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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Car dealership in East Texas destroyed by tornado

Few things are as fundamentally and unconditionally destructive as a tornado. These cataclysmic phenomena pass through towns, leaving nothing in their wake but ruin and despair. According to an NBC affiliate in the Dallas-Fort Worth region, a car dealership in nearby Canton was hit by a tornado Saturday night. No employees were hurt. Four other people in the area weren't so lucky. Chrysler Dodge Jeep Ram of Canton's new showroom and service center were pounded by the storm, leaving dozens of cars in various states of ruin. Some merely lost windows, while others were flipped and left on their sides or roofs. Photos show piles of cars stacked up like Hot Wheels dumped on the ground. According to a statement from the National Weather Service, winds reached speeds of up to 140 mph. Two other tornadoes were reported in the region. The area has been declared a disaster zone and first responders from up to 100 miles away have swarmed in to help out those in need. According to Reuters, the storms Saturday killed 11 people nationwide. Related Video: News Source: NBC DFW, National Weather Service, Reuters via Automotive NewsImage Credit: Reuters Chrysler Dodge Jeep RAM tornado

Hennessey announces Ram 1500 TRX six-wheel conversion

Between the six-wheeled Hennessey VelociRaptor 6x6 and Goliath 6x6 pickup trucks, based on Ford and GM trucks respectively, we should have known a Ram would be next. And Hennessey Performance is pulling the stops out farther than ever before by basing its latest hulk on the 2021 Ram 1500 TRX. Hennessey is calling this six-wheeled beast the Mammoth. But the reason for the name goes beyond the size. The other reason is that the Texas-based tuner is ditching the already potent stock Hellcat engine in favor of the Mopar Hellephant crate engine. The Hellephant is a supercharged 7.0-liter (426-cubic-inch) V8 that in stock tune makes 1,000 horsepower. Hennessey says they'll get 1,200 horsepower out of it. Of course the Mammoth will also feature six-wheel drive, a lengthened frame and bed to accommodate the extra wheels and tires. Off-road suspension, big tires, steel bumpers, auxiliary lights and custom interior will also be on the list of modifications. Hennessey plans to offer the Mammoth for $500,000 and only three will be built. The company will start taking orders on September 4 at noon central time. If you want to place an order, be ready with your phone at the appointed time and call 1-800-897-0426. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The 2021 Ram 1500 TRX is the most intense off-road truck ever built