Merger

Shareholders approve FCA-Groupe PSA merger; here's what's next

A new Stellantis company logo was revealed last year ahead of Groupe PSA-Fiat Chrysler merger.

Photo courtesy of FCA US LLC

The shareholders of Fiat Chrysler Automobiles N.V. (FCA) and Peugeot S.A. (Groupe PSA) have approved a merger of the two companies to create Stellantis N.V. (Stellantis). More than 99 percent of the votes cast were in favor of the transaction.

As part of the merger vote, shareholders of FCA also approved the adoption of the Stellantis' Articles of Association and appointment of the previously announced members of the Board of Directors of Stellantis.

Jeep Compass 4xe (European model)The Jeep Compass 4xe is available in overseas markets where PSA Groupe already sells cars. Photo courtesy of FCA

The Board of Directors was announced in October 2020 and includes various members of 11 members. FCA and its reference shareholder Exor nominated five members and Groupe PSA and two of its reference shareholders (EPF/FFP and BPIfrance). nominated five members.

The non-executive directors include Andrea Agnelli (board member of Fiat and Exor), Fiona Clare Cicconi (Google's new head of people operations), Nicolas Dufourcq (general manager of BPIfrance), Ann Frances Godbehere (Non-Executive Independent Director of Royal Dutch Shell Plc), Wan Ling Martello (former Executive Vice President of Nestle, also sits on Uber's board of directors), Jacques de Saint-Exupéry (longtime union insider in France) and Kevin Scott (Microsoft's chief technology officer).

John Elkann will serve as Chairman and Robert Peugeot will be Vice Chairman. Current FCA CEO Mike Manley will not serve on the board. He will instead head up the company's efforts in the Americas.

All appointments are effective on the date of the merger's completion.

What's next for Stellantis

The final regulatory clearances for the company were completed over the course of the last month, including those from the European Commission and the European Central Bank. With those in hand, the merger is expected to be completed on January 16, 2021.

Stellantis' common shares will begin trading on the Euronext in Paris and on Mercato Telematico Azionario in Milan on Monday, January 18, 2021, and on the New York Stock Exchange on Tuesday, January 19, 2021.

There is no official word on when vehicles by Groupe PSA's brands will make their way to U.S. markets. It's more likely that ahead of any brand emergence, there will be Groupe PSA vehicle components that make their way into traditionally FCA products. This includes electrification technology, which FCA's U.S. brands have only just started tapping into.

Trending News

 
 

Toyota will reveal the new Corolla later this week.

Toyota

After much speculation and plenty of teases, Toyota is ready to unveil a new car. The GR Corolla will be a hot hatch that Americans can actually buy, and is expected to bring many rally-inspired touches, along with aggressive styling and plenty of power. Now, we finally know when it will be announced.

Toyota hasn't elaborated on specs, but we'll likely see a version of the turbocharged three-cylinder engine that comes in the GR Yaris. It's a 1.6-liter unit that makes 257 horsepower, which is the most of any three-cylinder engine. A six-speed manual transmission and rally-friendly all-wheel drive are also expected.

Toyota GR CorollaThe GT-Four badging refers to the car's all-wheel drive system.Toyota

The GR-Four badging refers to the car's all-wheel drive system, which it's also expected to share with the Yaris. That means a torque-vectoring system with the ability to shift torque between the front and rear axles. Different modes allow the driver to select how that torque is split, such as with the Yaris' Sport mode, which sends 70 percent of it to the rear wheels.

Toyota's been teasing the hot hatch for months, and here in the U.S., we've had to watch the rest of the world get a crack at the GR Yaris while sitting on the sidelines. That demand - assuming as many people actually end up buying the thing as have said they will - is likely to make it difficult to find a GR Corolla for retail pricing at first. If you're even slightly considering the car, watch the reveal video here at 9:30 PM EST on March 31 to find out when you can place a reservation.

Trending News

 
 

The 3.0-liter twin-turbo engine delivers big power numbers.

Stellantis

The old saying that there's "no replacement for displacement" isn't quite as accurate as it once was. Turbochargers and the latest engine designs have made it possible to extract major power from smaller, more efficient power plants. Stellantis' latest announcement proves this point, as its new Hurricane inline-six-cylinder engine will generate big power numbers from a relatively modest 3.0 liters and two turbos.

Stellantis says two variants will be available. The standard output version produces more than 400 horsepower and 450 pound-feet of torque, while a high output variant delivers more than 500 horsepower and 475 pound-feet of torque. The twin-turbo inline-six delivers that power with up to 15 percent better fuel efficiency.

Stellantis Hurricane Inline-SixIt's not yet clear which vehicles will get the engine.Stellantis

The new engine comes as Stellantis works to position itself for an electrified future. The automaker stated a goal of 50 percent a 50 percent battery electric vehicle mix by 2030, but notes that gas engines will still play a major role in its vehicle line for years to come. "The Hurricane twin-turbo is a no-compromise engine that delivers better fuel economy and an important reduction in greenhouse gases without asking our customers to give up performance," said Micky Bly, Stellantis head of propulsion systems.

At this point, it's unclear which vehicles will get the new engine, but Stellantis' brands are packed with opportunities. Dodge, whose Hellcat-powered muscle cars could be a good candidate, and then there's Jeep, with a line of off-road-ready SUVs that could greatly benefit from such an engine. The Hurricane's projected high output of 500 horsepower puts it behind the Hellcat engines power output, but it's still strong enough to make a seriously quick vehicle.

Trending News