Peugeot keert in 2022 terug naar Le Mans

Peugeot keert in 2022 terug naar Le Mans

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PeugeotSport announced Friday that it will return to top-tiermotorsportsin collaboration with works team Total, fielding a newLe MansHypercar Prototype in 2022. The announcement came in the lead-up to the 88th running of the famous 24 Hours of Le Mans, which will be held this weekend after being postponed due to the global coronavirus pandemic. 

“Le Mans is the holy grail of the automobile world,” said Peugeot CEO Jean-Philippe Imparato in the company’s announcement. “It is the race who determines its winner. For us, this represents 3 victories but also the endless sweat, tears and joy and an incredible team spirit with TOTAL, with whom we celebrate this year, 25 years of collaboration.”

The announcement was accompanied by a video titled “Back to Le Mans,” which you can check out below. Take note, it’s in French but contains English subtitles.  

Peugeot shared renderings of its LMH Prototype concept sporting a simple black livery with bright green highlights, which is a pretty big departure from thelast Hypercar conceptwe saw from the French automaker. The hybrid-electric hypercar will produce 670 horsepower, Peugeot says, and be all-wheel drive, conforming with therulesfor the new unified Hypercar endurance racing classes. 

This means a maximum output of 500 kW (670.5 horsepower, down from 750 hp first set for the Hypercar class) and a minimum weight of 1,030 kilograms (2,271 pounds), down from 1,100 kg (2,425 pounds). With that established, LMDh and LMH cars would still need to run together in order to establish the beginning of a Balance of Performance formula. In a nod to WEC, competitors in Hypercar must build at least 20 road cars based on their prototypes within two years of joining the series.

While this year may have been a bumpy one for motorsports, the return of legendary participants such as Peugeot andRenaultsuggest that there’s plenty of life left in endurance racing. 

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Herstel in Franse registraties van nieuwe auto's in augustus – Reuters

Herstel in Franse registraties van nieuwe auto's in augustus – Reuters

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PARIS, Sept 1 (Reuters) – New car registrations in France fell nearly 20% year on year in August for their first drop since May’s reopening of dealerships after a strict coronavirus lockdown.

France’s CCFA association of carmakers said registrations of passenger vehicles were 103,631 last month, adding that the year-on-year decline was exacerbated by strong numbers in the same month last year when rules on car emissions tests and requirements changed.

Registrations last month were largely in line with the more normal trends seen in August 2015, 2016 and 2017, it said.

But CCFA spokesman Francois Roudier said that the rest of 2020 remains uncertain despite a healthy order book, with registrations for the year as a whole likely to be down by between 25% and 30%.

French consumer confidence held steady in August, official indicators show.

New French car registrations at Peugeot-maker PSA in August declined 8.4% from a year earlier while rival Renault suffered a decline of nearly 20%. (Reporting by Gilles Guillaume Writing by Sarah White Editing by David Goodman)

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PERS DIGEST – Financial Times – 15 september – Reuters UK

PERS DIGEST – Financial Times – 15 september – Reuters UK

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Sept 15 (Reuters) – The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

– UBS chairman maps out Credit Suisse mergeron.ft.com/3kbmeMW

– Parma football club poised for sale to America’s Krause familyon.ft.com/2ZTKdsz

– PSA and Fiat Chrysler overhaul terms of 50 bln euro mergeron.ft.com/33wDB4f

– G4S faces 3 bln pound hostile takeover bid from private equity-backed groupon.ft.com/2ZEWroJ

Overview

– UBS Group AG Chairman Axel Weber is eyeing a merger with Credit Suisse that would create a unified Swiss champion in wealth management and investment banking.

– U.S. billionaire Krause family is nearing an agreement to acquire a majority stake in Italian football club Parma, valuing the club at more than 100 million euros ($118.65 million).

– Peugeot maker PSA and Fiat Chrysler said on Monday they have overhauled the terms of their 50 billion euro merger to preserve more cash within the combined business.

– UK security group G4S is facing a 3 billion pound ($3.85 billion) hostile takeover bid backed by the private equity firm BC Partners.

