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Stellantis not looking for further mergers, including with Renault

MILAN — Stellantis Chairman John Elkann on Monday denied the carmaker was hatching merger plans, responding to press speculation about a possible French-led tie-up with rival Renault. Elkann said that the Peugeot owner, the world's third largest carmaker by sales, was focused on the execution of its long-term business plan. "There is no plan under consideration regarding merger operations with other manufacturers," said Elkann, who also heads Exor, the Agnelli family holding company that is the largest single shareholder in Stellantis. After abandoning the Russian market, at the time its second largest after France, and reducing the scope of its global cooperation with Nissan, Renault has been seen as a potential M&A target. Speculation intensified after an electric vehicle market slowdown forced it last week to cancel IPO plans for its EV and software unit Ampere. Its market cap remains stubbornly low at little over 10 billion euros ($10.8 billion) despite a financial recovery over the past few years. Stellantis, the product of a 2021 merger between France's PSA and Fiat Chrysler and one of the most profitable groups in the industry, has a market cap of more than 85 billion euros when unlisted shares are factored in. It has a 14 brand portfolio also including Citroen, Jeep, Opel and Alfa Romeo. NEWSPAPER REPORT Italian daily Il Messaggero had said on Sunday that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups. A spokeswoman for Renault said on Monday the group did not comment on rumors. France's Finance Ministry had declined to comment on Sunday. Stellantis has crossed swords with the Italian government, which has accused it of acting against the national interest on occasions. Industry Minister Adolfo Urso last week raised the prospect of the Italian government taking a stake in Stellantis to help to balance the French influence. Renault shares pared gains after Elkann's comments to stand 1.2% higher by 1220 GMT, having initially risen more than 4%. Stellantis CEO Carlos Tavares, a Portuguese-national, last week said in an interview with Bloomberg that the group was "ready for any kind of consolidation" and that its job was to make sure that it would be "one of the winners". Analysts, however, question the rationale of a Stellantis-Renault merger, which would also expand the group's excess capacity in Europe.

Here's why you shouldn't try to drift a Jeep Cherokee

This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. There are many reasons why an XJ-generation (or really any other) Jeep Cherokee doesn't make for a good drift machine. It's tall, it's four-wheel-drive... it's a Jeep, okay? But someone apparently forgot to tell that to this guy. Uploaded to LiveLeak, this video shows some poor schmuck who took his Cherokee to a (mostly) empty parking lot and tried to drift it. Needless to say, things didn't go quite as he planned, but they probably went exactly as you might have expected. Thankfully, nobody appears to have been hurt. Or at least, we assume so, since the guy apparently survived to put the video up online.

Jeep Grand Cherokee S is handsome dressed in all black

FCA loves to roll out limited- or special-edition variants of its vehicles. Just take a peek through all the different versions of the Ram 1500 and Jeep Wrangler that were available over the years. Generally, most of those models are tailored for the U.S. or completely U.S. exclusive, but that's not always the case. In Europe, there's an awesome looking new Grand Cherokee S. Too bad this murdered-out variant of Jeep' flagship isn't coming here. While many of us lament the popularity of black, silver and white paint colors, there's always something particularly charming about a completely blacked-out vehicle. Ditch all the chrome trim, paint the wheels and tint the lighting. The Grand Cherokee S (for Sport) has a new Low Gloss Granite Crystal color on its badging, grille surround, step pads, tail lamps and 20-inch wheels. The grille itself is painted a deep gloss black. Same goes for the trim around the windows and the exhaust tips. The interior follows the same general form. Most of the trim is done up in either anodized grey or black wood. The SRT seats are covered in black Nappa leather with black stitching. One rare bright spot is the shiny metal pedals. It's not all just looks with the Grand Cherokee S. The model comes standard with an 8.4-inch touchscreen infotainment system with the latest iteration of UConnect. That means both Apple CarPlay and Android Auto come at no additional running costs. Other features include a 7-inch configurable display in the instrument cluster, an Alpine audio system with a subwoofer and active noise cancellation, a panoramic sunroof, dual zone climate control, heated and ventilated front seats and heated rear seats. Additionally, the Grand Cherokee S gets a sport suspension and Jeep's Quadra-Drive II four-wheel-drive system. It adds a limited-slip differential, a five-mode (auto, snow, sand, mud and rock) selector for optimal traction on rough surfaces. Add on a number of active safety features, and the Jeep Grand Cherokee S gets just about everything available on Jeep's range-topper. Unfortunately the Grand Cherokee S doesn't have a direct equivalent in the U.S., but hey, we get the Trackhawk. We think the Europeans might draw the short straw on that one. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Jeep Design/Style Jeep Crossover SUV Off-Road Vehicles