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Fiat Chrysler and Renault pursue $35-billion merger to combat car industry upheaval

MILAN/PARIS — Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals. Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly. Shares in both companies jumped more than 10 percent as investors welcomed the prospect of an enlarged business capable of producing more than 8.7 million vehicles a year and aiming for 5 billion euros ($5.6 billion) in annual savings. It would rank third in the global auto industry behind Japan's Toyota and Germany's Volkswagen. But analysts also warned of big complications, including Renault's existing alliance with Nissan, the French state's role as Renault's largest shareholder and potential opposition from politicians and workers to any cutbacks. "The market will be careful with these synergy numbers as much has been promised before and there isn't a single merger of equals that has ever succeeded in autos," Evercore ISI analyst Arndt Ellinghorst said. With these sensitivities in mind, FCA proposed an all-share merger under a listed Dutch holding company. After a 2.5 billion euro dividend for existing FCA shareholders - giving a big upfront boost to the Agnelli family that controls 29% of FCA - investors in each firm would hold half of the new entity. The merged group would be chaired by Agnelli family scion John Elkann, sources familiar with the talks told Reuters, while Renault chairman Jean-Dominique Senard would likely become CEO. Italian Deputy Prime Minister Matteo Salvini said the proposed merger could be good news for Italy if it helped FCA to grow, but it was crucial to preserve jobs. He did not comment on the French government's 15% stake in Renault, but an influential lawmaker from the ruling League party said Rome may seek a stake in the combined group to balance France's holding. A deal could also have profound repercussions for Renault's 20-year-old alliance with Nissan, already weakened by the crisis surrounding the arrest and ouster of former chairman Carlos Ghosn late last year. The Japanese carmaker has yet to comment on FCA's proposal.

Autoblog Minute: Ferrari F12 TdF, Tesla Autopilot, Fiat brand leadership change

Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. Senior editor Greg Migliore reports on this edition of Autoblog Minute Weekly Recap. Show full video transcript text [00:00:00] Ferrari unleashes the F12 TdF, Model S owners get an exciting announcement from Tesla, and Fiat North America undergoes a leadership change. I'm Senior editor Greg Migliore, this is your Autoblog Minute Weekly Recap. Ferrari's new F12 TdF gets its name from the legendary Tour de France race that Ferrari dominated back in the 50s and 60s. [00:00:30] This new Ferrari is derived from the naturally aspirated F12 Berlinetta's engine. There are styling and performance upgrades, and the company highlights changes in aerodynamics, weight reduction, and faster shifts. The result, Ferrari says, is a blistering zero to sixty-two time of, 2.9 seconds. It's pretty fast. Tesla released software version 7.0 for Model S owners. The big takeaway from this update is the much anticipated Autopilot mode. Tesla says Autopilot [00:01:00] allows Model S to steer within a lane, change lanes, and manage speed. Software version 7.0 will also allow for digital control of the motors, brakes, and steering for collision prevention. Now do you hate parallel parking? Tesla's got you covered. The Model S can park on command, right after it scans for a spot and alerts you when one becomes available. Jason Stoicevich resigns shortly after losing control of the Fiat brand. Automotive News reported that Stoicevich's leadership role at Fiat was handed over to the company's [00:01:30] head of the Dodge brand. That's Tim Kuniskis. The report cites diminished sales figures as a key reason for the personnel change at Fiat. This change resulted in Stoicevich leaving FCA altogether. Those are the highlights from the week that was. Be sure to check out my full recap this Saturday. Plus I'll have some added insight into BMW's M2. For Autoblog, I'm Greg Migliore. Autoblog Minute is a short-form video news series reporting on all things automotive. Each segment offers a quick and clear picture of what's happening in the automotive industry from the perspective of Autoblog's expert editorial staff, auto executives, and industry professionals.

Stellantis could turn the Fiat 500e into a gasser in Europe

How do you solve a problem like electrification? Sometimes the solution is to consider going back to internal combustion. Automotive News Europe, via Italian newspaper Il Corriere della Sera, reports that Stellantis has asked suppliers for quotes on increasing Fiat 500e production by 100,000 units annually, at the Mirafiori, Italy, plant that builds the electric mini car. The twist in the plot is that plant reps told ANE the additional production would be for an ICE-powered 500, not the battery-electric version. See, Fiat has three challenges with the 500. The first is that 500e isn't hitting the production marks the parent company sought, 90,000 units per year; sales the past two years have been in the 77,000-unit range. The second is that the ICE-powered 500, built in Tychy, Poland, and still the 17-year-old mini car that's slightly smaller than the 500e, can only be sold in Europe until June; that 500 will fall afoul of the same cybersecurity regulations that are shuffling the Porsche Cayman, Boxster, and Macan off the European market. The third is national pride: Italy, and Mirafiori plant workers, want to maintain elevated production figures from the country's only mass-market automaker, and no one's sure the 500e will be able to do that.  Hence the exploration into the costs of alternatives. One idea — stress being on the fact that this is only an idea — is to re-engineer the electric-specific 500e platform to accept a mild-hybrid gas engine. The Mirafiori plant would still build the 500e, and it would add 100,000 units or so of a gas-powered 500. In Europe, the gasser 500 still does numbers. Transport industry JATO Dynamics said that including Abarth models, Fiat sold 108,943 units of the ICE-powered 500. If Stellantis saw fit to spend the money, the rumored engine candidate is the 1.0-liter FireFly three-cylinder, used in the sister Panda mini car, making 69 horsepower in that application.  The cost-benefit calculations run up against at least a couple of walls, one being that if Stellantis went ahead with the plan, the resulting car wouldn't hit the market until late 2025 at the earliest, perhaps two years, according to observers. Fiat also hasn't stepped back from its stated goal of being an EV-only maker in Europe by 2030, leaving a new, gas-powered 500 only four years to pay for itself, at most.