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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.

Fiat 600e unveiled as a retro-flavored, 500-inspired crossover

Fiat's model offensive continues with the launch of a crossover named 600e. Developed primarily for the European market, the soft-roader borrows several heritage-laced styling cues from the latest version of the 500, and it will be offered with hybrid and electric drivetrains. Named after one of Fiat's all-time best-sellers, and built on the same platform as the Jeep Avenger, the 600e stretches approximately 164 inches long, 70 inches wide, and 60 inches tall. It's about three inches shorter and lower than the 500X, and both models feature similar proportions, but the 600e isn't the 500X's direct replacement — the two models will be sold side-by-side for an undetermined period of time. Visually, the 600e borrows several styling cues from the 500e, including oval headlights with LED accents. There's no "Fiat" emblem on the front end, the bumpers wears a "600" badge, while the bottom part of the bumper gets a big, body-colored air vent. The 500e influence continues out back with vertical lights. Black accents on the bumpers, wheel arches, and rocker panels add a rugged touch to the design. The similarities between the 600e and the 500e continue inside, and that's not a bad thing — the 500e's interior impressed us when we drove a European-market model in Italy earlier in 2023. The driver faces a two-spoke steering wheel, a seven-inch digital instrument cluster with a refreshingly simple design, and a 10.25-inch touchscreen for the Uconnect infotainment system. Fiat added several clever features, including a folding cover for the center console's storage compartment, and the 600e offers approximately 12.7 cubic feet of trunk space. Fiat will add a gasoline-electric hybrid powertrain to the 600e range during the first half of 2024. Until then, the crossover will exclusively be offered with an electric drivetrain that consists of a 54-kilowatt-hour lithium-ion battery pack and a 154-horsepower motor that zaps the front wheels into motion. Driving range checks in at up to 248 miles when tested using Europe's WLTP cycle, which leans towards the optimistic side of the scale, and the system is compatible with 100-kilowatt fast-charging. Fiat quotes nine seconds to reach 62 mph from a stop. On sale now, the Fiat 600e will reach European showrooms in September 2023. There's no word on whether we'll see it in the United States. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

PSA reportedly ditching its two tiny gasoline city cars ahead of merger

The Peugeot 108.   PARIS — PSA is ending the production of Peugeot and Citroen small city cars, three sources told Reuters, withdrawing from an increasingly unprofitable market as its starts a strategic review ahead of its planned merger with Fiat Chrysler. While PSA had already agreed to sell its stake in its Czech joint venture with Toyota where the Peugeot 108 and Citroen C1 models are made, the decision to stop selling the gasoline cars altogether has just been taken, the sources said. Carmakers are reviewing the production of vehicles with combustion engines as they need to fit costly exhaust filtering systems to meet tighter emissions laws. That's pushing up the cost of some so-called entry-level A segment cars to the point where they are hard to justify economically. "PSA is getting out of both the factory and the A segment business, as it is offered today, and on which manufacturers have arguably lost the most money in Europe," one of the sources familiar with the matter said. PSA declined to comment on the future of the two small cars. It said it was reviewing which products would best meet customer expectations in the A segment and cope with European carbon emissions targets. "This means a reflection with fresh and disruptive ideas," a spokesman for the French carmaker said. The European Commission is planning to tighten its emissions limits for cars under new proposals designed to cut the bloc's greenhouse gas output further by 2030. PSA's merger project with FCA has also increased the options available, two of the sources said, as the Italian-U.S. company has no intention of abandoning its small best-selling Panda and 500 models. Both already have hybrid versions and the 500 is also available in full electric mode. "Current projects could be replaced by new ones made possible by the merger with FCA", another source said. "The merger is turning all the cards around, especially when you consider that the A segment, from the very first 500 to the Panda, is inseparable from Fiat history". FCA declined to comment. PSA and FCA aim to finalize their merger in the first quarter next year to create a new company called Stellantis, which will be the fourth-biggest automaker in the world. Market contraction The European market for frugal city cars has been shrinking for several years.