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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.

Jay Leno rides high in Fab Fours Legend

Jeep showcased some pretty awesome concepts at its Easter Safari in Moab a few days ago, but few if any of them were quite as extreme as what's rolled in to Jay Leno's Garage for this latest video installment. It's called the Legend, and it was made by aftermarket bumper manufacturer Fab Fours to demonstrate its capabilities. It's obviously based on the Jeep Wrangler, but it's riding high on 50-inch tires with a jacked-up monster truck suspension, giant fenders, a chopped-down red-tinted greenhouse and something its creators call a "grumper" that integrates the bumper into the grille. Or vice versa. Though most of the oily bits have carried over from the production model, it's hardly what you'd call "practical," but it's sure to turn a lot of heads... even one as massive as Jay's. Related Video:

2014 Jeep Compass/Patriot sing their swan songs with a six-speed automatic

Unless the governor, Fiat CEO Sergio Marchionne, gives them a reprieve, the 2014 Jeep Compass and Patriot are expected to meet their makers sometime next year. Should they perish, it's a shame that it would happen just as they've shed the continuously variable transmission that was their major bugbear, and just as the Compass has gotten its best looks yet.
Both will roll with a proper six-speed automatic transmission, courtesy of PowerTech. Noise-resistant gears and tuning by Chrysler boffins should alleviate the unappealing sounds that were given off by the older CVT. Unless, that is, you choose to have either model equipped with Freedom Drive II; the serious off-road package, available on both baby Jeeps, will still come with the CVT. The base transmission on the entry-level Sport trim remains the five-speed manual.
Otherwise, it's minor changes for the Compass, set off by the new 18-inch wheel option, trim pieces around the car and a back-up camera. The Patriot gets seat-mounted airbags, but is carryover otherwise. With their expected demises perhaps a year away, not much has changed otherwise. Engine choices comprise the 2.0-liter four-cylinder with 158 horsepower and 141 pound-feet of torque or the 2.4-liter four-cylinder with 172 hp and 165 lb-ft.