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Fiat Chrysler and PSA boards sign off on merger

MILAN — The boards of French carmaker PSA, the owner of Peugeot, and Fiat Chrysler in separate meetings on Tuesday approved a binding agreement for a $50 billion merger, sources said. The two midsized carmakers announced plans six weeks ago for a tie-up to create the world's No. 4 carmaker and reshape the global industry. A merger is seen helping them deal with big challenges in the industry, including a global downturn in demand and the need to develop costly cleaner cars to meet looming anti-pollution rules. Both companies declined to comment. A source close to FCA had said earlier the two companies could formally announce the agreement early on Wednesday, followed by a conference call to explain further details later in the day. China's Dongfeng Motor Group, which now has a 12.2% equity stake in PSA, will have a reduced stake of around 4.5% in the merged group, two sources said, in a move that could help make regulatory approval easier. According to the deal approved by PSA's board on Tuesday, FCA's robot unit, Comau, will remain within the combined group rather than be spun off as was originally planned in October, the sources said. The new group will evaluate how to extract value from Comau. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA are expected to finalise a deal by the end of 2020 to create a group with 8.7 million annual vehicle sales, a source said. That would put it fourth globally behind Volkswagen AG, Toyota and the Renault-Nissan alliance. It was only six months ago that FCA abandoned merger talks with PSA's French rival Renault. FCA would gain access to PSA's more modern vehicle platforms, helping it meet tough new emissions rules, while Europe-focused PSA would benefit from FCA's profitable U.S. business featuring brands such as Ram and Jeep. However, the deal could still face close regulatory scrutiny, while governments in Rome, Paris and unions are all likely to be wary about potential job losses from a combined workforce of around 400,000. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company.

Ford, Stellantis workers join those at GM in ratifying contract that ended UAW strikes

DETROIT — The United Auto Workers union overwhelmingly ratified new contracts with Ford and Stellantis, that along with a similar deal with General Motors will raise pay across the industry, force automakers to absorb higher costs and help reshape the auto business as it shifts away from gasoline-fueled vehicles. Workers at Stellantis, the maker of Jeep, Dodge and Ram vehicles, voted 68.8% in favor of the deal. Their approval brought to a close a contentious labor dispute that included name-calling and a series of punishing strikes that imposed high costs on the companies and led to significant gains in pay and benefits for UAW workers. The deal at Stellantis passed by a roughly 10,000 vote margin, with ballot counts ending Saturday afternoon. Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. The agreements, which run through April 2028, will end contentious talks that began last summer and led to six-week-long strikes at all three automakers. Shawn Fain, the pugnacious new UAW leader, had branded the companies enemies of the UAW who were led by overpaid CEOs, declaring the days of union cooperation with the automakers were over. After summerlong negotiations failed to produce a deal, Fain kicked off strikes on Sept. 15 at one assembly plant at each company. The union later extended the strike to parts warehouses and other factories to try to intensify pressure on the automakers until tentative agreements were reached late in October. The new contract agreements were widely seen as a victory for the UAW. The companies agreed to dramatically raise pay for top-scale assembly plant workers, with increases and cost-of-living adjustments that would translate into 33% wage gains. Top assembly plant workers are to receive immediate 11% raises and will earn roughly $42 an hour when the contracts expire in April of 2028. Under the agreements, the automakers also ended many of the multiple tiers of wages they had used to pay different workers. They also agreed in principle to bring new electric-vehicle battery plants into the national union contract. This provision will give the UAW an opportunity to unionize the EV battery plants plants, which will represent a rising share of industry jobs in the years ahead.

Dodge, Ram, Jeep — Stellantis — dumped a ton of news: Here's a roundup

Stellantis hit us with an absolute deluge of information regarding its future electric vehicle plans Thursday, including a roadmap for each of its brands to reach a goal of making electrified vehicles 80% of the company's total global volume by 2030. We'll hit all of the highlights here, with an emphasis on those that matter most to the U.S. marketplace.  Stellantis previews 4 electric platforms: Here's how they'll be used This is the method behind the rest of Thursday's madness. Eventually, Stellantis will migrate its electrified vehicles onto one of these core platforms based around a new common EV powertrain architecture.    Dodge will launch the 'world's first electric muscle car' in 2024 It looks like Dodge will invoke its 60s heritage (peep the illuminated "Fratzog" on the nose) for a new, all-electric muscle car. Based on the STLA Large platform, it's projected to have a 0-to-60 time as low as 2 seconds and a range of up to 500 miles. The automaker also hinted at a maximum power output of as high as 886 horsepower courtesy of a pair of 330-kilowatt electric motors.   Jeep will have 4xe plug-in hybrid models across the lineup by 2025 The iconic 4x4 brand will have a plug-in hybrid variant of every model by 2025. The U.S.-market Compass 4xe is expected to debut this summer, and the Wagoneer 4xe has already been announced. The Grand Cherokee 4xe will be shown at the New York International Auto Show in August.    Fully electric Ram 1500 will begin production in 2024 You didn't think the Ford F-150 Lightning would get the space all to itself, did you? Ram says it will have an electrified Ram 1500 on the market soon. Will it be fast enough to beat GM?   Stellantis teases mystery electric Chrysler concept This one's a genuine puzzler. We've reached out to Chrysler for details, but for now, all we know is that this all-electric concept appears production-friendly and will ostensibly ride on the same STLA Large platform as the Dodge muscle car.    Opel Manta E will be the electric revival of the classic German coupe We'll forgive you if you'd forgotten that Opel was now part of Stellantis, and with new ownership comes new opportunity. The company revived the Manta nameplate as a high-riding coupe/hatchback concept.   Fiat says all Abarth models to be electric from 2024 This likely won't matter much in the U.S. market, where the 500X will soon be the only vehicle it sells, but Fiat's performance division is going all-electric.