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Fiat Chrysler CEO says final merger talks with Peugeot going well

BRUSSELS — Fiat Chrysler's chief executive Michael Manley said on Wednesday that merger talks with Peugeot owner PSA  to create the world's No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months. Speaking to Reuters on the sidelines of an industry meeting, he said he doesn't expect any major obstacles that could delay a final agreement. "Talks are progressing really well," Manley said about negotiations with the French carmaker ahead of a briefing by the European automotive association (ACEA), of which he is president. His comments come a month after the two carmakers agreed to a binding deal worth about $50 billion to combine forces in response to a slowdown in global demand and mounting costs of making cleaner vehicles amid tighter emissions regulations. Manley's timeline for completing the deal by early 2021 is in line with a forecast made by the companies in December. Fiat and Peugeot are now getting into the details of how the merger will work, including choosing which vehicle platforms — the technological underpinnings of a vehicle — will fit which products in a combined company. Because customers in different locations still prefer vastly different cars, there is room for multiple platforms in a combined group, Manley said. "That global platform is an elusive beast," he added. "This concept of a massive global platform in my mind is almost a myth, but that doesnÂ’t mean to say weÂ’re not going to recruit significant volume." Related Video:    

‘American Auto’ fires on most cylinders

If you like cars or you enjoyed “Superstore” then “American Auto” is worth your time. NBC previewed the punchy sitcom last night ahead of the series premiere Jan. 4, and it offers a humorous take on the U.S. auto industry as seen through the team at fictional Payne Motors. Overseen by Justin Spitzer, the creator of “Superstore” and a producer on “The Office,” the two episodes that dropped Monday show Payne executives trying to navigate the challenges of the modern auto business.  “Saturday Night Live” alum Ana Gasteyer stars as a pharmaceutical exec turned Payne CEO. The cast also includes Harriet Dyer as stressed-out PR boss, Sadie; Tye White as Jack, a factory worker who gets promoted to the C-suite; and former “Superstore” cast member Jon Barinholtz as the company scion, Wesley, who has no job responsibilities and is employed because of his name. The cast also includes X Mayo, Michael Benjamin Washington and Humphrey Ker as executives. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Autoblog -- thatÂ’s us -- gets name-checked early in the second episode (2:37 into the show) for "our" critical take on GasteyerÂ’s introduction of the Payne Ponderosa, a car the company scrambled to build in time for its auto show reveal.  GasteyerÂ’s CEO character walks in on a meeting between Sadie and Jack -- their budding romance appears to be part of the story arc -- and blurts out “Autoblog says hasty HastingsÂ’ premature launch,” apparently a reference to a headline that pans the Ponderosa. Looking at the cartoonish wagon-like thing, itÂ’s well-earned criticism. Perhaps the writers know of us -- weÂ’ve been around for nearly 18 years and are read by millions each month -- or thought ‘AutoblogÂ’ sounded like a good name for a car website. Either way. The pilot is centered on the Ponderosa and its troubled development (the first version of the car ran over people). Episode 2 features a Ponderosa Magellan van being used by a serial killer in a police chase. Titled “White Van,” the episode is obviously reminiscent of O.J. SimpsonÂ’s 1994 chase in a white Ford Bronco. ThereÂ’s also some Michigan references, which help to set the scene. One character has a Wayne State degree on the wall and the Magellan flees on Interstate 94, which runs through the state.

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.