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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.

2020 Dodge Charger Widebody First Drive Review | Wider is better

NAPA VALLEY, Calif. - The guy in the white Silverado is already pissed off. He didn’t appreciate the first two times we blazed the rear tires of this 2020 Dodge Charger Widebody Hellcat through three gears, so we might as well do it again. ThatÂ’s right, sir, we are number one. Dodge seems to be playing by a different set of rules than the rest of the industry. While everyone else is worried about small crossovers and CAFE regulations, miles per gallon and electrification, autonomy and Elon Musk, the gang at Dodge is building AmericaÂ’s best muscle cars ever. Unapologetic, loud, in your face, tire-smoking muscle cars. Hellcats, Demons, Scat Packs and Redeyes. For 2020, the brandÂ’s list of Hemi-powered, rear-wheel-drive tire fryers now includes Widebody versions of the Charger Scat Pack and Hellcat, borrowing parts and inspiration from Widebody Challenger models, which began showing up for 2018. Dodge will also offer the 2020 Charger SRT Hellcat Widebody Daytona 50th Anniversary Edition to commemorate the 1969 Charger Daytona, a NASCAR homologation special with special aerodynamics for the superspeedways, including a massive rear wing and pointed beak with pop up headlamps. 2020 Dodge Charger SRT Hellcat Widebody Daytona 50th Anniversary View 14 Photos Just 501 will be sold, the same number of Daytonas Dodge had to build back in the day to satisfy Big Bill France. ItÂ’s available in four colors, and for 2020, itÂ’s the only Charger to wear B5 Blue, which was also originally offered in 1969. ItÂ’s a favorite color of classic Mopar muscle car enthusiasts. “Customers said we were giving too much love to the Challenger and ignoring the Charger,” said Jeff Strauss, the senior manager of Dodge/SRT Sales Operations. “ThatÂ’s not the case anymore.” The Widebody Package will be optional on the Charger Scat Pack (the white car in the above photos), but itÂ’s standard equipment on every 2020 Charger Hellcat and only adds about 30 pounds to the car. Just as on the Widebody Challenger, the plastic wheelwell flares widen the sedan's 3.5 inches, and their wider 20x11-inch forged aluminum wheels wear massive 305/35ZR20 tires front and rear. All-seasons are standard, but the cars are best on the available Pirelli Summer tires. There are also new front and rear fascias, rocker trim and a reshaped rear spoiler.  “My main goal was to make the cars look bad ass,” said Mark Trostle, FCAÂ’s head of performance, passenger and utility vehicle design.

Stellantis wants to trim 3,500 hourly U.S. jobs, UAW says

WASHINGTON — Chrysler-parent Stellantis NV wants to cut approximately 3,500 hourly U.S. jobs and is offering voluntary exit packages, according to a United Auto Workers union letter made public Tuesday. The automaker is looking to reduce its hourly workforce offering incentive packages that include $50,000 payments for workers hired before 2007, UAW Local 1264 said in a letter dated Monday posted on its Facebook page. Stellantis spokeswoman Jodi Tinson declined to comment. A person briefed on the matter said the figure might be lower than the figure cited in the UAW letter. In late February, Stellantis indefinitely halted operations at an assembly plant in Illinois, citing rising costs of electric vehicle production. The action impacted about 1,350 workers at the Belvidere, Illinois, plant that built the Jeep Cherokee SUV and resulted in indefinite layoffs. The automaker has warned it may not resume operations as it considers other options. The UAW letter said openings created by workers leaving would be filled by workers on indefinite layoff. Stellantis said in February that about 40,000 U.S. hourly workers were eligible for profit sharing. Last week, UAW President Shawn Fain said Stellantis' decision to idle the Illinois plant was "a flat-out violation" of the union's contract with the UAW and is unacceptable. The UAW will enter talks with the Detroit Three before labor contracts expire in mid-September. Earlier this month, General Motors said about 5,000 salaried workers accepted buyouts to leave the automaker. GM CEO Mary Barra said February job cuts of a few hundred jobs and the 5,000 buyouts "provided approximately $1 billion towards" a $2 billion cost cutting target. Ford Motor Co recently announced significant job cuts in Spain, Germany and other parts of Europe and in August said it would cut a total of 3,000 salaried and contract jobs, mostly in North America and India. Hirings/Firings/Layoffs UAW/Unions Chrysler Dodge Fiat Jeep Maserati RAM Stellantis