$1=0.8428 euros $1=0.7783 pounds Compiled by Bengaluru newsroom

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Fiat Chrysler, Peugeot-maker PSA herzien fusievoorwaarden vanwege COVID-19-crisis – Reuters India

Fiat Chrysler, Peugeot-maker PSA herzien fusievoorwaarden vanwege COVID-19-crisis – Reuters India

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PARIS/MILAN (Reuters) – Peugeot maker PSAPEUP.PAand Fiat Chrysler (FCA) have restructured the terms of their planned merger to conserve cash, and also stepped up the promised levels of cost cutting during the pandemic.

The two companies, which are set to merge into Stellantis, the world’s fourth-largest carmaker, said in a joint statement late on Monday that FCAFCHA.MIwould cut to 2.9 billion euros ($3.4 billion) the cash portion of a 5.5 billion euro special dividend its shareholders will receive under the terms of the accord they signed last year.

France’s PSA, whose brand portfolio also includes Citroen and Opel, will in turn postpone the planned spinoff of its 46% stake in parts maker FaureciaEPED.PAuntil after the merger’s closing and extend it to all shareholders of the new group.

Faurecia’s market capitalisation is around 5.9 billion euros.

“Amendments preserve the balance of original combination agreement,” the two groups said, adding that ownership of Stellantis would still be split 50/50 between current PSA and FCA shareholders.

A source said on Monday that the aim of those changes was to reinforce the balance sheet structure of both companies after the COVID-19 crisis and ensure that the merger plan is concluded as soon as possible.

Analysts had argued that such a large cash payout to FCA shareholders, led by controlling investor EXOREXOR.MI, the holding company of Italy’s Agnelli family, could weaken the new carmaker’s finances, as the auto industry is paying a high price for the coronavirus outbreak.

Confirming last week that the deal was on track, FCA Chief Executive Mike Manley said both he and PSA CEO Carlos Tavares were aware of the need for the two firms to get to the merger with the strongest balance sheets possible as well as for shareholders to get what they expected.

FCA and PSA said annual estimated synergies from their merger were now seen at more than 5 billion euros, compared with an initial estimate of over 3.7 billion.

The two carmakers confirmed that they expect to complete the tie-up process by the end of the first quarter of 2021.

Both earlier this year scrapped dividend payments on 2019 results, each worth 1.1 billion euros.

Reporting by Gilles Guillaume in Paris and Giulio Piovaccari in Milan; editing by Peter Cooney, Keith Weir and Jason Neely

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Fiat Chrysler, PSA-aandelen stijgen na herziening fusieovereenkomst – Reuters

Fiat Chrysler, PSA-aandelen stijgen na herziening fusieovereenkomst – Reuters

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MILAN (Reuters) – Shares in Fiat Chrysler (FCA)FCHA.MIrose sharply in Milan on Tuesday after the car maker and French partner PSAPEUP.PArevised the terms of their merger deal, with FCA’s shareholders getting a smaller cash payout but a stake in another business.

FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe/Files

FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world’s fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector.

Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%.

Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger.

However, PSA will for its part delay the planned spin-off of its 46% stake in car parts maker FaureciaEPED.PAuntil after the deal is finalised. That means all Stellantis shareholders – and not just the current PSA investors – will get shares in a company which has a market value of 5.8 billion euros.

Based on Stellantis’ 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia.

Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis’ balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion.

There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021.

“All told, the two players emerge as winners,” broker ODDO BHF said in a note.

“Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros).”

The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company’s Italian business.

“These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups’ share performances,” ODDO BHF said.

PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.

Both companies have this year scrapped dividend payments on 2019 results, each worth 1.1 billion euros, as the sector grapples with the pandemic which has sent car sales plunging.

FCA CEO Mike Manley had said last week he and PSA CEO Carlos Tavares were aware of the need for the two firms to get to the merger with the strongest balance sheet possible.

“It was a courageous and realistic move by management given the need to hang on to liquidity,” Roberto Lottici, fund manager at Banca Ifigest in Milan, said.

($1=0.8415 euros)

Reporting by Giulia Segreti in Rome, Giancarlo Navach and Stephen Jewkes in Milan, Sudip Kar-Gupta and Gwenaelle Barzic in Paris; writing by Valentina Za; Editing by Kirsten Donovan, Keith Weir and Jon Boyle

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Maserati rolt nieuwe supersportwagen uit om de ommekeer te stimuleren voorafgaand aan de fusie tussen FCA en PSA – Reuters

Maserati rolt nieuwe supersportwagen uit om de ommekeer te stimuleren voorafgaand aan de fusie tussen FCA en PSA – Reuters

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MILAN (Reuters) – After more than a year on the skids, Maserati has taken the wraps off a new high performance sports car which parent Fiat ChryslerFCHA.MIhopes will help turn the brand into the “crown jewel” of its merger with France’s PeugeotPEUP.PA.

Maserati unveils its new MC20 super sports car, a key release in a pipeline of new models, including hybrid and full electric ones, in Modena, Italy, September 9, 2020. REUTERS/Flavio Lo Scalzo

The sleek and super-lightweight MC20 offers acceleration from zero to 100 kilometres an hour (km/h) in under 2.9 seconds and a top speed of 325 km/h.

Speaking at the launch in Italy’s auto city of Modena, Fiat Chrysler (FCA) CEO Mike Manley predicted Maserati would return to profit from next year and was destined to be a “crown jewel” for the new Stellantis group to be born from the Peugeot merger.

He said work to close the merger by the first quarter of next year was progressing well, and his role in the new group would be announced by the end of year.

Maserati, which made an operating loss of 199 million euros ($235 million) last year, is expected to deliver annual sales of more than 75,000 vehicles and a profit margin of more than 15% “towards the end” of a five-year period, Manley said.

That compares with 26,500 vehicles and a margin of minus 12.4% in 2019.

“Maserati is at the very beginning of a very exciting journey,” Manley said, adding any speculation about a potential spin-off replicating what FCA did with luxury sports car maker FerrariRACE.MIwas premature before targets were reached.

“A few years down the line we can have that kind of speculation, not right now,” he said.

The MC20 is part of a fleet of new vehicles planned between now and 2023 to bolster FCA’s presence at the top end of the autos market. Stellantis’s combined portfolio has no other global luxury brand, apart from top-of-the-line Jeep and Ram truck models that sell for luxury prices in North America.

However, competition is tough from the likes of Aston Martin, Ferrari, Porsche and Tesla.

The MC20 will launch with an internal combustion engine and a starting price of 216,000 euros in Europe and $230,000 in the United States, with a fully-electric version expected later.

Carlos Tavares, the head of Peugeot-maker PSA who will be CEO of Stellantis, has said he sees no need to scrap any brands after the merger.

“I can imagine Tavares actually being quite keen on having the likes of Maserati as part of the wider group,” IHS Markit analyst Ian Fletcher said.

Manley has committed to investing 2.5 billion euros in new Maserati models, saying its work on new technologies can benefit the rest of the group.

“We are looking to keep Maserati at the forefront of where it needs to be to benefit downstream,” he said.

Maserati earlier this year started selling a hybrid version of its Ghibli luxury sedan, and plans to launch between 2021 and 2022 a new SUV and redesigned GranTurismo and GranCabrio models, the brand’s first fully-electric cars.

(1 euro=$1.18)

Reporting by Giulio Piovaccari and Joseph White; Editing by Richard Chang and Mark Potter

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De Peugeot E-Boxer lijkt een mooie elektrische Ram ProMaster te worden

De Peugeot E-Boxer lijkt een mooie elektrische Ram ProMaster te worden

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Thoughelectric cars, andespecially pickup trucks, are the hot zero-emissions battlefield, there’s another sector that’s heating up:commercial vans. Startups such asRivianand Bollinger have announced plans for vans, andFord has shown a prototype of an electric Transit. It seemsStellantisis slightly ahead of the curve, though, as it has revealed details ofits electric vanswith thePeugeotE-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 ItalianFiatDucato.

