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FCA withdraws its offer to merge with Renault

UPDATE: Fiat Chrysler Automobiles released a statement confirming that it has withdrawn its merger offer, saying "it has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully." The full statement can be read below our original story, which continues below. Fiat Chrysler has withdrawn its $35 billion merger offer for Renault, the Wall Street Journal and Bloomberg News reported on Wednesday. A source said that FCA had informed Renault it had withdrawn the offer after Renault's board of directors failed to reach a decision on the merger during a meeting that ran late into the night Wednesday. Instead, the board granted the French government's request to postpone its vote. The government wanted time to persuade Renault's reticent alliance partner Nissan. Renault's board issued a press release that said simply that it was "unable to take a decision due to the request expressed by the representatives of the French State to postpone the vote to a later Council." WSJ reported that Nissan's two members on Renault's board were balking, while the rest of the board favored the merger. The French government wouldn't it back the deal unless Nissan agreed to maintain its role in the Renault-Nissan alliance, sources said. Nissan had received little advance warning of the merger proposal and was balking. Apparently the French government thought Nissan could be brought around if given more time. "We should take our time to make sure that things are done well," French Finance Minister Bruno Le Maire told French television on Wednesday. When the French requested a delay and Renault's board granted it, FCA withdrew. The French state, which owns 15% of Renault, had also been seeking more influence over the merged company, firmer job guarantees and improved terms for Renault shareholders in return for blessing the $35 billion tie-up. The merger would have created the world's third-biggest automaker with combined sales of 8.7 million vehicles per year, and was intended to cut costs as the parties develop electric and autonomous vehicles. Read Fiat Chrysler Automobile's full statement below: FCA withdraws merger proposal to Groupe Renault June 5, 2019 , London - IMPORTANT NOTICE The Board of Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA), meeting this evening under the Chairmanship of John Elkann, has resolved to withdraw with immediate effect its merger proposal made to Groupe Renault.

Scrapyard Gem: 2007 Mitsubishi Colt CZ2 5-door hatchback

YORK, England — Remember the Dodge and Plymouth Colts of 1971 through 1994? The Colt name stayed alive after that on Mitsubishis sold elsewhere in the world, and I've found a 21st-century example in a self-service wrecking yard near York, England. This generation of Colt served as the basis for the Smart ForFour, so (as promised) I'm following up a ForFour Junkyard Gem with this article about its sibling in the same knacker's yard. Like the ForFour, this car was built at the NedCar assembly plant in the Netherlands. Mitsubishi began using the Colt name in Japan back in 1962, then killed the name at home in favor of the Mirage when that car debuted in 1978. Export-market Mirages got Colt (or Champ, or Lancer and many others) badging at that point. For 2002, the Colt returned to Japan with a brand-new platform, and that's the generation we have here. The engine here is a 1.5-liter Mercedes-Benz turbodiesel, rated at 95 horsepower and 155 pound-feet. A 148-horse turbocharged gasoline-burning Mitsubishi 1.5 was available in the UK as well. The transmission is a five-speed manual. A six-speed automatic was an option. It's a small car but not microscopic; its wheelbase is just over 98" and its curb weight is about 2,500 pounds. The tall roof gives it great storage capacity, a trick often seen in kei vans. This generation of Colt continues to be sold in Taiwan through the present day, as the Colt Plus. In Europe, an all-new Colt based on the Renault Clio was launched last year. It was cheap. In Japan, cuteness was played up in Colt commercials.  

Junkyard Gem: 1986 Dodge Ram 50

After years of selling the Isuzu Faster with Chevrolet LUV badges here, GM replaced it with the S-10 in 1982. Ford sold Mazda Proceeds with Courier badges for even more years, but ditched the Courier once the Ranger became available as a 1983 model. Chrysler was able to put truck beds on Omnirizons at that time, but didn't have the deep pockets to develop its own rear-wheel-drive small pickup; for this reason, Dodge-badged Mitsubishi Forte pickups continued to be available in the United States all the way through the 1994 model year. Here's one of those trucks, found in a Colorado car graveyard. The first Chrysler-imported Mitsubishi Fortes showed up in the United States as 1979 models. The Dodge-badged version was known as the D-50, while Plymouth dealers got theirs with Arrow badges. The Dodge D-50 became the Ram 50 for the 1981 model year, while the final Plymouth Arrow trucks were sold as 1982 models. Just to make things more interesting, Mitsubishi started selling its own vehicles in the United States beginning with the 1983 model year. That meant that the Ram 50 had to compete for sales with a near-identical twin sporting Mitsubishi badges. Things in the Chrysler-Mitsubishi universe got even more exciting a bit later, when there were four marques selling essentially the same car here simultaneously: the Mitsubishi Mirage, Plymouth Colt, Dodge Colt and Eagle Summit. All of the Dodge D-50s and Ram 50s came with Mitsubishi power under their hoods. This one has a 2.0-liter SOHC straight-four rated at 88 horsepower and 108 pound-feet. For a while, a 2.3-liter Mitsubishi diesel was available in the Ram 50. It had been discontinued by 1986, however. This one has the base five-speed manual transmission. It appears that this truck was being used for long-term storage of many, many boxes of random household stuff when it was banished to this place. Much of the stuff was scattered on the ground nearby. Perhaps it was parked at a rent-a-storage facility and got evicted for lack of rent payments. Much of the contents consisted of stacks of newspapers and magazines from the 1960s and 1970s. Here's an Art Buchwald column about then-Vice President Spiro Agnew from February 23, 1971. Here's a Beetle Bailey strip from the same year. There's plenty of history in the junkyard, if you know where to look. There must have been a half-ton of paper in this truck when it arrived here. Sadly, some family's photo albums were here as well.