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Stellantis mega-merger gets approval from FCA, PSA shareholders

MILAN — Shareholders of Fiat Chrysler and PSA Peugeot decisively voted Monday to merge the U.S.-Italian and French carmakers to create worldÂ’s 4th-largest auto company. Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the “historic” importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy. Before the merger is finalized, shares in the new company, to be called Stellantis, must the launched. It will be traded in Milan, New York and Paris. The marriage of PSA Peugeot and Fiat Chrysler Automobiles is built on the promise of cost-savings in the capital-hungry industry, but what remains to be seen is if it will be able to preserve jobs and heritage brands in a global market still suffering from the pandemic. The deal will create the worldÂ’s fourth-largest carmaker, with the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies.  “We are fully aware of the fact that together we will be stronger than individually,'' PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. “The two companies are in good health. These two companies have strong positions in their markets.” The new company will put together under one roof French mass-market carmakers Peugeot and Citroen, top-selling Jeep and Italian luxury and sports brands Maserati and Alfa Romeo - pooling companies that have helped define the industry in the United States, France and Italy. While the tie-up is billed as a merger of equals, the power advantage goes to PSA, with Tavares running Stellantis and holding the tie-breaking vote on the 11-seat board. Tavares is set to take full control of the company early this year, possibly by the end of January. Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat ChryslerÂ’s biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler. Such a deal was long wanted by Fiat ChryslerÂ’s long-time CEO Sergio Marchionne, who had predicted the necessity of consolidation in the industry. He was unable to find a deal before his sudden death in July 2018.

2019 Jeep Cherokee reveals a much more normal face

Since we started seeing redesigned Jeep Cherokee prototypes, we've suspected that the crossover would lose its controversial split headlights and pointy grille. Finally, we get a good look at a mostly uncovered test car, and it confirms that the new Cherokee will look quite conventional. The obvious change is the headlights. Instead of the slender daytime running lights at the top next to the grille, and the actual illuminating headlights lower in the bumper, all of the elements are integrated into single housings on either side. They're somewhat rectangular now, looking more like those on the Compass and the Grand Cherokee. But you can still see the same hockey-stick shaped LED running light design in the new lamps. The grille has changed, too. It looks much more blunt than the sharply creased, almost pointy grille of the current model. It also looks as though it may extend farther down than the current version. The rest of the Cherokee is very similar to the current model. The flanks are virtually unchanged, as is the interior, and the tail sees only minor changes. The most significant is the move of the license plate from the bumper to the hatch. The taillights' shape hasn't really changed, but the white section is now broken up by black lines, and the red element looks darker. We expect to see the Cherokee refresh soon, possibly by the end of the year. Related Video:

Watch a Jeep CJ get disassembled and reassembled in minutes

Movie buffs! Remember the scene in the James Bond film 007: The Living Daylights where Timothy Dalton's character slices the floorpan off a police Lada using a laser, and when the driver hits the brakes the Lada's body simply jumps off its axles? That scene was immediately brought to mind as I watched this clip of eight Canadian mechanics disassembling a slightly modified Jeep in a matter of seconds. Having driven the Jeep to a complete stop, the technicians start unbolting it until the body lifts off the frame and the engine can be hauled away. It only took half a minute to turn the Jeep into just a chassis on wheels. As repair manuals say, refitting is the reversal of removal. Apparently the technicians have now honed their mechanical choreography to the point that the Jeep can be disassembled and reassembled in two minutes and 39 seconds; while I expect a great number of bolts having been removed beforehand and the likelihood of the Jeep falling to pieces with a sharp braking being significant, it is definitely impressive. It also reminds me of someone driving an old, dodgy car, having learned all its kinks to be able to keep it running. According to a Reddit thread, the pre-modified "Jifty Jeep" has been built (and taken apart, and rebuilt) by the School of Royal Canadian Electrical and Mechanical Engineers (RCEME) for exactly this purpose. The team travels all around Canada to practice their show, trying to shave seconds off their record. There are worse hobbies.