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Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.

Dodge Hornet supposedly snapped inside Alfa Romeo Tonale factory

It appears that someone in Stellantis' Pomigliano d’Arco Assembly Plant in Italy couldn't keep their cellphone to themselves. Video uploaded to the Alfa Romeo Club Italia Facebook page, then quickly removed, purports to show Dodge's brand-engineered version of the Alfa Romeo Tonale in the same factory where the Alfa will be built. The Dodge is expected to be called the Hornet, and there are a few differences between it and and Alfa Romeo, which is understandable. But if the screenshots on Twitter are accurate, then the Dodge looks a lot closer to the Alfa Romeo than perhaps anyone expected. The front fascia and hood fall in line with Dodge's design language. The Alfa grille is replaced by a narrow, stepped upper grille, and the hood is one of the vented units similar to those available for Dodge's R/T performance trims. And as Mopar Insiders noticed, the silhouette of this car's front end matches a vehicle silhouette Dodge showed during Stellantis' 2021 EV Day.   Inside, the Italian brand's crest in the steering wheel center cap is replaced by Dodge's twin slashes, and the steering wheel has been stripped of the large, curved paddle shifters the Tonale showed on its debut. There's still a start/stop button on the steering wheel, but where the Tonale has a driving mode dial on its dash, this supposed Hornet has another start/stop button. Dodge's push-to-start buttons are usually on the instrument panel, so our guess is that the wheel is a holdover for testing. On the center tunnel, the parking alert buttons and Italian Tricolore flag on the Alfa Romeo are replaced by three different buttons.   We've known Dodge has two electrified vehicles on the way, and the Hornet name has been low-key buzzing for two years. Fiat Chrysler applied to trademark the name in the U.S. in March 2020; at the time, it was thought a vehicle with that name could replace the Journey. In 2021, a July rumor out of Italy was the first whisper of the Hornet name being attached to the Alfa Romeo Tonale. In August, when Stellantis CEO Carlos Tavares said Dodge would get a PHEV in 2024, watchers pegged that model as the Hornet. That hybrid powertrain would show a year after the vehicle's launch, the Hornet anticipated as a 2023 model with the Tonale's turbocharged 2.0-liter four-cylinder. That engine could get the same 256 horsepower and 295 pound-feet of torque as the Tonale, or be boosted to satisfy Dodge's performance credentials.

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.