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FCA and PSA sign merger agreement

Confirming an earlier rumor, PSA Group and Fiat-Chrysler Automobiles (FCA) signed a binding merger agreement to create the world's fourth-largest automaker. The partners hope to leverage the benefits of economies of scale as they develop new technologies and expand their global presence. The announcement ends FCA's years-long search for a partner, which nearly ended earlier in 2019 when it came close to merging with Renault, PSA's rival. It brings Fiat, Chrysler, Dodge, Ram, Jeep, Alfa Romeo, Maserati, Lancia, Peugeot, Citroen, DS, and Opel/Vauxhall under the same roof. That's a huge portfolio of brands that often overlap, but executives pledged to keep them all open, as well as all their respective factories as a result of the transaction. They're committed to making this big family of automakers work by building on each one's strengths, whether they're technical or regional. FCA and PSA jointly predicted they'll sell about 8.7 million cars annually around the globe, while posting an ˆ11 billion (about $12.2 million) profit. North America, a strong market for FCA, will provide 43% of its revenues, and 46% will be generated in Europe, where Peugeot's brands are doing better than ever. Together, they plan to achieve ˆ3.7 billion (about $4.1 million) in annual run-rate synergies. They'll notably have the purchasing power to negotiate a better price with suppliers, and they'll merge their research and development efforts where it makes sense to do so. Over two thirds of the group's annual volume will be built on two shared platforms. One will underpin about three million small cars annually, and the other will serve as the foundation for approximately three million compact and mid-sized cars. Details about these architectures haven't been made public yet, but a quick look at both companies' product portfolios reveals the small car will very likely come from Peugeot. Recent additions to its range, like the second-generation 208, are built on a new architecture named Common Modular Platform (CMP) developed with electric powertrains in mind. Meanwhile, Fiat is still making the cheeky 500 on an evolution of the platform found under the second-generation Panda released in 2003. The bigger architecture could come from FCA, however. The group's brands will share engines, transmissions, electric powertrains, infotainment systems, various sensors used to power electronic driving aids, and other components like wiring looms, but each one will retain its own identity.

Chrysler Pacifica-based crossover SUV coming soon

Chrysler is finally going to get another vehicle to support its minuscule lineup. According to Motor Trend, Fiat-Chrysler CEO Sergio Marchionne said that the company has a three-row crossover based on Chrysler's Pacifica minivan ready to go in as little as 18 months. Moving past the irony that Chrysler repurposed the old Pacifica crossover's name for a minivan, only for that very van to yield a new crossover, this is a vital vehicle for Chrysler that offers some interesting possibilities. Firstly, as we just mentioned, Chrysler hardly has anything in its lineup right now. With the departure of the 200, it was left with the 300 and the Pacifica. Both are perfectly fine machines, and we especially like the Pacifica, but they didn't leave the brand with much breadth for people who wanted something that wasn't a large sedan or a minivan. Both of those segments are giving up market share to crossovers, so a Pacifica-based crossover, one with three rows, will be beneficial beyond just offering another model, but also offering one that is more broadly popular, especially as more companies including Subaru and Volkswagen expand into the large three-row segment. The Pacifica platform also offers some unique opportunities for this upcoming Chrysler crossover. Using such a space-efficient starting point could give this Chrysler class-leading passenger and cargo space. Most interesting to consider, though, is the possibility of a plug-in hybrid. With the heavy lifting done during the Pacifica's development, it shouldn't be too difficult to adapt the PHEV powertrain to the new crossover. Shockingly, plug-in crossovers have only been tried by luxury brands and Mitsubishi, the latter with the Outlander PHEV. So this Chrysler could be in a class of its own by offering a larger PHEV than Outlander, but at a better price than the luxury automakers. As such, we're quite interested to see how this crossover turns out. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

What will Detroit do with the abandoned AMC headquarters?

As with so many other industrial and residential properties in Detroit, the former headquarters for the American Motors Corporation is having a hard time finding a reputable buyer. In October the Wayne County Treasurer held a tax foreclosure auction of 25,000 properties that included the AMC building, the starting bid being $500. Nicholas Casab won the building for $500, but the county voided the sale when Casab didn't pay the $232,000 in back property taxes. Detroit authorities haven't commented on the failed sale, but the city has until January 4 to decide if it wants to keep the building. If it doesn't want to hold onto it, the 1.5-million-square-foot property on 57 acres might be ceded to the Wayne County Land Bank Corporation. No matter who holds the deed come January 5, all anyone really wants is for someone to take possession of the building who will actually turn it into something useful and viable. The property opened in 1927 as a factory for the Kelvinator Corporation. Over the following decades, Kelvinator merged with the Nash Motor Company, and that merged entity merged with Hudson Motor Car Co, becoming American Motors. Chrysler took over the building in 1987 when it bought AMC, then shuttered it in 2009. The complex has produced refrigerators, Sikorsky helicopters, Jeeps, AMCs, and was used as an engineering center for Jeeps and other Chrysler products. Having been through several hands in the past six years, it is cited as part of the cycle of abandonment plaguing Detroit. Related Video: News Source: Detroit Free Press Government/Legal Chrysler Jeep Auctions Detroit amc