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 AmericanEPAtesting. 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:

RAM ProMaster Information

RAM ProMaster


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EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters UK

EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters UK

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FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe

BRUSSELS (Reuters) – EU antitrust regulators have extended their investigation into Fiat Chrysler (FCHA.MI) and Peugeot maker PSA’s (PEUP.PA) proposed merger to Nov. 13, the European Commission said on Tuesday.

“The Commission extended the deadline in agreement with the parties,” a spokeswoman for the EU competition enforcer said.

The Commission launched a four-month long probe last month, concerned that the deal to create the world’s fourth-biggest carmaker may hurt competition in small vans in 14 EU countries and Britain.

The move suggests that the companies will have to offer concessions to address the competition concerns. Antitrust authorities in the United States, China, Japan and Russia have already given the green light.

Italian-American Fiat’s brands include Fiat, Jeep, Dodge, Ram, Maserati while French peer PSA has Peugeot, Opel and DS.

Reporting by Foo Yun Chee, editing by Louise Heavens

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EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters

EU-antitrustregelgevers verlengen onderzoek Fiat, Peugeot tot 13 november – Reuters

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FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe

BRUSSELS (Reuters) – EU antitrust regulators have extended their investigation into Fiat Chrysler (FCHA.MI) and Peugeot maker PSA’s (PEUP.PA) proposed merger to Nov. 13, the European Commission said on Tuesday.

“The Commission extended the deadline in agreement with the parties,” a spokeswoman for the EU competition enforcer said.

The Commission launched a four-month long probe last month, concerned that the deal to create the world’s fourth-biggest carmaker may hurt competition in small vans in 14 EU countries and Britain.

The move suggests that the companies will have to offer concessions to address the competition concerns. Antitrust authorities in the United States, China, Japan and Russia have already given the green light.

Italian-American Fiat’s brands include Fiat, Jeep, Dodge, Ram, Maserati while French peer PSA has Peugeot, Opel and DS.

Reporting by Foo Yun Chee, editing by Louise Heavens

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CEO van Peugeot zegt dat fusie met Fiat Chrysler op schema ligt – Reuters

CEO van Peugeot zegt dat fusie met Fiat Chrysler op schema ligt – Reuters

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PARIS (Reuters) – PSA Chief Executive Carlos Tavares is confident a $50 billion merger of the maker of Peugeot vehicles with Fiat Chrysler (FCA) will proceed as planned and deliver synergies of at least 3.7 billion euros ($4.2 billion).

FILE PHOTO: Carlos Tavares, chief executive officer of PSA Group, speaks during the annual results news conference at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2020. REUTERS/Benoit Tessier

The deal to create the world’s fourth-largest carmaker has become even more vital because of the impact of the coronavirus crisis and to speed up cost savings, Tavares told PSA’s (PEUP.PA) annual shareholder meeting on Thursday.

“The merger with FCA (FCHA.MI) is the best among the solutions to cope with the crisis and its uncertainties.”

Global car sales have slumped as measures to contain the coronavirus pandemic forced production lines to shut and showrooms to close, with carmakers scrambling to conserve cash in the industry’s worst since the 2008-09 financial crisis.

Tavares also played down fresh European Union antitrust scrutiny of the planned merger, adding that he was confident it would be finalised in the first quarter 2021 “at the latest”.

“The timetable of the merger with FCA is being strictly respected,” he said, adding that projected synergies of 3.7 billion euros from the deal was a “floor”.

EU antitrust regulators last week began a four-month investigation into the deal, saying it may harm competition in small vans in 14 EU countries and Britain.

The two carmakers declined to offer concessions to allay EU concerns during its preliminary review of the deal, which has already received the green light in the United States, China, Japan and Russia.

Tavares said the “time has not come to discuss this issue” when asked if terms could be revised to reflect the downturn in the global auto industry, adding that the benefits of the deal must be appreciated over the long term and PSA was focused on the binding agreement with FCA.

PSA and FCA have however already revised one aspect of the merger. In May, they said that they would not pay their planned ordinary dividend on 2019 results, citing the negative impact of the pandemic.

A 1.1 billion euro ordinary dividend for both FCA and PSA was announced in December as part of their agreement.

Reporting by Dominique Vidalon and Gilles Guillaume; Editing by Mark Potter and Alexander Smith

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