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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.

FCA Recalls 400K Jeep Wranglers | Autoblog Mintue

FCA recalls 400K Jeep Wranglers for an airbag issue. In the U.S. the recall affects 2007-2010 models. Recalls Jeep Autoblog Minute Videos Original Video FCA

Junkyard Gem: 1983 AM General postal Jeep DJ-5L

When neither snow nor rain nor gloom of night will stay you from your appointed rounds, you don't need fancy styling or futuristic technology. All you need is a simple steel box with four wheels, one seat (on the right-hand side), a mail-sorting tray, and an engine. The Jeep DJ was that vehicle, and DJs served as workhorses for the United States Postal Service starting in 1955 and — in some rural areas— into our current century. Here's one of the last ones made, found covered with snow in a Denver self-service wrecking yard. Related: Postal truck prototypes spied from Oshkosh and Karsan When American Motors bought Jeep in 1970, it built and sold DJs via its AM General subsidiary. The DJ-5 was a stripped-down, two-wheel-drive version of the pretty-spartan-to-start-with Jeep CJ, and there wasn't much to go wrong with it. The final year for the DJ-5 was 1984. During the AMC era, the DJ received an ever-shifting array of engines, depending on what looked like the best deal in Kenosha at a given time. Starting with the Chevrolet Nova straight-four, Jeep DJ engine compartments boasted AMC straight-sixes of 232- and 258-cubic-inch displacements, followed by Audi 2-liter straight-fours (yes, the same engine used by the Porsche 924), then the 2.5-liter GM Iron Duke four, and finally the 2.5-liter AMC straight-four. This DJ-5L has Duke power. The early DJs had manual transmissions, but all the AM General DJ-5s came with automatics. If you think an Iron Duke powering a Jeep is odd, consider that it's bolted to a Chrysler Torqueflite transmission. Once the USPS was done with them, cheap DJ-5s flooded the market. This one has had a random junkyard seat swap, but retains the handy mail-sorting tray. Featured Gallery Junked 1983 Jeep DJ-5L View 21 Photos Jeep Commercial Vehicles Classics amc mail truck