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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.

China's Geely says it has no plan to buy Fiat Chrysler — as FCA stock leaps

HONG KONG — Chinese carmaker Geely Automobile denied media speculation on Wednesday that it planned to make a takeover bid for Fiat Chryslerk Automobiles (FCA), the world's seventh-largest automaker. Geely was one of several Chinese carmakers cited in by Automotive News, which said representatives of "a well-known Chinese automaker" had made an offer this month for FCA, which has a market value of almost $20 billion. "We don't have such a plan at the moment," Geely executive director Gui Shengyue told reporters at an earnings briefing, when asked if Geely was interested in Fiat. He said a foreign acquisition would be complicated, but he did not elaborate. "But for other (Chinese) brands, it could be a fast track for their development," Gui added. However, a source close to the matter said FCA and Geely Automobile's parent firm, Zhejiang Geely Holding Group, had held initial talks late last year, without disclosing their nature. The source confirmed Geely was no longer interested in FCA, noting that the parent company had only three months ago announced its first push into Southeast Asia with the purchase of 49.9 percent of struggling Malaysian carmaker Proton, a deal that also included a stake in Lotus. Geel's denial failed to dent FCA's stock. The price of its Milan-based shares has jumped more than 10 percent to a 19-year high since Automotive News first reported on Monday, citing unnamed sources, that FCA had rejected the Chinese offer as too low. FCA stock on the New York Stock Exchange rose sharply on Monday from $11.60 to $12.38 and on Wednesday was trading at $12.84. FCA declined to comment on Wednesday. FCA Chief Executive Sergio Marchionne has repeatedly called for mergers as a way of sharing the costs of making cleaner, more advanced cars, but he has repeatedly failed to find a partner and retreated from his search for in April, saying FCA would stick to its business plan. He has also spoken of spinning the successful Jeep and Ram divisions off from FCA. Europe's largest carmaker, Volkswagen, and General Motors have both said they are not interested in talks with FCA. On Wednesday, Geely Automobile reported a doubling of first-half profit, above expectations, as cars designed with Sweden's Volvo won over domestic consumers. Volvo is a unit of the Zhejiang Geely group, and has recently announced it will share its technology with Geely.

2016 Dodge Viper ACR First Drive [w/video]

The Dodge Viper is not a comfortable car. Livable, yes. The interior is covered in fine materials. But you still climb over a hot door sill to enter the tiny cabin. And the frequency range of the engine's noises seem specifically designed to cause headaches. What happens, then, if you remove all pretense of civility from a Viper and add equipment solely aimed at improving lap times? You would have the 2016 Dodge Viper ACR. In terms of achieving its purpose, this car is a absolute success. In many ways it's also the most honest Viper of the current generation. Prices start at $121,990 (including $2,100 gas-guzzler tax and $1,995 destination), or $32,900 more than the least expensive Viper. In ACR trim, the Viper loses the under-carpet padding, 9 of 12 speakers plus amplifier, carpet and trim from the cargo area, and sound deadening in front of the rear wheel wells. The parts of the interior still covered add healthy amounts of Alcantara or optional carbon fiber. That weight loss is compensated by the addition of go-fast bits like the giant rear wing (or the larger "x-wing" on the Extreme Aero Package), 10-way adjustable Bilstein Motorsports shocks, Brembo carbon-ceramic brakes, a rear diffuser, and a front splitter. Total claimed curb weight is 3,392 pounds in Aero trim (standard ACR trim is 18 pounds lighter), which is within a few stone of the rest of the Viper lineup. The diffuser strakes and leading edge of the splitter are removable, made to be replaced after rubbing on track tarmac and make street driving slightly more practical. Not that you'd want to drive the ACR on the street, with the lack of noise insulation and spring rates twice as stiff as the Viper TA, but it is street-legal. Dodge claims the DOT-approved Kumho Ecsta V720 tires on the ACR allow faster lap times than some race compound tires. Our test was limited to on-track shenanigans at Virginia International Raceway. Which is fitting because we wouldn't have anything good to say about driving the car on the street. The ACR is, essentially, a race car sold in the showroom, although with the Viper's 1 of 1 customization program, your custom build can include as many creature comforts as you like. Lined up in pit lane at VIR, the Viper ACRs for our evaluation blur the air with heat shimmer. All of the test cars have air conditioning, but that shuts off at full throttle with a six-second reset.