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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.

Jeep rocks the Wrangler Red Rock concept in Vegas [w/video]

The SEMA show may have once been all about dropping rides to the floor, but these days it's at least as much about jacking them up on lifted suspensions. And few show cars – or trucks, we should say – managed to embody that spirit at this year's tuner exposition quite as well as the Jeep Wrangler Red Rock you see here. The concept started out life as a Wrangler Unlimited, but instead of four doors, it has none. Or any roof, for that matter. Just a roll cage and a windscreen. What it does have are 17-inch wheels wearing 35-inch BF Goodrich tires and fitted to a suspension lifted by two inches. It also has a reinforced tailgate, power winch, tow hooks... everything, in short, that you could want or need for off-roading, and little more. As you can see, it also looks the business, with a custom hood, body-color grille, matte-finish bumpers, and a brown leather interior. Handsome as it is, though, its rugged beauty runs more than skin deep: lift off the sheetmetal and you'd find electronic locking differentials, a transfer case, and solid axles fore and aft. A more extreme take on the existing Jeep Wrangler Unlimited Rubicon Hard Rock edition, the Red Rock show truck was done up to honor the organization behind the Easter Jeep Safari that's a favorite among the legions of the Jeep faithful. And while it remains a concept only for the time being, a production version is slated to follow in time to celebrate the event's 50th anniversary next year. Related Video:

NHTSA closes investigation into Jeep Liberty fires

The investigation that the National Highway Traffic Safety Administration opened into the Jeep Liberty in October 2013 has been closed. NHTSA received two (!) complaints about fires starting in the driver's door, thought to be caused by the master power window switch. The initial estimate was that 80,000 Libertys could be roped into a possible recall, but according to a report in the Detroit News the agency examined records for 425,000 Chrysler products that used the same window switch, including the Dodge Nitro and Chrysler Town & Country minivan.
After canvassing 265 warranty claims related to the master switches, NHTSA concluded that the rate of fires compared to the "large population of vehicles" was rather low, and that there was no trend pattern behind the few issues it did find. Perhaps with that, and the closure of the trailer hitch investigation, the Liberty can finally rest in peace.