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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Ram, Jeep redesigns on hold, Alfa Romeo models may come sooner

Last summer, FCA outlined an ambitious five-year plan that sketched out the company's product intentions for each of its brands through the end of 2018. However, even the best strategies sometimes need tweaking. According to Reuters after speaking with unnamed people at auto suppliers, FCA is now possibly delaying at least a dozen projects in North America for a variety of reasons. From vehicle to vehicle, these postponements allegedly last anywhere from just a few months to over a year. The sources from the suppliers claim that in some cases these tweaks are for engineering and design changes. The next-gen Ram 1500 reportedly has among the shorter delays and is being pushed from mid-2017 to November 2017, according to Reuters. Also, the much-discussed future Jeep Wrangler is allegedly moving a little later to July 2017. Among the vehicles purportedly seeing longer delays, the next-gen Grand Cherokee could get pushed back about a year to 2018. That then forces the launch of the three-row, luxury Grand Wagoneer to be even further away. Jeep's upcoming C-segment CUV and the all-new Chrysler 300, Dodge Charger, and Challenger might also see postponements. The one brand allegedly seeing an accelerated plan is Alfa Romeo. Without going into detail, the sources from these suppliers claim that the Italian automaker is getting even more vehicles for its lineup and could get them even faster than planned. "Those plans need to be flexible and fluid, with the potential to add some vehicles, pull some forward and extend the life cycle of others," FCA said to Reuters about all of these allegations. "We look at these programs on a vehicle-by-vehicle basis." Investment in the auto industry has been a major topic for FCA CEO Sergio Marchionne as of late. He believes consolidation is necessary so that companies aren't burning money on the same projects. Related Video: News Source: ReutersImage Credit: Bill Pugliano / Getty Images Plants/Manufacturing Alfa Romeo Chrysler Dodge Fiat Jeep RAM Sergio Marchionne FCA fca us

2 men die in Dodge Challenger Hellcat crash at Colorado airport

Two friends died in the crash of a Dodge Challenger Hellcat over the weekend after they shot off the end of an airport runway, authorities said. That someone died in a 707-horsepower Hellcat is, sadly, not unexpected. But two aspects of the story are remarkable. First, the men's ages: The Denver Post reports the crash victims were Lynd Fitzgerald, 71, of Colorado Springs, and his passenger, Roger Lichtenberger, 76, of San Marcos, Calif. Second, their speed: The car was likely moving at over 100 miles per hour, authorities said. The men had permission to use the 8,300-foot runway at Central Colorado Regional Airport in Buena Vista. That's more than a mile and a half long. But when the car left the runway, it went 300 feet before flying over a ravine, hitting the ground, becoming airborne again, flipping end over end across a second ravine, and ultimately landing on its wheels 650 feet past the end of the pavement. Responding police officers tried to provide first aid, but the men were declared dead at the scene. "They were just test-driving this car. They went a little too fast. I don't want to surmise. ... They probably got to the end of the runway and, at that speed, didn't realize they were there so fast. And they lost control. It was just too high a speed and they got to the end of the runway," said Chaffee County Sheriff John Spezze. There were skid marks near the end of the runway, but the sheriff didn't know the length. "I've never seen anything like it," Spezze told the newspaper. "They had permission to be there. There were no laws broken." Related Video: