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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.

Jeep Super Bowl commercial nets criticism from fish conservationists [Update]

Update. FCA got back to us with the following statement: "The Jeep brand and FCA cooperate with federal/state/local governments and organizations, including Tread Lightly and Access Fund, around the world to help ensure that its vehicles are being utilized in a legal and responsible manner, and follow those guidelines when demonstrating their off-road capabilities. Ecological assessments are made and considered when the Jeep brand conducts demonstrations of a vehicle's off-roading capabilities. The vehicle shown in this video is driving on a designated county road that experiences seasonal runoff and its performance capabilities are authentically portrayed consistent with the Jeep brand philosophy. Other examples of how Jeep demonstrates vehicle capabilities take place at the brand's Camp Jeep activities at auto shows and experiential events." The Super Bowl is always packed to the brim with various car commercials. FCA in particular had a big showing this year with ads from both Ram and Jeep. It's the latter that seems to have drawn the ire of some organizations, particularly one where a new Jeep Cherokee drove up a stream in a commercial called "The Road." Trout Unlimited, a freshwater conservation organization, has criticized FCA for encouraging driving that might endanger fish habitats. Trout Unlimited President and CEO Chris Wood sent a letter to FCA chief Sergio Marchionne, calling the commercial "wrongheaded" and that Jeep got some "bad marketing advice on this one." Wood says many of Trout Unlimited's members are Jeep owners and that he previously owned a Jeep CJ7 that he took all over Vermont. He says that he took it off-roading, though he never drove right up the middle of a stream. We're waiting on a comment from Jeep, but MSN reports that the automaker is defending the ads — though there aren't plans to run them again. Trout Unlimited says driving up and damaging streams can destroy the gravel where fish lay eggs. Either way, off-roaders should always be mindful of their surroundings so they don't destroy the land or sink their vehicles after, say, breaking through the ice on a frozen lake. Related Video:

Chrysler taking big risk snubbing NHTSA

Maker Insists Feds Overstate Risk Of Fires With Grand Cherokee, Liberty Models
It's not often that recall stories make it above the fold, in that old newspaper parlance, but when one shows up as the lead story on the network evening news programs, you know it's something big.
And so it is with Chrysler snubbing its nose at a request by the National Highway Traffic Safety Administration to recall 2.7 million Jeeps the feds insist are at risk of potentially catastrophic fuel tank fires in a rear-end collision.