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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.

Race Recap: Rolex 24 at Daytona was fast and feisty

Let the record show that victory at the 2015 Rolex 24 at Daytona went to the No. 02 Chip Ganassi Racing with Felix Sabates Target/Ford EcoBoost Riley DP driven by Verizon IndyCar drivers Scott Dixon and Tony Kanaan and NASCAR drivers Jamie McMurray and Kyle Larson. The winner did 740 laps to cover 2,634.3 miles in 24 hours and 57.667 seconds. That's a statement to this year's pace in spite of 18 cautions, two more than last year: the Michael Shank Racing Ligier got pole with a time of 1:39.194, slower than last year's pole time of 1:38.270; however, the winning car last year only did 695 laps. The fight for top honors was shaved to a four-car battle over the first third of the event. The No. 02 Ganassi car took the lead on the first lap, swapping it well into the night with the No. 01 Ganassi car, the No. 10 Wayne Taylor Racing Corvette DP, and the defending champion No. 5 Action Express Corvette DP, all of them staying within about 20 seconds of one another. The Action Express car had a fuel connector come loose and lost three laps getting towed back to the pits to have it reattached, but was back in the lead 18 hours in. The No. 01 Ganassi car dropped out with recurring clutch problems 22 hours in, retiring not long after. A race-within-the-race is where the concluding action happened, a seven minute, 30-second dash from the end of the last caution to the checkered flag. During the penultimate pit stops with an hour to go, Dixon was in second place followed Jordan Taylor in the Wayne Taylor Racing DP into the pits but beat him out, taking the lead. The Action Express car was in third. In the last pit stops of the race, Dixon gained even more time, getting a four-second advantage over Taylor. Then a full-course caution came out twenty minutes before the finish when a Prototype Challenge car hit the wall and caught fire, bunching up the field. That closed the pits, but the Wayne Taylor Racing car had to pit during that yellow because of a miscalculation of driver time. No driver can be behind the wheel for more than four hours in a six-hour period but Jordan Taylor was going to go over, so he came in to swap out for brother Ricky. That cost the team any chance of second place, since they took an additional drive-through penalty for entering closed pits. When the track went green again, Sebastien Bourdais in the Action Express car stayed all over Dixon for the final five laps but couldn't get around him.

Junkyard Gem: 1994 Dodge Caravan with manual transmission

The K Platform saved Chrysler from certain doom after the company's 1979 bailout by the federal government, and one of the most successful K-based vehicles was the one that spawned the American minivan craze in 1984: the original Dodge Caravan/Plymouth Voyager. Built all the way through the 1995 model year, these K-Caravans or K-Voyagers could be purchased with a four- or five-speed manual transmission, but just a handful were sold that way. Here's an extraordinarily rare late 5-speed example, spotted in a San Francisco Bay Area wrecking yard. The shifter location is a little awkward, requiring the driver to reach back a bit more than would be the case in, say, a Dodge Shadow (which shared the same powertrain). It's too bad that Chrysler never offered these vans with five-on-the-tree manuals. Even though plenty of Mitsubishi-V6-powered front-wheel-drive Chryslers of the late 1980s and early 1990s were available with manual transmissions (e.g., the Chrysler Laser/Dodge Daytona or the Plymouth Sundance/Dodge Shadow), Chrysler minivan shoppers who wanted a stickshift had to take the four-cylinder engine (either a Chrysler 2.2/2.5 or, in the early years, a Mitsubishi 2.6 Astron). This one has the naturally-aspirated 2.5-liter engine that went into so many Plymouth Acclaims and Chrysler LeBarons. In 1995, it was rated at 100 horsepower, which made for stately acceleration with a full load of passengers. For the 1989 and 1990 model years, a 150-horse turbocharged Chrysler 2.5 with 5-speed was the high-performance minivan setup... and you should let us know if you find a factory-built one. This is only the second example of a manual-trans-equipped 1990s Chrysler minivan I have found in the junkyard (the first was this '93 Voyager), and both vans were lightly-optioned El Cheapo models with cloth seats and hand-crank windows; the manual transmission was a bit cheaper than the automatic in those days. At least this one has air conditioning. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Advertising for these minivans tended to focus on price, price, price. Featured Gallery Junked 1994 Dodge Caravan with 5-speed View 18 Photos Auto News Dodge Minivan/Van dodge caravan