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PSA shares rise following FCA's breakup with Renault

Shares in Groupe PSA, parent company of automakers Peugeot, Citroen and the DS brand, rose on Thursday as analysts considered the possibility that Fiat Chrysler could turn back to PSA after withdrawing its $35 billion merger offer for Renault. "Both parties have acknowledged the need for scale or [mergers and acquisitions] and may pursue other opportunities. If Nissan was an obstacle (to an FCA-Renault deal) PSA-FCA discussions could resume," wrote brokerage Jefferies. Back in March at the Geneva Motor Show, rumors started swirling that PSA was interested in a potential merger with FCA. Mike Manley, who took over at the helm of Fiat Chrysler following the death of Sergio Marchionne, had indicated a willingness to look into potential partnership options. Of course, that was all before FCA proposed a merger with Renault — with that deal now off the table, attention naturally turns back to PSA, which is also based in France. "We expect both shares to react negatively but see FCA having wider strategic options and Renault shares more downside risk near-term," said Jefferies. According to Reuters, PSA shares were up 1.5% at the time this was published, making it the top-performing stock on France's benchmark CAC-40 Index. Renault saw its shares slump 7%. Shares for FCA fell 3% in early trading on the Milan Stock Exchange. Considering that FCA said in its statement confirming the withdraw of its merger offer with Renault that "political conditions in France do not currently exist for such a combination to proceed successfully," we have to wonder how keen the company is to begin negotiations with another French automaker like PSA. Those thoughts were similarly voiced by Bernstein Research analyst Max Warburton, who said (via Forbes), "Expect PSA to rise on unrealistic hopes it may be FCA's next date." Earnings/Financials Chrysler Fiat Mitsubishi Nissan Citroen Peugeot Renault FCA renault-nissan

The current state of Chrysler: 10 questions with CEO Chris Fuell

In case you missed it, Chrysler is still a happening item. The V8-powered 300C was a hit when it was revealed last year, selling out in mere hours. The Pacifica minivan is a rocking family bus, and there are some concepts floating around, too. That said, it’s been a minute since we sat down with Chrysler to see whatÂ’s new.  CEO Christine Fuell — known as Chris — has been on the job since 2021. To get a sense of where she thinks the company is now and where itÂ’s headed, we sat down with Fuell at last week's Chicago Auto Show for a one-on-one chat. From jokes about a Pacifica Hellcat to where Chrysler stands on controversial post-purchase subscription services, we take a look at what Fuell and Chrysler are up to. Read on below for the Q&A. Autoblog: WhatÂ’s the future for the Pacifica name plate? Fuell: Pacifica's the hero of the brand, and as we look toward the future, we want to make sure that Chrysler is known not just as a minivan brand, but a brand that makes minivans. We created the segment nearly 40 years ago. Autoblog: Is more electrification a path that you see for a minivan in the future? Fuell: It certainly is a natural progression Â… migrating to full electrification in the minivan is just kind of the natural next step. We made a commitment to fully electrify the portfolio by 2028, and so, every new product that we launch between now and then will be exclusively a battery electric propulsion system. Autoblog: Everybody likes to joke about the Pacifica Hellcat, but with electrification Â… ? Fuell: You can put some interesting tuning experiences in a minivan. Not saying that we would, but itÂ’s possible. Autoblog: Concerning the Chrysler 300C that sold out instantly, does it give you any pause in that journey to electric in seeing how rabid people are about this really cool V8 sedan? Fuell: In terms of the popularity of a V8, when you're going down this path of clean mobility, it can create a bit of a dichotomy in terms of what the brand really stands for. But at the end of the day, the 300 was a very important product to the brand when it launched in 2005. It set a tremendous trend for not only design but attracted a lot of new customers to the brand that we hadn't seen before and, so we wanted to send it off in a real respectful celebration.

UAW workers strike at Stellantis casting plant in Indiana

DETROIT — United Auto Workers union members went on strike Saturday at the Stellantis casting plant in Indiana, citing health and safety issues including the company's alleged refusal to repair and replace the plantÂ’s air conditioning and heating systems. The 35-acre plant in Kokomo makes parts used in the powertrains of Chrysler, Dodge, Jeep and RAM vehicles and a long-term strike could affect vehicle assembly lines across North America. Stellantis says production had not been scheduled for this weekend and it hoped to resume negotiations as soon as possible on a contract with striking UAW Local 1166. In a statement, Stellantis said it was committed “to providing a safe and healthy work environment for all employees. After bargaining in good faith for two days and presenting an offer we believed addressed the unionÂ’s concerns, we are disappointed by the UAWÂ’s decision to walk out.” The 1,200-worker plant, Kokomo Casting, is the world's largest die cast facility, according to Stellantis. It makes aluminum parts for components including transmissions and engine blocks. The UAW local complained in a statement that Stellantis “claims it has no money to meet its membership's basic needs while ”making record profits and investing billions in a new battery plant across the street." UAW local president David Willis did not immediately return a phone call seeking comment. A person who answered the phone at union offices said he was preparing for a resumption in negotiations. The casting plant is to be retooled to produce engine blocks for hybrid-electric vehicles. In May, Stellantis announced a $2.5 billion joint venture with Samsung to build an electric vehicle battery factory in Kokomo that is to employ 1,400 workers. Stellantis, formed last year with the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, had said it would build two electric vehicle battery factories in North America. The other is slated for Windsor, Ontario. Plants/Manufacturing UAW/Unions Chrysler Dodge Jeep RAM