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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

PGA golfer Kevin Na won a '73 Dodge Challenger, gave it to his caddie

PGA Golfer Kevin Na had one of the best Memorial Day weekends on the planet, as he took home more than $1.3 million from winning the Charles Schwab Challenge. But his caddie Kenny Harms' weekend wasn't too far behind. In addition to the monetary purse, Na won a restomodded 1973 Dodge Challenger, which he then immediately gifted to Harms. Plus, as a sponsor of the event, Lexus gave Harms a free one-year lease on a new UX F Sport. In 15 events so far in 2019, 35-year-old Na has three times finished in the top 10, but his victory at the Charles Schwab Challenge at Colonial Country Club in Texas was his first tournament win of the year. Na, who has been a pro since 2001, was awarded a restored '73 Challenger as part of his winnings. His caddie had been ogling the ride all week, and even predicted the car would be his: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. As soon as Na won the tournament, turned to Harms and yelled, "that's your car!" This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. After the event, Na joked that he wasn't sure how Harms convinced him to give the car away. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. According to a PGA.com report, Harms had told Na he wanted the car, which commemorates the year Charles Schwab was founded, when they heard about the prize months before. Coincidentally, Harms first car was a crummy 1973 Chevrolet Camaro. Steve Strope and his Cali-based shop Pure Vision handled the Challenger customization. Aside from the suggestion of blue paint, Schwab let Strope work his magic. He took the car down to the bare metal before building it back up as an impressive restomod. Because Dodge started downgrading power in the '73 Challengers, Strope swapped in a modern 6.4-liter Hemi crate motor that's rated at 485 horsepower. Several other special touches were added, including tartan interior accents that nod to the famous tartan jacket that is awarded to the tournament's winner. The video above details some of the work. Something tells us the Lexus UX might get a little more use but a little less love than the Challenger. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Auto News Dodge Coupe Classics lexus ux PGA

Fiat Chrysler expands Takata airbag recall to 3.3M vehicles

Fiat Chrysler Automobiles is expanding its recall of vehicles equipped with Takata airbags, moving beyond Florida, Hawaii, Puerto Rico and the US Virgin Islands to the greater US, as well as Mexico, Canada and beyond. The affected vehicles, some 3.3 million in total, were built between 2004 and 2007, with many models, including the Dodge Ram 1500, 2500 and 3500, Durango and the Chrysler 300, having been affected by Chrysler's previous recall. Despite the somewhat alarming nature that comes with a recall of this many vehicles, it seems that Chrysler is moving more out of an abundance of caution (and federal pressure) than anything else, saying: "Neither FCA US, nor Takata Corporation, the supplier, has identified a defect in this population of inflators. These components also are distinct from Takata inflators cited in fatalities involving other auto makers. More than 1,000 laboratory tests have been performed on these components. All deployed as intended, but FCA US continues to study the suspect inflators, which are not used in the Company's current production vehicles." Owners of affected vehicles will be notified and asked to report to dealers for a free replacement driver's side airbag. Scroll down for the official press release from FCA. Statement: Global Air-Bag Inflator Replacement December 19, 2014 , Auburn Hills, Mich. - FCA US LLC will replace driver's-side air-bag inflators in an estimated 3.3 million older-model vehicles worldwide, in an expansion of an ongoing regional field action. Neither FCA US, nor Takata Corporation, the supplier, has identified a defect in this population of inflators. These components also are distinct from Takata inflators cited in fatalities involving other auto makers. More than 1,000 laboratory tests have been performed on these components. All deployed as intended, but FCA US continues to study the suspect inflators, which are not used in the Company's current production vehicles. Outside of Florida, one of the areas covered by the original action, no FCA US vehicle has been linked to an air-bag deployment of the type that has raised public concern. Nevertheless, the Company is replacing the Takata components tied to that concern. FCA US is aware of one related injury involving one of its vehicles, an older-model sedan. It occurred in a southern Florida region marked by persistent, high, absolute humidity – a condition believed to be a contributing factor in the air-bag deployments under investigation.