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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.

Autoblog Podcast #380

Episode #380 of the Autoblog podcast is here, and this week, Dan Roth, Chris Paukert and Seyth Miersma talk about the Fiat-Chrysler five-year plan, the seeming demise of the Nissan Cube, and proposed legislation to require speed limiters with a 68-mph maximum on America's tractor trailers. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the new rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #380: Topics: Fiat-Chrysler five-year plan Nissan Cube on the way out? Big rig speed limiters coming? In the Autoblog Garage: 2015 Mercedes-Benz S63 AMG 2014 Chevrolet Sonic RS Sedan 2014 Honda Odyssey Touring Elite Hosts: Dan Roth, Chris Paukert, Seyth Miersma Runtime: 01:44:17 Rundown: Intro and Garage - 00:00 Fiat Chrysler Plan - 29:40 Nissan Cube - 01:07:33 Semi Speed Limiters - 01:17:33 Q&A - 01:27:35 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Auto News Earnings/Financials Plants/Manufacturing Podcasts Rumormill Chevrolet Chrysler Dodge Fiat Jeep Nissan nissan cube speed limiters

Video charts evolution of Jeep from military vehicle to SUV powerhouse

Here's a fun new video from our car-obsessed friends at Donut Media. It shows the evolution of the iconic Jeep from its World War II roots to the forthcoming 2019 Scrambler pickup in a little over two minutes. Using illustrations and audio of Jeep engines and broadcast advertising spots, it's a fascinating look at the common traits that have persisted over more than 75 years and changing consumer preferences. Three companies originally responded to the U.S. Army's request in 1940 for proposals to make a quarter-ton "light reconnaissance vehicle" tailored to its specs — Bantam, Ford and Willys. The video starts by showing all three early contenders — the Bantam Reconnaissance Car, Ford Pygmy and Willys MB, which was based on the Willys-Overland "Quad" prototype, named for the 4x4 system it utilized. Willys eventually won the contract in 1941 to build 16,000 revised MB models for American and Allied forces. Willys would trademark the Jeep name in 1945 with its CJ-2A, a Civilian Jeep geared toward farmers. As the video shows, Jeep really started to diversify its body styles and colors in the 1970s and '80s under the ownership of American Motors Corp., which purchased the money-losing Jeep brand in 1970 from Kaiser-Jeep, which itself had acquired the brand from Willys in 1953. The '70s brought models like the CJ-5 Renegade and CJ-5 Laredo, and the video includes updates including the second-generation Wrangler Unlimited in 2004 and the Wrangler-based Scrambler pickup. Chrysler purchased Jeep from American Motors in 1987, shortly after the debut of the Jeep Wrangler, and has managed to hold onto the brand and ride it to success despite its own bumpy ownership trials and tribulations since then. Despite the many owners over time, Jeep has maintained its headquarters all along in Toledo, Ohio.