2014 Dodge Grand Caravan Avp/se on 2040-cars

Auto blog

Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

Chrysler banks $507 million in Q2, trims 2013 earnings forecast

Chrysler has some good news and some bad news. First, profits were up 16 percent over the second quarter of 2012, bringing the Auburn Hills, Michigan-based manufacturer $507 million on the back of strong demand for trucks and SUVs (a recurring theme this quarter, particularly in the US). Q2 revenue was up as well, from $16.8 billion in 2012 to $18 billion in 2013. The bad news is that the Pentastar's overall earnings forecast for net income in 2013 has been trimmed from $2.2 billion to between $1.7 and $2.2 billion, according to Automotive News.
In addition to the adjusted net income forecast, Chrysler tweaked its operating profit from $3.8 billion to between $3.3 and $3.8 billion. This has gone largely unexplained by Chrysler, perhaps hoping the news of a three-percent increase in its transaction prices for Q2 will allow it to sweep this adjustment under the rug.
The star of the show for Chrysler has been its US sales, which saw a 10-percent jump, both bettering the industry average of eight percent and improving over the same stretch of 2012. As with the increase in transaction prices, Chrysler has the new Ram pickup and Jeep Grand Cherokee to thank. Perhaps most worrying from this report, though, is that every brand in the automaker's stable saw an increase in sales... except for the Chrysler brand itself.

Dominic Toretto's 'Fast and Furious' Lego Dodge Charger lives its life a quarter mile at a time

Fan of the "Fast and Furious" franchise and Lego kits? You're in luck. The brick-builder announced that it is now taking pre-orders for a new kit dedicated to the 1970 Dodge Charger widebody driven by Dominic Toretto (Vin Diesel) in the car heist film series.  The release of the latest installment in the "F&F" franchise may have been delayed until next year, but for better or worse, a lot of merchandising that was in the works to cross-promote the new film is still in the pipeline.  The approximately 1,100-piece Technic-line kit can be posed both on four wheels and in a wheelie stance thanks to a flip-down prop stand (which itself looks a bit like a misplaced wheelie bar). The kit includes details such as a trunk-mounted dual-bottle nitrous kit, a detailed roll cage, and other nods to the long-running movie car.  "With 1,077 pieces, this cool building set provides a fun challenge for kids who love toy model cars. Inspired by the original 1970s Dodge Charger R/T, this faithful replica is packed with realistic details," Lego's product page says. The kit features several moving parts, too, including the wheels, suspension, supercharger induction system and steering. It measures more than a foot long (15") and even comes with authentic California replica plates.  Those who want a kit will be able to pre-order it from the Lego website, with shipments starting on April 27. Those who want to roll the dice on retail availability will be able to shop for it in local stores the same day, provided those stores are open, of course.  Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Building The Fate Of The Furious Cars | Autoblog