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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.

Dodge Charger Hellcat makes 1,032 hp with Hennessey help

Sometimes you just want four doors. Earlier this week we brought you Hennessey's riff on the Dodge Challenger Hellcat. Now comes the Charger. Much like its two-door sibling, the Charger gets boosted to as much as 1,032 hp and 987 lb-ft of torque (at the crank) thanks to the addition of a twin-turbocharging setup that works with the factory supercharger. The turbo headers and downpipes are stainless steel, and there is a high-flow air-to-water intercooler and dual-turbo waste gates. Hennessey also beefs up the fuel injectors, fuel pump, and the rest of the fuel system. The engine management system and chassis are recalibrated to accommodate all of this. You also get numbered plaques signed by John Hennessey, the boss of the Texas tuning outfit, and the technician who does your build. Hennessey's additions result in zero-to-60 mph sprints in 2.7 seconds, and the big sedan can run the quarter mile in 9.9 seconds at 142 mph. Like the Challenger, the Charger has the same disclaimer: the lofty horsepower figure comes from an engine dyno, and it will be a 15-to 20-percent lower at the rear wheels. Related Video: Image Credit: Hennessey Performance Dodge Performance Sedan Hennessey dodge charger hellcat

1970 Hemi Challenger is a family heirloom with serious muscle

Petrolicious turns up the emotion in its latest video about a family's connection to their 1970 Dodge Challenger. The orange muscle car that gets the spotlight here is a remarkably beautiful vehicle, but the story of a father and his sons at the core of this clip might leave you feeling a little misty eyed. Juan Escalante is the current owner of this Challenger, but it belonged to his dad first. Juan's father spotted the iconic muscle car during the 1969 Detroit Auto Show and had to have one. He soon placed an order for the orange '70 Challenger R/T with the rare combination for that year of a 426 Hemi V8 and a four-speed manual gearbox. The family even brought the coupe with them when they moved to Venezuela in 1972, and local fans dubbed it El Hemi. However, parts were scarce for the muscle car in that country, and it returned to the US in 1996 for a restoration. Now, the rumbling Challenger with its Coke-bottle profile and black hood is the world's most awesome family heirloom for the Escalantes. In this poignant video, Petrolicious shows how the coupe connects Juan to his father. Related Video: