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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

FCA-Renault revival may hinge on willingness to cut Nissan stake

Fiat Chrysler Automobiles and Renault are looking for ways to resuscitate their collapsed merger plan and secure the approval of the French carmaker's alliance partner Nissan, according to several sources close to the companies. Nissan is poised to urge Renault to significantly reduce its 43.4% stake in the Japanese company in return for supporting a FCA-Renault tie-up, two people with knowledge of its thinking also told Reuters. It is still far from clear whether any concerted effort to revive the complex and politically fraught deal can succeed. FCA Chairman John Elkann abruptly withdrew his $35 billion merger offer in the early hours of June 6 after the French government, Renault's biggest shareholder, blocked a vote by its board and demanded more time to win Nissan's backing. Nissan representatives had said they would abstain. The failure, which FCA and Renault blamed squarely on the French government, deprived both companies of an opportunity to create the world's third-biggest carmaker with 5 billion euros ($5.6 billion) in promised annual synergies. It also shone a harsh light on Renault's relations with Nissan, which have gone from frayed to fried since the November arrest of former alliance Chairman Carlos Ghosn, now awaiting trial in Japan on financial misconduct charges he denies. REVIVAL TALKS Italian-American FCA — whose brand stable encompasses Fiat runabouts, Jeep SUVs, RAM pickups, Alfa Romeo luxury cars and Maserati sports cars — has so far turned a deaf ear to suggestions by French officials that its merger proposal could be revisited. But since the breakdown, Elkann and his French counterpart Jean-Dominique Senard have had talks about reviving the plan that left the Renault chairman and his Chief Executive Thierry Bollore upbeat about that prospect, three alliance sources said. Renault and a spokesman for FCA declined to comment. One of Elkann's senior advisors on the Renault merger bid, Toby Myerson, was expected at Nissan headquarters in Yokohama on Monday for exploratory discussions with top management, two people with knowledge of the matter said. Nissan CEO Hiroto Saikawa is likely to attend. Myerson did not respond to a message from Reuters seeking comment. The meeting comes amid mounting strains that may preclude compromise, after Senard warned Saikawa that Renault was prepared to block key Nissan governance reforms in a dispute over board committees.

Fiat 500e EV starts rolling off the line for the American market

Unveiled in 2020, and announced for the American market in 2023, the electric Fiat 500e is headed to our shores. The first American-spec examples of the pocket-sized, retro-styled hatchback have rolled off the Mirafiori Assembly Plant located near the heart of Turin, Italy. At launch, the 500e range will include a single trim called (RED) Edition. It stands out with red-painted door mirror caps, LED headlights, 17-inch diamond-cut alloy wheels, and a red dashboard. While it's available in red, of course, buyers can also choose Tuxedo Black and Glacier White. It's reasonable to assume other trim levels will join the range later in the production run, but Fiat hasn't revealed its future plans yet. Although we haven't driven the American-market 500e yet, we took a spin in a European-spec model in 2023 and walked away impressed with the interior. It feels much nicer overall than the last-generation 500 (which retired from the American market in 2019 but remains available new in Europe), and it's packed with fun little design details such as the Turin skyline etched into the wireless charging pad's mat. Power for the 500e comes from a front-mounted electric motor linked to a 42-kilowatt-hour lithium-ion battery pack. The motor sends 118 horsepower and 162 pound-feet of torque to the front wheels, and the battery holds enough electricity to deliver up to 149 miles of driving range. That's not much, but Fiat notes the 500e was developed for urban buyers and says the model can charge to 80% in 35 minutes. Alternatively, a full charge takes 4 hours and 15 minutes when using a Level 2 charger; that's an advantage of using a small battery. The first examples of the 2024 Fiat 500e are scheduled to reach our shores by the end of the first quarter of 2024, and the first batch of dealer-allocated cars sold out in less than a week, though a specific number hasn't been revealed. Pricing starts at $34,095 including a $1,595 destination charge and excluding incentives. Every 500e will come with a Level 2 charger or charging credits at public stations.