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Stellantis is official: FCA and PSA merger finally sealed

MILAN — Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen. It took over a year for the Italian-American and French automakers to finalize the $52 billion deal, during which the global economy was upended by the COVID-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. "The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement. Shares in Stellantis, which will be headed by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday. Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Chairman John Elkann. FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this. Marco Santino, a partner at consultants Oliver Wyman, said he expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first. "He has proven to be the kind of person who prefers action to words, so I don't think he will make loud statements or try to over-sell targets," he said. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. But other pressing tasks loom, including reviving the group's lagging fortunes in China, rationalizing its huge global empire and addressing massive overcapacity. "It will be a step by step process, also to allow the market to better appreciate every single move. I don't think we will have all the details before one year," Santino said.

Vile Gossip: Ladies who launch

Jean Jennings has been writing about cars for more than 30 years, after stints as a taxicab driver and as a mechanic in the Chrysler Proving Grounds Impact Lab. She was a staff writer at Car and Driver magazine, the first executive editor and former president and editor-in-chief of Automobile Magazine, the founder of the blog Jean Knows Cars and former automotive correspondent for Good Morning America. She has lifetime awards from both the Motor Press Guild and the New England Motor Press Association. Look for more Vile Gossip columns in the future. The year was 2006. We were driving a Bugatti Veyron 16.4 across the Florida Panhandle from Jacksonville to Panama City, only because I couldn't convince Bugatti to let me be the first to drive its exotic powerhouse, the world's fastest car at that time, all the way across America. One gleaming example had arrived in time for the Amelia Island Concours d'Elegance, where the journos massed for their quick test drives out the front drive of the Ritz Carlton, down a short stretch of the A1A, and back to the Ritz. Not far enough for me. I wanted to take the Veyron in all of its 16-cylinder, 1,001-horsepower, $1.3-million-dollar glory on a coast-to-coast extravaganza of a road trip. Never hurts to ask. I asked. Once the Bugatti guys stopped hyperventilating, I explained that the coastal adventure would be contained wholly within the state of Florida, from the Atlantic coast to the Gulf of Mexico. My secret destination, however, was to be Vernon, Florida, home of the great Errol Morris' classic documentary about a town in the Panhandle with the highest per-capita population of citizens who'd blown off or whacked off a limb for insurance money. (Google "Nub City.") The Swiss head of Bugatti public relations thought it hilarious. He showed up in a van with a couple of German mechanics to follow us and a failed French Formula 1 driver to serve as my chaperone. I came with a photographer from Germany and one of the most infamous of bad-boy auto magazine tech editors, the irrepressible Don Sherman. Sherman had his own reason for going, and it had nothing to do with a Veyron to Vernon. Once we gave up looking for nubbies, he ordered me to veer south to the handgrip of the Panhandle, familiarly known as the Redneck Riviera. The Don was aiming to secretly execute the Veyron's first Launch Control blastoff in captivity.

Next-gen Jeep Wrangler to get 8-speed automatic and 3.0-liter EcoDiesel

Following up on previous reports, an anonymous source within FCA has confirmed to Autoblog that the next-generation Jeep Wrangler will come to market with both a 3.0-liter, EcoDiesel V6 and ZF's critically acclaimed eight-speed automatic transmission. While this pairing makes a lot of sense (we'll explain why in a minute), until now, we only had limited reports that either item would arrive in the next-generation Wrangler. This is the first time we've heard that the eight-speed automatic and the diesel would be paired together. That said, we shouldn't be surprised by this news. FCA currently sells the Jeep Grand Cherokee and Ram 1500 with the diesel/eight-speed gearbox combo, making its inclusion in the next-gen Wrangler far from an Apollo 11-caliber feat of engineering. Naturally, we reached out to Jeep for an official comment. Spokesperson Gabrielle Schulte gave us the expected response to this kind of inquiry, telling Autoblog that FCA does not comment on future product. Jeep has flirted with the idea of a diesel Wrangler for some time, with CEO Mike Manley telling Ward's Auto just over two years ago that a Wrangler diesel was "on the radar," although at that time, we weren't certain whether it'd be the 3.0-liter EcoDiesel showing up in the rough-and-tumble off-roader. As for the eight-speed, SEC filings back in November revealed that it'd be coming to the Wrangler in 2018. Our source could not confirm which model year the 8AT/diesel would arrive in. Related Video: