2010 Wrangler Sahara Unlimited Navigation Chrome Edition on 2040-cars

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FCA CEO Mike Manley will run Americas for Stellantis after PSA merger

DETROIT — Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with FranceÂ’s PSA Peugeot early next year. FCA Chairman John Elkann announced ManleyÂ’s new post on Friday in a letter to employees. ManleyÂ’s role in the merged company had been a mystery. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis. Shareholders of both companies will vote on the merger Jan. 4 to seal the deal creating the worldÂ’s fourth-largest automaker. The merger is expected to be completed by the end of March. PSA will get six seats on the new companyÂ’s 11-member board, which will be chaired by Elkann. The Americas, especially the U.S., are key to the new companyÂ’s success. Fiat ChryslerÂ’s Jeep and Ram brands are highly profitable, and Tavares has long wanted to sell PSA vehicles in the U.S. Manley has been the Italian-American automakerÂ’s CEO for 2 1/2 years, taking over when Sergio Marchionne died in 2018. Stellantis will have the capacity to produce 8.7 million cars a year, just behind Volkswagen, the Renault-Nissan alliance and Toyota. Related Video: Hirings/Firings/Layoffs Chrysler Dodge Fiat Jeep RAM Citroen Peugeot Mike Manley Stellantis

Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

Jeep Wrangler pickup spy photos reveal production truck bed

The last time we saw the Wrangler pickup undergoing testing, it was sporting a strange pre-production bed that looked as though it had been pulled off a Ram 1500. It seems development has progressed since then, because, despite the heavy camouflage, the Wrangler in these spy photos is definitely carrying a production-ready bed. Unlike the earlier test bed, this bed has sides that are the same width as the cab, and the top of the bed matches up with the body line on the cab. The bed is properly boxy and straight-edged like a Wrangler, too. It looks quite good, and actually very similar to the custom AEV Brute. However, unlike the Brute, the traditional plastic wheel arch flares seen below the camo extend farther forward, and the angle of the flares' forward edges match those of the rear doors. The rest of the truck is rather well covered, so there aren't many more details to glean from the photos. There is a very large rear window, which should be good for visibility. Even though the roof is covered, we expect a removable roof of some sort is hiding underneath, since the previous prototype had removable panels like those on the current Wrangler Unlimited. We also expect a turbocharged four-cylinder and a naturally aspirated V6 to be offered as engines on this and other new Wranglers, as well as the possibility of a diesel of some sort. As for when we'll see the Wrangler pickup, we would expect a reveal in early- to mid-2019, with trucks appearing on lots in very late 2019 or early 2020. This is based on a report from The Detroit News that says production will begin in 2019. Related Video: