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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. 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 have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. 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. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Preserved truck found at the bottom of frozen lake

A fisherman in central Minnesota pulled more than bluegill and bass out of his local fishing hole earlier this month. While ice fishing on Mayhew Lake, a local man was startled when, using an underwater camera to scout for fish, he discovered a vehicle sitting on the lakebed, the SCTimes reported. He immediately called the Benton County Sheriff's office, which sent deputies to examine the vehicle. Once they arrived, the deputies used their own camera to have a look and discovered a late-90s to early-00s model Dodge Ram pickup in roughly 12 feet of water. The Sheriff's department dive team was then dispatched to search the truck and the area surrounding it for bodies or valuables. The truck was lifted from the lakebed through a huge hole in the ice. The Sheriff's office ran the plates and discovered that it was reported stolen in March of 2000 from a nearby address. Investigators believe that given the truck's location, almost 100 yards from the lake's public access ramp and 25 yards from the north shore, that it was driven on to the lake while it was frozen, then allowed to sink to the bottom once the ice melted. Thanks to the lake's frigid waters, the truck was surprisingly well preserved. Aside from a missing grille, a coating of mud inside, and a patina of rust on the sheet metal, there was little damage to the truck despite its long rest in the lake. With an engine full of lake water and the damage done by roughly sixteen freeze-thaw cycles, the truck will never run again, but its condition is a good testament to the build quality of those old Rams. It certainly held up better than that '57 Plymouth Belvedere they buried in the time capsule under the Tulsa city courthouse. News Source: SCTimesImage Credit: Benton County Sheriff's Office Government/Legal Weird Car News Dodge Truck water lake

Jay Leno gets his denim mitts on Dodge's new Challenger Hellcat

The 2015 Dodge Challenger SRT Hellcat is definitely the performance car of the moment. The fact that in the near future, people will be able to buy a 707-horsepower muscle machine straight from a major automaker for $59,995 and with a factory warranty almost seems absurd. We drove it recently and found the Hellcat to be just as much of a beast as its numbers would suggest. Now, it's a certain comedian's turn behind the wheel in the latest episode of Jay Leno's Garage.
This week's guest is Dodge President and CEO Tim Kuniskis, and he's there to drop all sorts of interesting factoids about the Hellcat. For example, its Pirelli P Zero tires retail at around $300 each, he says. That makes its smoky burnouts a rather expensive proposition. Kuniskis, who recently hinted at a mystery Woodward Dream Cruise debut, also talks about the genesis of the 2015 SRT project with a goal to get over some of the standard Challenger's weight and size disadvantages. The fix is a supercharged V8, massive brakes and other goodies to smooth over the platform's more glaring shortcomings.
Leno appears to get a big kick out of the Hellcat. However, he can't seem to stop bringing up his desire to drive one with a six-speed manual. They obviously exist, but Kuniskis has an eight-speed automatic for the retired Tonight Show host to try out. Of course, as with any Hellcat video, there has to be at least one burnout. Despite the expensive tires, it seems like enthusiast's law at this point - and dear ol' Jay wouldn't want to break any rules, would he?