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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.

2018 Jeep Wranglers: Here's how much more they could cost you

The 2018 Jeep Wranglers were the stars of the L.A. Auto Show last week. And now further details about the lineup and its prices seem to have emerged from L.A., in the form of documents shared by a JL Wrangler Forums member. DrPerez07 passed along an information sheet he says was provided by FCA to its dealer reps at the show, and here is how he breaks down the price increases it may reveal: 2-Door JL Sport - $26,195 ($2,200 more than 2017 JK) Sport S - $29,095 ($2,100 more than 2017 JK) Rubicon - $36,395 ($2,750 more than 2017 JK) 4-Door JLU Sport - $29,995 ($2,100 more than 2017 JKU) Sport S - $33,195 ($2,100 more than 2017 JKU) Sahara - $36,995 ($2,700 more than 2017 JKU) Rubicon - $40,195 ($2,750 more than 2017 JKU) (These prices would seem to not include a destination charge.) As you can see, the Rubicon's base price crosses the Rubicon of $40,000 for the first time. And these prices seem to allay some confusion and concern among forum members regarding a recent forum post in which a Sahara test vehicle was photographed in the FCA HQ parking lot with a window sticker showing a "base price" of $45K. DrPerez07 built this first spreadsheet to clarify some garble that you can see in what he says was the actual document, which follows. Finally, DrPerez07 passes along documents that he says were given to him by a Jeep rep, which break down wheel options, engine options, horsepower and other specs, and a general rundown of what's new on the new models. He also says the rep told him that, interestingly despite the use of some aluminum body panels, the whole JL lineup, with the exception of the Rubicon, weighs more than their JK predecessors. Related Video: Featured Gallery 2018 Jeep Wrangler Rubicon: LA 2017 View 17 Photos Image Credit: Drew Phillips / Autoblog Auto News Rumormill Jeep FCA jeep wrangler jl jl wrangler forums

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall