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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Ford tops GM in US vehicle sales in May, driven by fleets

DETROIT - Ford, bolstered by heavy sales to fleet customers, surpassed General Motors in US new vehicle sales in May, according to figures reported Thursday. Ford said May sales rose 2.2 percent from a year ago to 241,126 units. GM sales dropped 1.3 percent to 237,364. GM said it had been trimming sales of heavily discounted vehicles to car rental companies. Such fleet sales made up about 19 percent of its total sales in May. Ford's fleet sales rose 8.4 percent, representing more than 34 percent of total sales. The industry average is around 20 percent. Analysts had expected mixed results for the industry, with sales likely propped up by heavy discounts. Fiat Chrysler Automobiles said May sales dipped 0.9 percent to 193,040. Toyota's US sales dropped 0.5 percent to 218,248. Nissan said US sales in May rose 3.0 percent, to 137,471. After demand fell in March and April, analysts estimated May sales at just over 1.5 million. The seasonally adjusted annual rate of sales in May was estimated at 16.8 million to 16.9 million vehicles, about the same as April. A year earlier, sales stood at 17.55 million vehicles. Early reports indicated that sales over the three-day Memorial Day weekend were helped by heavy discounts. "While demand for new vehicles is still relatively strong, it's a bit of smoke and mirrors," said Jessica Caldwell, executive director of industry analysis at Edmunds, the car shopping website. Manufacturers and dealers "really pushed the deals over the holiday weekend to prop up their May numbers," she said. "Incentives were up sharply, and it seems automakers are putting more cash on the hood to nudge car shoppers to buy versus lease." General Motors dealers were offering discounts of up to $12,000 on the full-size Chevrolet Silverado pickup, while some dealer discounts on Ford Motor Co's F-series pickups were more than $10,000 on 2017 models and more than $14,000 on leftover 2016 models. The 2017 model year started eight months ago. Reporting by Paul LienertRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Earnings/Financials Chrysler Fiat Ford GM Nissan Toyota US

Chrysler UConnect wins AOL Autos Technology of the Year Award

The first annual AOL Autos Technology of the Year Award has been won by Chrysler's upgraded UConnect system.
Over 35 entries were considered and narrowed down to six finalists in three categories: Connectivity, Telematics and Active Safety. The judges, which included editors from AOL Autos, Autoblog and Engadget, as well as a number of other auto and tech journalists and luminaries, chose UConnect over the MyFord Mobile app, Audi Connect with Google Maps, Cadillac CUE, Honda's LaneWatch technology and Nissan's Tire Pressure Alert and Refill System. Even readers who were polled on which technology should win chose UConnect.
AOL Autos Editor in Chief David Kiley remarked that Chrysler's UConnect deserved the first Technology of the Year Award not because of what it does, but for how UConnect performs every time it's used. Kiley went on to say UConnect works the way it's supposed to, fills a need and puts a smile on your face. By meeting those requirements, UConnect very much deserved AOL Auto's first Tech of the Year award.