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Auto blog

FCA and Peugeot reportedly agree on merger

Citing a Wall Street Journal report, the Detroit Free Press says "Fiat Chrysler and PSA Groupe have agreed to merge." The Journal reported on talks between the two car companies only yesterday. It's said that Peugeot's board met yesterday to approve the deal, FCA's board met today, and an announcement could come as soon as tomorrow, Thursday. Both automakers have released statements, but neither company has released any information beyond admitting to ongoing talks. If the merger happens, the combined entity would become the world's fourth-largest carmaker with a $50 billion valuation, slotting in behind Toyota, the Volkswagen Group, and the Renault Nissan Mitsubishi alliance. Among the merger options possible, "an all-stock merger of equals" is the one analysts and Moody's seem to give the best grade. The reported merger would come about four months after FCA walked away from merger talks with Renault. FCA said the French government scuppered those talks over the role of Nissan in a reformed entity, but there were also brewing issues with French unions, and ongoing turmoil among Renault and Nissan leadership thanks to continuing fallout from ex-CEO Carlos Ghosn's arrest last year. FCA makes most of its revenue in the U.S. and rules Italy, while Peugeot is the second-best-selling automaker in Europe with its own brand in France and Opel in Germany. The two companies already have a partnership in Europe making vans, one that FCA CEO Mike Manley has spoken highly of. Among the list of obvious benefits in a potential merger, FCA would get access to Peugeot's small, modern platforms, $10.2 billion in cash, and electrified and hybrid architecture developments, the latter especially important to FCA as those are fields where it lags. Peugeot would get much easier access to the U.S. market, and the money-printing brands Jeep and Ram. A merged carmaker would have combined sales of nearly 9 million a year, based on 2018 results. By comparison, both Volkswagen and Toyota sell over 10 million cars a year, while the Renault-Nissan-Mitsubishi alliance almost 11 million. Peugeot CEO Carlos Tavares has proved he knows how to do turnarounds and mergers. After leaving a position as Carlos Ghosn's right-hand man in 2012, Tavares took over Peugeot in 2014, navigated a bailout from the French government and China's Dongfeng Motors in 2015, and turned PSA into a regional powerhouse.

Auto Mergers and Acquisitions: Suicide or salvation?

We love the Moses figure. A savior riding in from stage right with the ideas, the smarts, and the scrappiness to put things right. Alan Mullaly. Carroll Shelby. Lee Iacocca. Andrew Carnegie. Steve Jobs. Elon Musk. Bart Simpson. Sergio Marchionne does not likely view himself with Moses-like optics, but the CEO of Fiat Chrysler Automobiles recently gave a remarkable, perhaps prophetic interview with Automotive News about his interest and the inevitability of merging with a potential automotive partner like General Motors. Marchionne has been overtly public about his notion that GM must merge with FCA. For a bit of context, GM sold 9.9 million vehicles in 2014, posting $2.8 billion in net income, while FCA sold 4.75 million units and earned $2.4 billion in net income, painting a very rosy FCA earnings-to-sales picture. But that's not the entire picture. Most people in the auto industry still remember the trainwreck that was the DaimlerChrysler "merger" written in what turned out to be sand in 1998. It proved to be a master class in how not to fuse two companies, two cultures, two continents, and two management teams. Oh, it worked for the two individuals at both helms pre-merger. They got silly rich. And the industry itself was in a misty romance at the time with mergers and acquisitions. BMW bought Rolls-Royce. Volkswagen Group bought Bentley, Bugatti, and Lamborghini, putting all three brands into their rightful place in both products and positioning. No marriages there, so no false pretense. Finally, Nissan and Renault got married in 1999. A successful marriage requires several rare elements in this atmosphere of gas fumes and power lust. But a successful marriage requires several rare elements in this atmosphere of gas fumes and power lust, the principle part being honesty. Daimler and Chrysler lied to each other. The heads of each unit, the product planners, and finance all presented their then-current and long-range forecasts to each other with less-than-forthright accuracy. Daimler was the far greater equal and no one from the Chrysler side enjoyed that. The cultures were entirely different, too, and little was done to bridge that gap. Which brings me back to the present overtures by Marchionne to GM. "There are varying degrees of hugs," Marchionne stated in the Automotive News piece. "I can hug you nicely, I can hug you tightly, I can hug you like a bear, I can really hug you." Seriously?

Dodge's divisive splitter guards are now pink and might become black

There is an infinite amount of real problems out there in the world, but for some reason, one of the most dividing issues in the car community relates to a piece of protective plastic on cars. Yes, splitter guards. Since the plastic parts were introduced to SRT variants of the Dodge Challenger and Dodge Charger for 2015, the enthusiast community has been split like a '63 'Vette on the merits and aesthetics of not removing them. Originally, the protectors, which are there to protect the splitter while the car is in transit to dealers, were yellow, which contributed to their popularity. But Dodge has now shifted that color to pink, as Car & Driver reported and Autoblog confirmed.  On one side, upset purists beg they be removed from the cars. They were only put on to protect the vehicles' lower front fascias during shipping and handling, and if left on too long, they will collect dirt and grit and damage the new paint. SRT lead designer Mark Trostle is included in this camp and is quoted saying, "I wish they would take them off." On the other side, there are people who enjoy the contrasting look and see it as a way to stand out or be different.  "Yes, they are designed to be removed before delivery," said Tim Kuniskis, global head of Alfa Romeo and head of passenger cars for Dodge, SRT, Chrysler, FIAT, FCA for North America, in an email to Autoblog. "But today, they have their own Facebook page, and many of our performance enthusiasts have active debates on whether to keep or remove them. Some owners say they are even selling them in the aftermarket!"  The Facebook page he speaks of is called "Hey Pal, You Forgot To Take Your Splitter Guards Off." The private group was started on April 11, 2019, and as of this writing, it is 11,855 members strong. With FCA recently changing the guards to pink, that number will likely continue to grow. "Obviously, they weren't part of the original design," Kuniskis said. "We started with yellow guards and shifted to pink, but they are still so popular that we may shift them yet again to black. Wherever we land, this is another example of how our customers are passionate about every part of their Dodge muscle cars — from the high-horsepower engines that power Charger and Challenger to the splitter guards designed to protect them, so we expect the conversation to continue."  Yellow, pink, black, purple, rainbow, whatever. People will like what they like and hate what they hate. Just do you, and keep the negativity away.