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Fiat Chrysler and Renault pursue $35-billion merger to combat car industry upheaval

MILAN/PARIS — Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world's third-biggest automaker. If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals. Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly. Shares in both companies jumped more than 10 percent as investors welcomed the prospect of an enlarged business capable of producing more than 8.7 million vehicles a year and aiming for 5 billion euros ($5.6 billion) in annual savings. It would rank third in the global auto industry behind Japan's Toyota and Germany's Volkswagen. But analysts also warned of big complications, including Renault's existing alliance with Nissan, the French state's role as Renault's largest shareholder and potential opposition from politicians and workers to any cutbacks. "The market will be careful with these synergy numbers as much has been promised before and there isn't a single merger of equals that has ever succeeded in autos," Evercore ISI analyst Arndt Ellinghorst said. With these sensitivities in mind, FCA proposed an all-share merger under a listed Dutch holding company. After a 2.5 billion euro dividend for existing FCA shareholders - giving a big upfront boost to the Agnelli family that controls 29% of FCA - investors in each firm would hold half of the new entity. The merged group would be chaired by Agnelli family scion John Elkann, sources familiar with the talks told Reuters, while Renault chairman Jean-Dominique Senard would likely become CEO. Italian Deputy Prime Minister Matteo Salvini said the proposed merger could be good news for Italy if it helped FCA to grow, but it was crucial to preserve jobs. He did not comment on the French government's 15% stake in Renault, but an influential lawmaker from the ruling League party said Rome may seek a stake in the combined group to balance France's holding. A deal could also have profound repercussions for Renault's 20-year-old alliance with Nissan, already weakened by the crisis surrounding the arrest and ouster of former chairman Carlos Ghosn late last year. The Japanese carmaker has yet to comment on FCA's proposal.

Automakers are putting pancakes in your car, when all you want is a parking spot

The Dashboard Act was introduced June 24 in Congress by Sens. Mark Warner, D-Va., and Josh Hawley, R-Mo. Its name notwithstanding, it isn’t about cars. Rather, “Dashboard” is an acronym for “Designing Accounting Safeguards to Help Broader Oversight and Regulations on Data.” The purpose of the act is to make sure that companies disclose to consumers how their data is being used by companies like Facebook and Google — how their data is being monetized. Oddly enough, the Dashboard Act does have something to do with automotive companies, too. Why? Because OEMs have determined that people have plenty of time on their hands when driving — much of which is just sitting in traffic (according to the 2018 INRIX Global Traffic Scorecard, U.S. drivers sit for an average of 97 hours last year). So what better thing to do than shop? And presumably, like credit-card companies, theyÂ’re benefiting from facilitating commerce. Coincidentally, also on June 24 FCA announced it is launching Uconnect Market, an in-vehicle commerce platform. Explained Alan DÂ’Agostini, FCA's global head of connected services, “Our customers live busy lives, and our goal with the Uconnect platform is to provide an advanced portfolio of services to make their daily drive more convenient, productive and enjoyable. “This is why we are launching Uconnect Market, as we continue to ramp-up our connectivity efforts around the world with the goal of having all new FCA vehicles connected by 2022.” Uconnect Market, which will begin rolling out this year, allows people to buy things like DominoÂ’s Pizza and Shell gasoline and make reservations through Yelp via the touchscreen in the vehicle. This is similar to GMÂ’s Marketplace, which it introduced at the end of 2017. This allows you to order from ApplebeeÂ’s, Starbucks, TGI Fridays, ExxonMobil, Wingstop, and even book travel on Priceline.com. And in keeping with the third company in the Detroit Three, Ford offers the Amazon Alexa App, which provides a variety of functions from controlling smart devices in oneÂ’s home to, for Amazon Prime members (of which there are estimated to be more than 100 million in the U.S.), ordering organic kale from Whole Foods. All through your dashboard. Earlier this year at the Mobile World Congress in Barcelona, BMW Group introduced “BMW Natural Interaction,” a system that combines voice, gestures and even gaze to interact with the vehicle.

Fiat, PSA poised to win EU approval for $38 billion Stellantis merger

BRUSSELS/MILAN — Fiat Chrysler and PSA are set to win EU approval for their $38 billion merger to create the world's No.4 carmaker, people close to the matter said, as they strive to meet the industry's dual challenges of funding cleaner vehicles and the global pandemic. The green light from the European Commission would formalize the creation of Stellantis, a carmaking group that could tap hefty profits from selling Ram pickup trucks and Jeep SUVs to U.S. drivers to fund the expensive development of zero-emission vehicles for sale in Europe and China. The all-share merger announced late last year would unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel and DS — while targeting annual cost cuts of 5 billion euros ($6 billion) without closing factories. The Commission and Italian-American group Fiat Chrysler Automobiles (FCA) declined to comment. France's PSA did not immediately respond to a request for comment. PSA and FCA shares reversed losses after the Reuters story was published. PSA stock was last up 2% at 16.83 euros, while FCA shares were 1.9% higher at 11.31 euros. To allay EU antitrust concerns, PSA has offered to strengthen Japanese rival Toyota Motor Corp, with which it has a van joint venture, by ramping up production and selling it vans at close to cost price, the people said. FCA and PSA will also allow their dealers in certain cities to repair rival brands. Following feedback from rivals and customers, the carmakers only had to tweak the wording of their concessions, with no changes to the substance, the people said. The companies did not have to use the COVID-19 pandemic to argue for the merger, they added. FCA and PSA have said they hope to complete the merger in the first quarter of 2021. The challenge of switching to electric cars has been complicated by the COVID-19 pandemic. Just last month, FCA and PSA restructured the terms of their deal to conserve cash and raised their targeted cost savings because of the economic fallout from the health crisis. The companies have said about 40% of the savings will come from product-related expenses, 40% from purchasing and 20% from other areas, such as marketing, IT and logistics.