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Fiat Chrysler and Peugeot boards meet to finalize merger

MILAN/PARIS — The boards of Fiat Chrysler Automobiles and Peugeot will meet separately on Tuesday to discuss finalizing an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalize a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann — the scion of Italy's Agnelli family, which controls FCA through their holding company Exor — chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles. Related Video:       Chrysler Dodge Fiat Jeep RAM Citroen Peugeot

Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.

Peugeot E-Boxer seems like it would make a nice electric Ram ProMaster

Though electric cars, and especially pickup trucks, are the hot zero-emissions battlefield, there's another sector that's heating up: commercial vans. Startups such as Rivian and Bollinger have announced plans for vans, and Ford has shown a prototype of an electric Transit. It seems Stellantis is slightly ahead of the curve, though, as it has revealed details of its electric vans with the Peugeot E-Boxer. And the reason you should care is that the E-Boxer and gas-powered Boxer are nearly identical to the American-market Ram ProMaster and Italian Fiat Ducato. Powering the E-Boxer is a single electric motor at the front. It's not particularly powerful with just 122 ponies, but it has a more respectable 192 pound-feet of torque. Top speed is limited to 68 mph, which would probably need to be raised if these vans were offered in the U.S. Supplying power is one of two available battery packs: The shorter models get a 37-kWh battery that is rated for 124 miles of range on the WLTP cycle; longer models get a 70-kWh battery rated by WLTP for 211 miles. Those numbers would likely be lower in American EPA testing. While the range isn't incredible, enormous range likely isn't as important for delivery vans that might operate locally. These vans also come with DC fast charging in case more range is needed quickly. Though not quick, the Peugeot E-Boxer doesn't sacrifice on practicality. No cargo space is sacrificed for the electric powertrain, so you can fit just as much into one as a similarly configured gas model. Payload capacity is comparable to the gas vans, even the V6 ProMaster, too, with a maximum of 4,167 pounds. This number does vary based on configuration, just like cargo space. Peugeot will offer it in four different lengths with three roof heights as well as chassis and cutaway cab models. So it's just as configurable as the regular version. With some adjustment to how quick the E-Boxer can go, it would seem like it could be offered in the U.S. and beat some competitors to the punch. It's all built on the existing Ram ProMaster platform that we get here. And electric power would seem appealing to businesses that need delivery vans: lower fuel and maintenance costs. Time will tell if Stellantis sees things the same way. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2018 Volkswagen California Review