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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

Junkyard Gem: 1992 Dodge Shadow America

A quarter-century ago, most Americans looking for a cheap transportation appliance went for cars like the miserably-stripped-down-but-bulletproof Toyota Tercel or the feature-laden-but-reliability-challenged Hyundai Excel. Chrysler, having just discontinued the elderly "Omnirizon" platform, took the Dodge Shadow and its Plymouth sibling, the Sundance and offered a car that was bigger, more powerful, and better-equipped than just about anything else for the price: the America! These cars depreciated hard and nearly all were crushed a decade ago, so sightings are extremely rare today. Here's one that I found in a Northern California self-service yard. This one still had windshield paperwork indicating that it was an insurance-company auction car (probably totaled in a fender-bender that caused $200 worth of damage) and that it was a runner at the time it got junked. Such is the fate of 24-year-old economy cars in rough shape. The Shadow was a member of the many-branched K-Car family tree, and the Shadow America came with the same 2.2-liter straight-4 engine that powered millions of Caravans, Daytonas, New Yorkers, and Lasers. You got more torque than the competition, plus a driver's-side airbag instead of the maddening automatic seat belts found in other low-priced cars of 1992. Of course, the paint tended to peel off within a few years and the build quality of the Shadow was hit-or-miss, but these cars were way nicer to drive than, say, a Tercel EZ or Subaru Justy. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The perfect cars for an imperfect world! Related Video: Featured Gallery Junked 1992 Dodge Shadow America View 17 Photos Auto News Dodge Automotive History

Dodge Challenger Hellcat drift video is pure horsepower porn

We could listen to the whining, snarling 6.2-liter Hemi V8 in the Dodge Challenger and Charger Hellcats all day long. The noise just sounds like power that's being barely restrained and is everything about a muscle car that's right. The team at Pennzoil apparently understands that allure, too. The oil company has a new video where it lets the engine roar for over a minute, while a Challenger does some big, smoky drifts through an abandoned city. The whole stunt is edited together in a slickly produced way that looks fantastic. Although, the big finale might go a little too far and starts straining believability. Nonetheless, the Hellcat's wonderful noise is still the star of this show. Related Video: