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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

2019 Jeep Renegade teased with taillight photo

We've seen a number of 2019 Jeep Renegade prototypes running around lately, and now we know when we'll finally see all the ways the little crossover SUV has been updated: June 6. It will make its debut at the Turin Motor Show. Before then, Jeep did reveal a couple of details, including the above shot of the new taillight design. Though the taillight is very similar to the current version, particularly in how it's still square with a distinct "X" motif in center, it has a few differences. The thick black surround of the current model is gone entirely. It makes way for dark-tinted red plastic to wrap all the way around, and it has indentations that echo the X in the center. That center X isn't all a reverse light anymore. It's now part of the taillight's internal design. Only a small white square in the middle is now for the reverse light. Aside from small styling changes on the lights, Jeep also announced powertrains for the European version of the Renegade. It will be available with at least three gasoline engine options. There will be a roughly 120-horsepower 1.0-liter three-cylinder, and two versions of a 1.3-liter four-cylinder making 150 horsepower or 180. Jeep didn't mention anything about a diesel or a hybrid, the latter of which we expect based on previous spy shots. In the U.S., the Renegade is available either with a 160-horsepower turbocharged 1.4-liter four-cylinder or a 184-horsepower 2.4-liter naturally aspirated four-cylinder. We would assume at least the 1.3-liter engine will make it to the U.S., considering its similar power output to current numbers. Related Video:

Stellantis and LG announce Canadian EV battery joint venture

SEOUL — South Korean battery giant LG Energy Solution (LGES) said on Wednesday it plans to invest $1.5 billion to set up a joint venture with Stellantis in Canada. LGES owns 51% of the joint venture, tentatively named "LGES-STLA JV" and Stellantis owns 49%, LGES said in a regulatory filing. In October, LGES and Stellantis NV struck an electric vehicle (EV) battery production joint venture, targeting to start production by the first quarter of 2024 and aiming to have an annual production capacity of 40 gigawatt hours of batteries. In a separate regulatory filing, LGES said it plans to acquire a stake worth $542 million in ES America to respond to demand from EV startups in the United States. LGES is considering building a factory in Arizona to meet demand in the United States, two people familiar with the matter told Reuters, adding that the plant is expected to primarily produce cylindrical battery cells. LGES has its own factory in Michigan and two battery joint ventures with General Motors in Ohio and Tennessee. "We are considering a new production site, but nothing has been decided yet," said a spokesperson at LGES. LGES, which counts Tesla, GM and Volkswagen among its customers, currently has battery production sites in the United States, China, Poland, Indonesia and South Korea. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Plants/Manufacturing Chrysler Dodge Fiat Jeep RAM Electric