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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.

Feds chastise Marchionne over Jeep recall, only 13% repaired so far

Following the significant outcry surrounding the General Motors and Takata airbag safety crises this year, the National Highway Traffic Safety Administration seems to be taking a much more aggressive role in pushing owners to repair their recalled vehicles. In the agency's latest move, it's urging Jeep drivers to get their models fixed. Acting NHTSA administrator David Friedman even sent a letter to Fiat Chrysler Automobiles CEO Sergio Marchionne pressing him to get more of the SUVs fixed. The problem goes back to the recall of the 2002-2007 Liberty and 1993-1998 Grand Cherokee because of the possibility for the fuel tank to rupture in some rear crashes. The campaign affected over 1.5 million vehicles, but Chrysler initially refused NHTSA's request for a repair campaign. The automaker eventually came up with a fix that involved adding a trailer hitch to provide extra protection to the tank. The feds believe the danger "will be reduced by the remedy now offered by Chrysler," according to the statement. However, this latest push comes out of NHTSA's concern that only three percent of the affected vehicles are repaired, although Chrysler maintains some 13.4 percent have actually been fixed. The agency is asking the automaker to reach out to owners "proactively," and get them to bring the Jeeps in dealers. According to the the feds' statement, the company "has nearly 400,000 parts available" to perform the fixes, and it's still producing more. Friedman's letter to Marchionne goes even further, alleging NHTSA has received reports that dealers are turning customers away who request the recall. He asks the CEO to prove within 15 days that these claims are false. "Given the low rates of repair that Chrysler has reported more than a year after the recall, significantly more aggressive steps are required," says a portion of the note. According to The Detroit News, Chrysler has subsequently promised to speed up the recall work, vowing that all dealers will have at least 12 repair kits in stock by Monday. Further, it has announced plans to ramp up its notification campaign with Facebook ads and public service announcements. Scroll down to read NHTSA's full statement on the matter, and Friedman's letter to Marchionne can be read in PDF format, here.

Everything we know about the 2018 Jeep Wrangler JL

The 2018 Jeep Wrangler JL is perhaps the most highly anticipated SUV in America. The next-gen Wrangler is expected to get a host of updates that include new front and rear end designs, as well as an all-new pickup truck variant. Here's everything we know about the next version of Jeep's iconic SUV. November 7, 2016: JL Wrangler Forums released renderings of the 2018 Wrangler, and the SUV will generally stay the course. Compared with the current Wrangler, the new one will likely have slightly more aerodynamic bodywork and LED lighting, and the truck version's bed will carry traditional Wrangler design cues. The renderings also visualize what a Wrangler without a fully removable top could be like. The loss of the removable top is currently a rumor, and FCA's well-camouflaged prototypes have not given up the secrets of the roof. View 6 Photos October 18, 2016: Images of the upcoming Wrangler JL from a supposed Jeep dealer meeting surface, revealing the SUV's updated front and rear end design. The renderings point towards the next-gen Wrangler maintaining a seven-slot grille and round headlights. The SUV, though, will obtain LED light bars on the front fenders, while the taillights get a similar design to the units found on the Renegade crossover. Overall, the renderings display a smoother shape than ever before. September 16, 2016: A report from JL Wrangler Forums indicates that the next-gen Wrangler JL would utilize aluminum on the hood, as well as on the front and rear doors. The report claims the Wrangler will get its aluminum from supplier Alcoa, in the form of the company's C6A1 high form alloy, 6022 alloy sheet, and A951, which is the company's sheet bonding technology. View 30 Photos July 20, 2016: The first images of the Wrangler pickup truck hit the web. The pickup truck appears to be riding on a long-wheelbase Wrangler and flaunts a decently sized bed. From the overhead photos, we can see that the pickup truck will have a seven-slot grille, large rear taillights that mimic ones found on Ram's trucks, and be about the same size as a Chevrolet Suburban. Oh yes, the Wrangler pickup truck does exist and it's coming. July 10, 2016: A report from Automotive News claims that the Wrangler JL will continue to have its iconic, boxy shape, but changes have been made to ensure that the SUV is better off in terms of fuel economy. What Jeep has done to improve the next-gen Wrangler's fuel efficiency, though, is still a mystery.