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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.

FCA recalls Ram dualie chassis cabs to recalibrate top speed

If you're one of the 1,771 owners of a 2014-15 Ram 4500 or 5500 chassis cab with a 6.4-liter Hemi V8 and a dualie rear axle, you may be hearing soon from Fiat Chrysler Automobiles to bring your truck in to your local dealer. The reason, you ask? To have the speed limiter recalibrated. The problem, according to the statement below, is that while some of these trucks are electronically limited to 106 miles per hour, their tires can't safely maintain that speed. As a result, FCA is having dealers recalibrate the limiter to 87 mph. Of course, that's still well above the speed limit in most places, and "FCA believes it is unlikely that these trucks are operated at such speeds," but that it "is acting out of an abundance of caution." In addition to the 1,771 units in the United States, the company is recalling another 169 in Canada. In an unrelated campaign, FCA is also recalling a handful or two of 2015 Dodge Challengers – 72 in the US, six in Canada and three in Mexico – to secure a side-curtain airbag bolt that may have been improperly installed during assembly over the course of a ten-day period. In both cases, FCA says it is unaware of any complaints, accidents or injuries related to these issues. Statement: Speed Recalibration May 15, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 1,771 trucks in the U.S. to recalibrate their maximum speed. The dual-wheel trucks are currently restricted to a top speed of 106 miles per hour (mph), but an internal specification review revealed top speed should be set at 87 mph, in accordance with their factory-equipped tires. The Company is unaware of any related injuries, accidents or customer complaints. Dealers will recalibrate vehicle speed accordingly. While FCA believes it is unlikely that these trucks are operated at such speeds, and that doing so would exceed posted speed limits in nearly every applicable jurisdiction, the Company is acting out of an abundance of caution. The campaign is limited to certain model-year 2014-15 Ram 4500/5500 Chassis Cabs equipped with 6.4-liter HEMI V-8 engines. An additional 169 vehicles are believed to be in Canada. Affected customers will be advised when they may schedule service. Customers with questions may call the FCA US Customer Information Center at 1-800-853-1403. ### Statement: Bolt May 15, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 72 cars in the U.S.

There's an impending shortage of new trucks in America's heartland

URBANDALE, Iowa — Jerry Bill is worried the novel coronavirus could hurt business at the Des Moines auto dealership he runs, but not because of a shortage of buyers for the big Ram pickups on his lot. "Our biggest issue will be if we don't get more inventory," said Bill, general sales manager of Stew Hansen Chrysler Dodge Jeep Ram, which sells around 2,700 new vehicles a year in Urbandale, a suburb of Iowa's capital Des Moines. After a drop in sales in April when consumers stayed home, Bill expects pickup truck sales to end May similar to where they were a year earlier. And if demand remains strong, Bill said he will run out of popular models in June. Fiat Chrysler began slowly restarting Ram truck assembly lines on Monday after a two-month shutdown. The U.S. economy contracted in the first quarter at its sharpest pace since the Great Recession of 2007-2009 because of lockdown measures aimed at slowing the spread of the coronavirus. Economists warn the second quarter will be much worse. Still, far from the lockdowns of states like New York, Michigan or Ohio, dealerships like Stew Hansen have provided FCA and Detroit rivals General Motors and Ford a rare bright spot: strong sales of pickup trucks in America's heartland. Overall U.S. sales of cars and light trucks crashed to the weakest pace in 50 years last month. But sales of big Detroit brand pickups, particularly in southern and western states less affected by the outbreak, significantly outperformed the market, industry executives and analysts said. Pickup trucks are one of the most profitable automotive segments in the world. They account for a huge portion of the Detroit automakers' profits and formed a huge lure for Peugeot, which expects to merge with FCA by early 2021. The pressure is now on to boost pickup truck production and send vehicles to dealers in parts of the country with dwindling supplies. That is particularly true for GM, which is running short of certain truck models after losing 40 days of production to a strike last fall. "If you don't have what someone wants, they can choose to go to another brand," said Cox Automotive analyst Michelle Krebs. 'Easiest swap ever' Detroit automakers in March rolled out large discounts — such as interest-free loans for seven years — to keep vehicles rolling off dealer lots.