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FCA and Peugeot reportedly agree on merger

Citing a Wall Street Journal report, the Detroit Free Press says "Fiat Chrysler and PSA Groupe have agreed to merge." The Journal reported on talks between the two car companies only yesterday. It's said that Peugeot's board met yesterday to approve the deal, FCA's board met today, and an announcement could come as soon as tomorrow, Thursday. Both automakers have released statements, but neither company has released any information beyond admitting to ongoing talks. If the merger happens, the combined entity would become the world's fourth-largest carmaker with a $50 billion valuation, slotting in behind Toyota, the Volkswagen Group, and the Renault Nissan Mitsubishi alliance. Among the merger options possible, "an all-stock merger of equals" is the one analysts and Moody's seem to give the best grade. The reported merger would come about four months after FCA walked away from merger talks with Renault. FCA said the French government scuppered those talks over the role of Nissan in a reformed entity, but there were also brewing issues with French unions, and ongoing turmoil among Renault and Nissan leadership thanks to continuing fallout from ex-CEO Carlos Ghosn's arrest last year. FCA makes most of its revenue in the U.S. and rules Italy, while Peugeot is the second-best-selling automaker in Europe with its own brand in France and Opel in Germany. The two companies already have a partnership in Europe making vans, one that FCA CEO Mike Manley has spoken highly of. Among the list of obvious benefits in a potential merger, FCA would get access to Peugeot's small, modern platforms, $10.2 billion in cash, and electrified and hybrid architecture developments, the latter especially important to FCA as those are fields where it lags. Peugeot would get much easier access to the U.S. market, and the money-printing brands Jeep and Ram. A merged carmaker would have combined sales of nearly 9 million a year, based on 2018 results. By comparison, both Volkswagen and Toyota sell over 10 million cars a year, while the Renault-Nissan-Mitsubishi alliance almost 11 million. Peugeot CEO Carlos Tavares has proved he knows how to do turnarounds and mergers. After leaving a position as Carlos Ghosn's right-hand man in 2012, Tavares took over Peugeot in 2014, navigated a bailout from the French government and China's Dongfeng Motors in 2015, and turned PSA into a regional powerhouse.

Recharge Wrap-up: Fiat 500X EV spotted? Senators request biodiesel increase

A group of 32 senators is asking the EPA to approve increased biodiesel volumes in the Renewable Fuel Standard. Delays in approving the RFS for 2014 forward is causing problems for the fuel produces affected by the law. "EPA's delays are endangering our industry," says Imperium Renewables CEO John Plaza. "Biofuel facilities around the nation are sitting idle, workers are being laid off, and some producers have been forced out of business entirely." Producers feel the EPA is underestimating domestic biodiesel production, and are concerned about importing fuel from Argentina. Read more in the press release below. Fiat Chrysler will help Israel develop a natural gas vehicle. The automaker, along with Iveco and Magneti Marelli, signed a memorandum of understanding with Israel's Prime Minister's Office as part of the Israel Fuel Choices Initiative. They are also considering extended research and development relationship with Israeli companies for alternative fuels and smart mobility. Israel seeks to become a hub for alternative fuel technology. Read more at Hybrid Cars. Spy photos suggest Fiat might build an electric 500X as a compliance car for California. The photos, sent by a reader to Green Car Reports, show a camouflaged Fiat 500X that appears to lack a tailpipe, suggesting it could be an EV. It was photographed on its way to Chrysler's SRT Engineering Center, which builds specialized, low-volume vehicles. The gas-powered 500X debuted in North America at the Los Angeles Auto Show last fall, so camouflage seems a bit unusual at this point if it's just a standard powertrain. It's possible the car could be sold mainly in California to comply with the state's zero-emissions requirements for automakers. Read more and see the photos at Green Car Reports. 32 U.S. Senators urge EPA to approve increased biodiesel volumes Imperium Renewables applauds Senators' action SEATTLE, Feb. 9, 2015 /PRNewswire/ -- A bipartisan group of 32 U.S. senators, including Washington state's Patty Murray and Maria Cantwell, is calling on the Environmental Protection Agency to move quickly in approving strong biodiesel volumes under the nation's Renewable Fuel Standards. The senators expressed concern about the agency's delays in implementing the RFS standards for 2014, 2015 and 2016, noting that the delays have created tremendous uncertainty for the U.S.

FCA explains, updates sales reporting in wake of investigation

Fiat Chrysler Automobiles (FCA) is currently under investigation by the Department of Justice (DoJ) and Securities and Exchange Commission (SEC) for possible misappropriation of monthly sales. Not only that but a dealer group filed a lawsuit against the auto company for allegedly bribing dealers to falsify sales reports. In the wake of these mounting pressures, FCA released a report explaining their old sales reporting methods, as well as introducing the method they will use now. The report explains that sales will break down into three main categories. The first category is simply sales made by dealers in the United States that were purchased by your typical consumer. The second group is fleet sales that were purchased directly from FCA. The final group is a mix of various sales including sales by Puerto Rican dealers, cars used for marketing, and vehicles delivered to FCA employees and retirees. The original method of recording these sales relied mainly on the New Vehicle Delivery Report (NVDR). This system allowed dealers to report new car sales at the time of sale. These sales were used to create and report a total at the end of each month. Dealers also had the ability to "unwind" sales. What this means is that a dealer could cancel the sale of a car that was reported as sold in the event that a customer couldn't purchase the car or wanted a different vehicle. This would also return factory incentives to Chrysler and end the warranty period. Fleet and other sales were not recorded through this system, and were rather included in a separate "reserve" of vehicles. FCA explained that it did not know why this was the case, but the company speculated the reason may have been to avoid reporting vehicles that hadn't made it to road use yet. FCA also emphasized that their retail sales reports do not reflect quarterly earnings. The company explained that those earnings are based on vehicles purchased from FCA, which includes sales like the cars dealers buy for their local inventories. The new method also shows FCA's long run of sales increases wasn't as long as first thought. FCA has adopted a new system for calculating sales in light of concerns and confusion. This system retains the categories listed above, but changes how it counts them. The dealer reported numbers will now only include sold vehicles and will deduct sales of unwound vehicles that month.