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Fiat Chrysler, Peugeot announce merger as world's No. 4 carmaker

MILAN  — Fiat Chrysler and France's PSA Peugeot said Thursday they have agreed to merge to create the world's fourth-largest automaker with enough scale to confront big shifts in the industry, including a race to develop electric cars and driverless technologies. Italian-American Fiat Chrysler brings with it a strong footprint in North America, where it makes at least two-thirds of its profits, while Peugeot is the No. 2 automaker in Europe. Both lag in China, however, despite the participation of Peugeot's Chinese shareholder, Dongfeng, and are playing catching up in developing electric vehicles. Fiat Chrysler shares were trading up 9% at 14 euros in Milan, while PSA Peugeot shares were down 3.2% to 22.84 euros. The 50-50 merger is expected to offer savings of 3.7 billion euros ($4 billion), which the automakers expect to achieve without any factory closures — a concern of unions in both France and Italy where the carmakers have more overlap. Fiat Chrysler's strongest brands are Jeep SUVs and Ram trucks and it is focusing on relaunching its premium and luxury brands, Alfa Romeo and Maserati, with a focus on hybrid engines. It still makes smaller cars under the Fiat marquee, mostly for the European and Latin American markets. PSA Peugeot makes mostly small, city-friendly cars, family sedans and SUVs under the nameplates of Peugeot, Citroen and Germany-based Opel, which it bought in 2017. That is where the companies can expect to have the most overlap. The new company would be worth $50 billion, with revenue of 170 billion euros ($189 billion). It would produce 8.7 million cars a year — still behind Toyota, Volkswagen and the Renault-Nissan alliance, which make over 10 million each. Once a merger is finalized, PSA Peugeot CEO Carlos Tavares will be chief executive of the new company, with Fiat Chrysler Chairman John Elkann becoming chairman. Fiat Chrysler CEO Mike Manley will have a senior executive role. "This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity," Tavares said in a statement. Manley called it "an industry-changing combination," and noted the long history of cooperation with Peugeot in industrial vehicles in Europe. The 11-member board will be made up of five members from each company plus Tavares, who is locked in as CEO for five years.

2016 Fiat 500X joins IIHS Top Safety Pick+ ranks [w/video]

The Insurance Institute for Highway Safety has awarded the Fiat brand its highest honor for the first time, naming the new 500X a Top Safety Pick+. It's only the second vehicle in the FCA empire, after the Chrysler 200, to score so well on the non-profit's crash testing. The 500X got top marks across the board, ranking "Good" on all the crash tests, including the tough small-overlap test. In fact, the only area where the high-riding Fiat was given a demerit was on its optional crash-prevention system. It only scored an "Advanced" rating, rather than the top grade of "Superior" – vehicles need at least an "Advanced" crash prevention rating to earn a TSP+. Of course, the whole reason we cover all these Top Safety Pick stories is so we can post video of the crash tests. The 500X story is no different, as the IIHS gives us its typical multi-angle, slow-motion peek at the small-overlap test for Fiat's new CUV. Check out the video up top. Related Video: New Fiat 500X small SUV earns IIHS TOP SAFETY PICK+ award ARLINGTON, Va. — The new Fiat 500X earns good ratings in all five of the Insurance Institute for Highway Safety's crashworthiness tests and an advanced rating for front crash prevention. The small SUV qualifies for the IIHS TOP SAFETY PICK+ award. It is the second vehicle from Fiat Chrysler Automobiles after the Chrysler 200 to earn the Institute's highest award for 2015. In the most challenging IIHS evaluation, the small overlap front crash test, the 500X's driver space was maintained reasonably well, with maximum intrusion of 4 inches at the door hinge pillar and instrument panel. The dummy's head contacted the front airbag, though it then moved to the left side, leaving the head vulnerable to contact with forward structure. The side curtain airbag deployed and had sufficient forward coverage to protect the head on the left side. Measures taken from the dummy indicate that injuries to the left lower leg would be possible in a crash of this severity, but the likelihood of other injuries is low. In the moderate overlap test, the only issue was possible injuries to the right foot. There were no problems with the side crash test performance. The vehicle also has good head restraints and seats for whiplash prevention in a rear crash and a good roof strength rating for rollover protection. The 500X has an optional front crash prevention system that earns an advanced rating.

Abarth trim of Fiat 124 Spider reportedly debuts in Geneva

Keep your eyes open for the possible debut of the high-performance Abarth version of the Fiat 124 Spider at the Geneva Motor Show, which opens March 1. Alfredo Altavilla, FCA's chief operating officer for Europe, told Italian newspaper Corriere Della Sera the hotter droptop would debut in Switzerland, according to Road & Track. Unfortunately, he simply said the convertible would be there and didn't offer any details about its upgrades. Rumors paint a fairly complete picture about what to expect from the Abarth 124. European models would likely make 170 horsepower from a tuned version of the regular one's 1.4-liter turbocharged engine. However, there would also be an even hotter EsseEsse trim, which the US would get, with around 220 horsepower. Achieving that much power might require a new engine, and it's possible the convertible could borrow the 1.75-liter turbo unit from the Alfa Romeo 4C. Spy shots show the Abarth has a more aggressive look to match its extra performance. The body features larger front takes, bigger side sills, and dual-exit exhausts at each corner of the rear. Reports also suggest Fiat would borrow from the classic 124 Spider by offering options like a removable hardtop and blacked-out hood. During the standard 124 Spider's debut at the LA Auto Show, Olivier Francois, global head of the Fiat brand, said the company plans to market the new convertible as a relatively affordable but distinctly Italian sports car. A Ferrari might be out of a buyer's reach, but a Fiat is attainable. The Abarth's extra performance seems like a perfect way to further that message, and we can't wait to see it. Related Video: