Less Than 5k Mi, Mopar Cold Air Intake, Nav, Sunroof, Kicker, 6-spd Man. Trades? on 2040-cars

Auto blog

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.

Fiat Chrysler's profit boosted by Ram and Jeep in North America

MILAN/DETROIT — Fiat Chrysler took the market by surprise by sticking to its full-year profit guidance on Wednesday after a strong performance from its Ram pickup truck in North America helped it defy an industry slowdown. Chief Executive Mike Manley, in FCA's first earnings release since a failed attempt to merge with France's Renault, also left the door open to that or other deals. "We are open to opportunity," Manley said on a call with analysts. "I have no doubt why there still would be interest in it," he added, when pressed on what it would take to revive talks with Renault. Manley declined to comment further. FCA last month abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Manley said a merger was not a must-have and Fiat Chrysler's business plan was strong. The company said it remained confident its adjusted earnings before interest and tax (EBIT) would top last year's 6.7 billion euros ($7.5 billion). Given disappointing forecasts from other automakers this earnings season, FCA's confirmation of the outlook sent Milan-listed shares in the Italian-American automaker, whose other brands include Jeep, up over 4%. A broad-based auto sales downturn has rattled the sector, forcing FCA's competitors — including Renault, Daimler and Aston Martin — to cut their sales forecasts after second-quarter results, while U.S. carmaker Ford gave a weaker-than-expected 2019 profit outlook. Japan's Nissan, a long-term partner of Renault, said it would cut 12,500 jobs by 2023 after its earnings collapsed. In the second quarter FCA's adjusted EBIT totaled 1.52 billion euros, versus analysts' expectations of 1.43 billion euros, according to a Reuters poll. FCA's U.S. shipments were down 12% in the second quarter but the group said that the successful performance of its Ram brand resulted in an enhanced share of the large pickup truck market of 27.9%, up 7 percentage points from last year. Adjusted EBIT margin in North America rose to 8.9% from 6.5% in the first quarter, thanks to strong demand for the heavy-duty Ram and the new Jeep Gladiator pickup. Chief Financial Officer Richard Palmer also said FCA expected to report up to 10% margins in the region in both the third and fourth quarters.

1970 Dodge Charger destroyed by man sick of lowballers — he showed them!

There are open and shut cases, and there's this one, the purchase and crush case. This is so wild it's hard to believe it's real. Apparently a man named Daniel Gagliardi bought a rusted-out 1970 Dodge Charger project car with the intent to flip it. Contacted by The Drive, Gagliardi said he bought the car for $4,200 and listed it for $8,500. "It was a complete car," he said, "not missing a single thing inside, out, underneath, under the hood, wasn't missing a damn thing. Had fender tag, VIN tag, clean title." Instead of negotiating with serious buyers, Gagliardi told the outlet a stream of jokers jerked him around for six months. The time-wasting took a toll, and after 180 days of "no-showers, thousands of no-showers, and a whole bunch of flakers" who didn't have the decency to bring a decent offer and cash, he decided to teach them all a lesson. So he destroyed the car, filmed the destruction, and cheered it on. The humorous and ironic part of the video is when Gagliardi tells another man off-camera, "But we got it first! We already robbed it, you can only rob it once!" After that levity, there's only chagrin for anyone sad to see a Charger meet its end so spitefully. Admittedly, however, and in spite of all the vitriol aimed at him, Gagliardi is free to destroy his own property. He's not the first person to crush a car capriciously. Any divorce attorney could tell you a book of tales about precious goods meeting ugly ends for vindictive reasons. Or there's the guy who, commenting on Gagliardi's video on another site, relates how he crushed the Yamaha quad he wanted $800 for after he "got tired of people offering me $200." Ah well. This won't be the last time. Warning for language, and exceptionally shaky video. If you're hungry for more Charger carnage after this, check out the cinematic obliterations in "7 Ways to Destroy a Charger."