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Dongfeng and PSA extend Chinese joint venture

BEIJING/PARIS — China's Dongfeng and Peugeot maker PSA are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker's merger with Fiat Chrysler Automobiles (FCA). Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA). Under the deal, the venture could get the rights to PSA's new brands in China and will benefit from new technologies and intellectual properties, the Chinese company said. PSA was not immediately available for comment. The announcement comes a day after the companies said Dongfeng would reduce its 12.2% stake in PSA by selling 30.7 million shares to the French company. Analysts said the move could smooth U.S. regulatory approval for PSA's roughly $50 billion (GBP38.97 billion) merger with Italian-American carmaker FCA. The sale of Dongfeng's shares in PSA, worth around 680 million euros ($757 million), will leave the Chinese group holding around 4.5% of the merged PSA-FCA, which is set to become the world's fourth-biggest carmaker by sales volumes. "As the cooperation between Dongfeng and PSA deepens, we expect the joint venture to continue making good progress in China," a Dongfeng representative said. On a conference call, Dongfeng said DPCA would have exclusive rights to PSA's Opel cars should the partners agree to bring the brand to China, and enjoy lower prices on car parts imported from PSA. Earlier this year, a document seen by Reuters showed Dongfeng and PSA plan to cut jobs at Wuhan-based DPCA and reduce its number of car plants to try to make the venture more profitable. Chrysler Dodge Fiat Jeep RAM Citroen Peugeot China FCA PSA Dongfeng

UPDATE: 8 Ram 1500s stolen, 2 recovered in Warren factory heist

UPDATE: Police and FCA report that the correct number of stolen Ram trucks was eight. Two of them were later recovered — a red truck that apparently ran out of gas, and a white truck that was discovered behind an abandoned building in Detroit. Neither of those trucks showed damage from breaking through the factory gate. Police are now investigating the raid as a possible inside job by current or former employees. "We do believe there was a good possibility that there was inside information given to the persons responsible for the thefts," Warren Police Commissioner Bill Dwyer told the Detroit Free Press. "That would include possibly a former or current employee. Obviously they knew where they were going, what they were looking for, what area to cut the fence and get into the lot where vehicles were parked. This was not a random, all-of-a-sudden thought or idea. It was well-planned for probably several weeks." Previous story appears below: Thursday morning, a group of thieves broke into the grounds of Fiat-Chrysler's truck assembly plant in Warren, Mich., where the Ram 1500 is built, and stole roughly 10 brand-new trucks, according to the Detroit Free Press. The newspaper reports that the thieves drove to up a fence in a pickup truck and cut through to get on the property. They then gathered up trucks and drove right out through the main gates. With a starting price of just over $33,000 for a base Ram 1500, the thieves got away with at least $300,000 worth of trucks. The trucks have yet to be found, and it might still be a while. Warren Police Department Commissioner Bill Dwyer told Detroit Free Press that they haven't received any tips on the vehicles. "We have absolutely nothing," said Dwyer. "Why aren't they calling me? We can't do an investigation if they're not working with us." They're still waiting on FCA to give them a list of the trucks' VINs and colors, as well as an exact number instead of the current estimate of 9 to 11. It's not clear if the keys were in the trucks, but an FCA spokesperson told the Free Press, "The company will be assessing security measures at the location and implementing any necessary changes to prevent future incidents." Dwyer said that the heist "was well-planned," and that the vehicles have probably been taken to a pre-arranged location such as a warehouse. It was likely part of an order for stolen trucks, but it's not clear if a crime ring or syndicate is involved.

Electrified Ram pickup on the way, FCA CEO says

Ram will build an electrified pickup, FCA CEO Mike Manley confirmed during the company's third-quarter earnings call Wednesday. Manley provided no details, but confirmed that electrification is on the way for its truck brand. This also means that it's not clear whether this truck will be a full electric, or if it will be a conventional or plug-in hybrid. It's still significant, though, since this is the first time we've heard a clear message from FCA leadership that electrification will be a priority for Ram.  “I do see that there will be an electrified Ram pickup in the marketplace, and I would ask you just to stay tuned for a little while, and weÂ’ll tell you exactly when that will be," Manley said, according to the Detroit Free Press.  With concrete plans starting to emerge from both Ford and General Motors, FCA is now looking like the odd one out. Company representatives have been tough to nail down on the question of electrification. Without ruling it out entirely, Manley and other shot-callers have been somewhat dismissive of the notion in previous announcements and interviews.  "The reason we haven't spoken much about electric pickup trucks is not because we view that market as non-existent. We've always had a slightly different view of timing and adoption rates, particularly in North America in terms of full electrification. We are very committed to our electrification strategy — most of which we have revealed," Manley, said in August. Of course, what had been revealed at the time did not include a pickup. That hasn't exactly conclusive, either, as FCA's future product roadmap has been nebulous (to put it charitably) for essentially the past decade. The announcement of a merger with PSA resulted in yet another strategic reboot, and we've yet to see exactly how Stellantis will integrate existing PSA electrification plans with FCA's fast-and-loose approach to EVs.  Given the fact that PSA is not a player in the full-size pickup game, it stands to reason that Ram's development would likely come from this side of the pond. Whether FCA/Stellantis will keep the development in house or tap one of America's electric startups as a potential partner or supplier remains to be seen. Either route has potential, with a number of electric truck start-ups in the U.S., and extensive EV and hybrid experience within FCA and the soon-to-be-integrated PSA group.