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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.

The last time Dodge recycled the Demon name, it was for a Miata fighter

We and the rest of the automotive world are eagerly awaiting the reveal of the Dodge Challenger Demon. And why wouldn't we be? It's going to be a Hellcat, but with less weight, bigger fenders, more performance, and more Vin Diesel. This isn't the first time we've been excited about a Demon from Dodge, though. Ten years ago, Dodge had another demonic car, but it was very different from the new one. The Demon of 2007 was a lithe little roadster that looked primed and ready to take on the Miata, as well as the now-departed Solstice and Sky twins. The Demon was just under an inch shorter than the MX-5 and the Solstice, and it packed a 172 horsepower 2.4-liter four-cylinder that fell right between the Miata's 170 and the Solstice's 177 outputs. Dodge's estimated the curb weight, which for a concept is largely theoretical, also slotted between the two cars at 2600 pounds. That was about 150 more than the Mazda, and about 200 less than the Pontiac. The pitch perfect specifications were presented in a crisp two-seat roadster wrapper. In many ways, it looked like a baby Viper, with a menacing crosshair grille, slanted headlights, and fat rear fenders. The Demon's line's were brutally simple and geometric, too. They didn't seem far removed from the first-generation Audi TT. The interior was also plain and simple. The key highlights were a horizontal aluminum accent that ran the width of the dash, echoed by an aluminum-covered center console. The instrument cluster was uncluttered, with just four gauges, and the only controls were some climate knobs, a double-DIN head unit, and a six-speed manual. It turns out that the 2007 Demon didn't drive very well, though. You see, we actually drove this concept back in the day, and like many concepts, it still had a long way to go to be production ready. The gearbox would grind, the ride quality was terrible. However, the interior was roomy, and the engine sounded suitably grumbly, if a bit coarse. At the time, we said Dodge should absolutely build the little roadster. In retrospect, the company probably made the right decision not to invest in the Demon. The small rear drive sports car segment was, and still is, an extremely niche market. It would have been a big investment for little return, something FCA today is trying to avoid. This is all before taking into account the fact that the recession was just around the corner. In the end, we can't be too sad though.

Tempted by the Demon, dealers find way to thwart Dodge, jack up prices

It's the eternal story of short supply, big demand - and car dealers eager to exploit that dynamic, especially when it involves a hot car. A few weeks ago, when Dodge announced that it devised a way to attempt to prevent price-gouging on those 840-horsepower 2018 Dodge Demons, you just knew the dealers would dream up some devilish end-run. And sure enough, despite the manufacturer's best intentions, Demon order slots are being offered with five-figure markups. Here's how things were supposed to work: With a run of just 3,000 cars, Dodge knew it had to do something to address dealer greed, so it announced an allocation system: Cars purchased at or below the $86,090 MSRP would be the first orders filled and delivered. If a dealer sells an allocated Demon for more than sticker, that car goes to the end of the line for production and delivery. Dodge also ensured dealers wouldn't stockpile or hoard Demons by limiting the number of orders a dealer can submit and allocating cars to dealers based on how many Challenger and Charger Hellcats the dealer has sold. But Automotive News reports that some dealers are using intermediaries to auction off their Demon allocations on eBay. Three sellers last week said they were representing dealers in South Carolina, Tennessee and Louisiana, and auctioning off the right to buy a car in one of the priority spots at MSRP. The minimum bid for the right to buy the car at sticker? From $10,000-25,000. And previous transactions on eBay might have run as high as $75,000. So early buyers are definitely paying an upcharge - but it's a thing apart from the bottom line on the order form, where it appears they are paying MSRP. In other words, a scheme that violates the spirit of what FCA tried to do. A source at FCA told Automotive News the automaker was monitoring the practice but could do little to stop it. And the report quoted a Hellcat owner who said his dealership was ignoring Dodge's strictures altogether and offered him a Demon at MSRP plus $60K. But take heart. Not all car dealers are cynically opportunistic - or rather, some see an opportunity for doing good, not making buck. Automotive News says Bill Marsh Chrysler in Traverse City, Mich., plans to sell its single allocated Demon for $1 under MSRP - and is auctioning off the right to buy it, with the dealership's existing customers eligible to bid. The auction's proceeds will benefit four Traverse City charities.