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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Sunday Drive: The future looks bright, and the present ain't bad, either

A look at the week that just passed proves that Autoblog readers love looking into the future. Spy photos of the next Porsche 911 and a mysterious Dodge Demon prototype led the way last week as some of our most popular stories. A teaser from Subaru has our appetites whetted for the next WRX, and we're intrigued by the value proposition offered by the rear-wheel-drive Kia Stinger. Long-distance motorcycle tourers went gaga over leaked images of the next Honda Gold Wing. Such intense interest comes as no surprise considering that it's the standard by which all its competitors are judged, and it looks to be getting some serious new technology in its next iteration. And finally, we can't help tooting our own horn a bit. Autoblog just launched a brand-new Car Finder tool, which, after getting a few data points to work with, offers up a perfect list of vehicles for new-car buyers. As always, tune in to Autoblog next week for a front-row seat to all the happenings worth following in the automotive industry. 2019 Porsche 911 to get digital interior — only the tach will be analog Spy Shots: What the devil is Dodge up to with this narrow-body Challenger Demon? Subaru previews Viziv Performance Concept and 2 tuned STIs for Tokyo Leaked 2018 Honda Gold Wing shows off new suspension, hints at DCT 2018 Kia Stinger will start at $32,795 Dodge Honda Kia Porsche Subaru Coupe Hatchback Motorcycle Future Vehicles Luxury Performance Sedan recap sunday drive

Junkyard Gem: 1992 Dodge Shadow America

A quarter-century ago, most Americans looking for a cheap transportation appliance went for cars like the miserably-stripped-down-but-bulletproof Toyota Tercel or the feature-laden-but-reliability-challenged Hyundai Excel. Chrysler, having just discontinued the elderly "Omnirizon" platform, took the Dodge Shadow and its Plymouth sibling, the Sundance and offered a car that was bigger, more powerful, and better-equipped than just about anything else for the price: the America! These cars depreciated hard and nearly all were crushed a decade ago, so sightings are extremely rare today. Here's one that I found in a Northern California self-service yard. This one still had windshield paperwork indicating that it was an insurance-company auction car (probably totaled in a fender-bender that caused $200 worth of damage) and that it was a runner at the time it got junked. Such is the fate of 24-year-old economy cars in rough shape. The Shadow was a member of the many-branched K-Car family tree, and the Shadow America came with the same 2.2-liter straight-4 engine that powered millions of Caravans, Daytonas, New Yorkers, and Lasers. You got more torque than the competition, plus a driver's-side airbag instead of the maddening automatic seat belts found in other low-priced cars of 1992. Of course, the paint tended to peel off within a few years and the build quality of the Shadow was hit-or-miss, but these cars were way nicer to drive than, say, a Tercel EZ or Subaru Justy. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The perfect cars for an imperfect world! Related Video: Featured Gallery Junked 1992 Dodge Shadow America View 17 Photos Auto News Dodge Automotive History