,000 Jeep Liberty, Chrysler 200, and Dodge Avenger models recalled for restraint defect

Fiat Chrysler Automobiles said on Friday it is recalling 470,000 vehicles worldwide to replace a component that may inhibit deployment of the vehicles' active head restraints in the event of a crash. Around 414,000 of those vehicles were sold in the United States. Apparently, "a component common to the modules of certain vehicles may degrade after extensive vehicle use." The recall covers 2012 Jeep Liberty sport utility vehicles and 2012-13 Chrysler 200 and Dodge Avenger midsize cars. FCA says a warning light may alert owners to the problem. The Italian-American automaker said it is unaware of any injuries or accidents related to the recall. The U.S. National Highway Traffic Safety Administration opened an investigation into the issue in June. (Reporting by David Shepardson; Editing by Steve Orlofsky) Related Video: