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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.

Chrysler recalling 31k SUVs and vans

Chrysler is issuing recalls covering roughly 31,700 vehicles worldwide due to two separate problems. In both cases the company believes that most of the affected vehicles are either still on, or in transit to, dealer lots.
One recall covers roughly 10,700 Dodge Durango, Jeep Cherokee, Grand Cherokee and Grand Cherokee SRT models from the 2014 model year built between January 16 and April 17, 2014. The SUVs need a software update for the cruise control. It's possible that when the cruise is on and the driver presses on the throttle, the acceleration could last a second after the pedal is released or two seconds for the SRT. Afterward, they return to the speed originally set by the driver.
Chrysler says it isn't aware of any accidents, injuries or even reported incidents of this happening in the real world. Also, in all cases, if the driver presses on the brake, the cruise shuts off. The automaker believes that there are about 6,100 affected SUVs in the US, 950 in Canada, 425 in Mexico and 3,200 outside of North America. The software upgrade will be ready shortly, the company says.

Angry teen drives Ram pickup into Walmart after argument with girlfriend

Caleb Wilson, a 19-year-old from Eldoarado, Texas, went shopping with his 18-year-old girlfriend at the Walmart in San Angelo, Texas, just after midnight Thursday morning. Wilson and his girlfriend apparently got into an argument that they carried into the parking lot after leaving the store. A female bystander, concerned for the girlfriend, went outside and convinced the girl to go back into the Walmart. Wilson waited in his 2001 Dodge Ram 2500 pickup just outside the store. When the woman and the girlfriend went outside a little later to see if Wilson had left, Wilson hit the gas and drove into the Walmart, trying to run the two women over. Just as police arrived, Wilson turned his truck around and sped out. He crossed the parking lot, colliding with a parked, unoccupied Toyota Camry, and finally came to a stop at a Murphy USA gas station at the edge of the lot. Police noticed fuel leaking from the Ram, and another bystander noticed sparks from something dragging along the asphalt. Police got Wilson out of the truck, after which he briefly resisted arrest, then took Wilson to the hospital for mental health evaluation, where he remains. Police believe he was under the influence of an intoxicant. Incredibly, neither the women nor any of the store's customers were hurt. That wasn't for lack of trying on Wilson's part, though - the teenager rammed his way past the bakery, produce, frozen food and canned veggies sections before finally reaching the cereal aisle. One shopper said she heard screaming and was sure there was a gunman in the store, before realizing it was a man in a vehicle. Wilson stopped two aisles away from where the shopper hid. Another customer said Wilson spent several minutes burning rubber inside the store, as store employees helped customers hide and get out. Security cameras caught the rampage, and San Angelo police estimate he did $500,000 in damage. Wilson has been charged with suspicion of first degree felony criminal mischief and two counts of aggravated assault with deadly weapon. Repair crews worked overnight to fix the damage. After "an employee pep talk," the Walmart opened again at 9:30 am. Related Video: News Source: Go San Angelo Auto News Weird Car News Dodge RAM Truck Videos dodge ram 2500