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China-FCA merger could be a win-win for everyone but politicians

NEW YORK — Fiat Chrysler boss Sergio Marchionne has said the car industry needs to come together, cut costs and stop incinerating capital. So far, his words have mostly fallen on deaf ears among competitors in Europe and North America. But it appears Marchionne has finally found a receptive audience — in China. FCA shares soared Monday after trade publication Automotive News reported the $18 billion Italian-American conglomerate controlled by the Agnelli family rebuffed a takeover from an unidentified carmaker from the Chinese mainland. As ugly as the politics of such a combination may appear at first blush, a transaction could stack up industrially, and perhaps even financially. A Sino-U.S.-European merger would create the first truly global auto group. That could push consolidation to the next level elsewhere. Moreover, China is the world's top market for the SUVs that Jeep effectively invented, so it might benefit FCA financially. A combo would certainly help upgrade the domestic manufacturer; Chinese carmakers have gotten better at making cars, but struggle to build global brands, and they need to develop export markets. Though frivolous overseas shopping excursions by Chinese enterprises are being reined in by Beijing, acquisitions that support the modernization and transformation of strategic industries still receive support, and the government considers the automotive industry to be strategic. A purchase of FCA by Guangzhou Automobile, Great Wall or Dongfeng Motors would probably get the same stamp of approval ChemChina was given for its $43 billion takeover of Syngenta. What's standing in the way? Apart from price (Automotive News said FCA's board deemed the offer insufficient) there's the not-insignificant matter of politics. Even as FCA shares soared, President Donald Trump interrupted his vacation to instruct the U.S. Trade Representative to look into whether to investigate China's trade policies on intellectual property. Seeing storied Detroit brands like Jeep, Chrysler, Ram and Dodge handed off to a Chinese company would provoke howls among Trump's economic-nationalist supporters. It might not play well in Italy, either, to see Alfa Romeo and Maserati answering to Wuhan instead of Turin — though Automotive News said they might be spun off separately. Yet, as Morgan Stanley observes, "cars don't ship across oceans easily," and political considerations increasingly demand local manufacture of valuable products.

Junkyard Gem: 1988 Dodge Aries America LE Station Wagon

During the late 1970s, Chrysler appeared doomed as outdated car designs and a second catastrophic oil crisis caused by Middle Eastern conflict hammered sales. Chrysler had some successful economy cars made by Mitsubishi or based on Simca designs, but the need for an efficient, modern front-wheel-drive platform grew desperate. After a government bailout in 1979 bought some time, CEO Lee Iacocca masterminded the creation of the all-new K Platform, which hit showrooms for the 1981 model year. The first two K-Cars, the Plymouth Reliant and Dodge Aries, were big sales successes, and Chrysler went on building vehicles based on the platform through 1995. Here's an example of the later Aries wagon, found in a Phoenix self-service wrecking yard. The "true" K-Cars were the Aries, the Plymouth Reliant, the Chrysler LeBaron, and the Dodge 400. They have become very rare in wrecking yards today, so I honor their historical significance by documenting the ones I find. During my junkyard expeditions, I have photographed this '81 Aries wagon, this '81 Reliant wagon, this '82 Aries wagon, this '82 400 coupe, this '82 LeBaron convertible, this '83 Aries sedan, this '83 LeBaron Town & Country wagon, this '85 LeBaron woodie convertible, this '86 Aries sedan, this '86 LeBaron Town & Country wagon, this '86 Reliant wagon, and this '89 Reliant coupe. The early K-Cars could be purchased with optional Mitsubishi Astron 2.6-liter four-cylinder (complete with "HEMI 2.6" badging), but in 1988, the choices were down to a 93-horsepower 2.2-liter Chrysler-built four-cylinder or a 2.5-liter version of the same engine rated at 96 horses and 13 extra pound-feet of torque. This car has the 2.2. The "America LE" trim level was the only one available for the 1988 Aries, and it resulted in a fairly Spartan car. Tough, scratchy cloth upholstery and lots of hard plastic were the order of the day. The MSRP on this car started at $7,695, or about $16,770 in 2018 dollars. That's a lot of car for that kind of money. For comparison, the rear-wheel-drive (and much bigger) 1988 Pontiac Safari wagon went for nearly twice that price. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. By 1988, the Aries wagon was looking pretty old, but it was a bargain.

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: