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China-FCA merger could be a win-win for everyone but politicians

NEW YORK — Fiat Chrysler boss Sergio Marchionne has said the car industry needs to come together, cut costs and stop incinerating capital. So far, his words have mostly fallen on deaf ears among competitors in Europe and North America. But it appears Marchionne has finally found a receptive audience — in China. FCA shares soared Monday after trade publication Automotive News reported the $18 billion Italian-American conglomerate controlled by the Agnelli family rebuffed a takeover from an unidentified carmaker from the Chinese mainland. As ugly as the politics of such a combination may appear at first blush, a transaction could stack up industrially, and perhaps even financially. A Sino-U.S.-European merger would create the first truly global auto group. That could push consolidation to the next level elsewhere. Moreover, China is the world's top market for the SUVs that Jeep effectively invented, so it might benefit FCA financially. A combo would certainly help upgrade the domestic manufacturer; Chinese carmakers have gotten better at making cars, but struggle to build global brands, and they need to develop export markets. Though frivolous overseas shopping excursions by Chinese enterprises are being reined in by Beijing, acquisitions that support the modernization and transformation of strategic industries still receive support, and the government considers the automotive industry to be strategic. A purchase of FCA by Guangzhou Automobile, Great Wall or Dongfeng Motors would probably get the same stamp of approval ChemChina was given for its $43 billion takeover of Syngenta. What's standing in the way? Apart from price (Automotive News said FCA's board deemed the offer insufficient) there's the not-insignificant matter of politics. Even as FCA shares soared, President Donald Trump interrupted his vacation to instruct the U.S. Trade Representative to look into whether to investigate China's trade policies on intellectual property. Seeing storied Detroit brands like Jeep, Chrysler, Ram and Dodge handed off to a Chinese company would provoke howls among Trump's economic-nationalist supporters. It might not play well in Italy, either, to see Alfa Romeo and Maserati answering to Wuhan instead of Turin — though Automotive News said they might be spun off separately. Yet, as Morgan Stanley observes, "cars don't ship across oceans easily," and political considerations increasingly demand local manufacture of valuable products.

New auto loans could soon extend out to 84 months

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans. This past week, Bloomberg reported that FCA's Ram Trucks division is currently offering the longest loans. Some stretch to 73 months. Jeep, Fiat and Chevy aren't far behind. More noteworthy is that we'll likely soon see lenders moving from 73-month to 84-month loans. That's seven years worth of interest. More than two-thirds of US auto sales come from light trucks like the Ford F-150, Chevy Silverado and Ram 1500. The average transaction price of a new vehicle is well over $30,000. It's not difficult to spec out a heavily-optioned truck up to $60,000. Vehicles depreciate from the moment they roll off a dealer lot, and these six or seven-year loans could hurt consumers and lenders both in the long run. The U.S. Senate voted last week to kill rules that would prevent discriminatory auto lending. These Obama-era guidelines were meant to curtail lenders who offered higher loans based on race, religion, sex or national origin. Related Video: News Source: Bloomberg Chevrolet Fiat RAM Car Buying car loan car values

Fully electric Ram 1500 announced, will begin production in 2024

Ram is fully present and accounted for at Stellantis’ EV Day. The company announced and teased a fully-electric Ram 1500 that is due to be out in 2024. And itÂ’s not just going to be fully revealed in 2024. Ram says itÂ’s going to begin production on the electric pickup that year. Details are scarce on the ground, but Ram teased us with some shadowy images of what we should expect of its electric full-size pickup. It looks almost nothing like the current Ram 1500, with an incredibly sleek profile, full-width front light bar and surprisingly short bed. WeÂ’re not sure how representative this photo will ultimately be of the production pickup, but it looks like Ram is open to big, revolutionary change in pickup design with this product. Specific details about the pickup werenÂ’t talked about, but Stellantis does provide a range estimate for an upcoming “STLA Frame” BEV platform (pictured above) that will undoubtedly underpin this Ram. As of today, Ram says it will offer a range of up to 500 miles. There will surely be lesser versions with smaller battery packs, but a 500-mile range is a great place to start. Ram also said that it would offer fast charging up to 150 kW, smart storage solutions and advanced automation. “With full knowledge of what our competitors are doing, we will surpass their offerings with the Ram 1500 battery electric vehicle built to again redefine the full-size segment," says Mike Koval, Ram CEO. That sounds like a direct shot at the 2022 Ford F-150 Lightning, but we still haven't seen what GM is cooking up for its electric full-size pickup. Besides the 1500, Ram says it will offer a fully electrified solution “in the majority of our segments by 2025.” RamÂ’s portfolio of vehicles is rather limited, but that suggests weÂ’ll see electric versions of the ProMaster and ProMaster City at some point. The “majority” stipulation in there is likely referring to the Heavy Duty truck segment. There could be EVs there one day, but thatÂ’s certainly the segment that Ram is excluding for the time being.