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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 Ram Heavy Duty gets new face, 1,000 lb-ft Cummins and the towing crown

We've seen uncovered images before in spy shots, but here are the official images and word on the 2019 Ram Heavy Duty pickups. Ram dropped so much verbiage on new features that we'd need the truck's 7,680-pound max payload rating to haul the press releases, so dig in. We'll start with that max payload rating, and the 35,100-pound tow rating. Gimlet-eyed truck watchers will note the Ram HD's max tow rating is exactly 100 pounds more than that available on a Ford Super Duty, meaning the Auburn Hills clan takes the "best-in-class" mantle for a few months. The other big number: 1,000 pound-feet of torque from the high-output version of the 6.7-liter Cummins inline-six turbodiesel, a 70-lb-ft increase over the 2018 Ram 3500 HD. Completing the specs at the top, that HO motor produces all that torque at 1,800 rpm, and makes 400 horsepower at 2,800 rpm. One step down, the standard-output 6.7-liter Cummins puts out 370 hp and 850 lb-ft. Thanks to developments like a compacted graphite iron block, lighter pistons, hollow camshaft, and new forged connecting rods and bearings, the Cummins engine has lost more than 60 pounds. The entry-level motor is a 6.4-liter Hemi gas-powered V8 with an unchanged 410 hp and 429 lb-ft. 2019 Ram Heavy Duty View 12 Photos The HO Cummins pairs to an Aisin AS69RC six-speed transmission, with upgraded hardware and programming for better shifting and oversight of the gravity-warping torque. The regular Cummins mates to a "significantly upgraded " version of the in-house 68RFE six-speed automatic. The 6.4-liter Hemi works with the well-known TorqueFlite 8HP75 eight-speed automatic, bolstered for heavy duty obligations, the first time the eight-speed makes an appearance in a Ram HD. A column-mounted shifter works the gearsets on the Cummins-equipped rigs, a rotary dial on the center stack controls the shift-by-wire eight-speed. The Cummins motors come with two 220-amp alternators. The Hemi V8 gets a 220-amp and a 160-amp alternator, which Ram says is the "first gas-driven application of its kind in either class." There will be six trims available: Tradesman, Bighorn/Lonestar, Power Wagon, Laramie, Laramie Longhorn, and Limited. The HD trucks don't share any exterior sheetmetal with the light-duty 1500, and each trim is known by different grilles, bumpers and wheels.

Detroit Three's lucrative pickup war intensifies as Ram makes big gains

DETROIT — The battle for profits from sales of large pickup trucks is intensifying among the Detroit Three automakers as sales of small cars in the United States shrivel. For decades Ford has had the single best-selling truck brand in its F-Series trucks. General Motors' Chevrolet brand was a solid No. 2, and Fiat Chrysler Automobiles' Ram was a distant third. Now, that hierarchy may be in flux. Sales figures for December and the fourth quarter released on Thursday show Ram tied with GM's Chevy for the No. 2 spot, as sales of the redesigned Ram pickup surged, fueled in part by demand for an optional 12-inch (30.48 cm) dashboard screen. Chevy not long ago held second place to Ford by a wide margin. GM executives said on Thursday they are bullish on their new GMC and Chevy trucks for 2019.Related: How the Detroit Three's pickups compare on paper 2019 Ram 1500 Laramie review 2019 Chevy Silverado 2.7L four-cylinder review 2019 Ford F-150 2.7L EcoBoost review "There's no doubt this segment (pickup trucks) is one of the epicenters of the auto wars," said Sandor Piszar, director of marketing for Chevrolet at GM. "It's been that way forever, and we wouldn't have it any other way." On Wall Street, investors give electric car leader Tesla a higher valuation than any of the Detroit automakers. But in the nation's heartland, big pickups remain far more popular and profitable than any electric car — and most other consumer vehicles of any kind. Large pickups generate at least $17,000 a vehicle in pretax profit for GM, the company has indicated in disclosures to investors. By contrast, many Detroit Three sedans are so unprofitable, their manufacturers have decided not to build them anymore. 'Hotly contested' Sustaining sales and pricing in the large-pickup segment will be critical in a year when most forecasters expect overall U.S. car and light truck sales to fall. Ford's U.S. sales chief, Mark LaNeve, on Thursday called the F Series "the backbone of our franchise" during a conference call, and added the "segment will continue to be strong, but hotly contested" in 2019. Automakers are banking on pickup truck sales to stay strong even if U.S. interest rates continue to rise. Rising interest rates translate into higher monthly car payments and are expected to deter some buyers in 2019. GM has said 27 percent of Chevrolet and GMC trucks — which can haul trailers by day and substitute for a luxury sedan by night — sell for more than $55,000.