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Here’s how a Fiat Chrysler-Renault merger could spark some mega auto deals

2017 Chrysler Pacifica BraunAbility is on display at the 109th Annual Chicago Auto Show at McCormick Place in Chicago, Illinois on February 9, 2017.Raymond Boyd | Getty ImagesFiat Chrysler's (FCA) proposed 50/50 merger with Renault could pave the way for a long-awaited M&A (merger and acquisition) boom in the sector, analysts have told CNBC.
The tie-up looks to strengthen FCA's position in electric vehicle technologies but would also create the third largest global automaker by production, behind Volkswagen and Toyota.
It's been lauded by many analysts, including Philippe Houchois, autos equity research analyst at Jefferies, who published in a note that there is nothing to dislike in a proposed merger that offers scope for synergies and restructuring.
“(It's) hard to disagree with the logic (of the deal) and with net synergies. We are positive on both shares with proforma combination still at low end of sector,” Houchois said.
Gaetan Toulemonde, autos equity research analyst at Deutsche Bank, said in a note that it would allow both groups to share platforms and “capture economies of scale at a time when the industry needs to invest massively in CO2 reduction (and) autonomous driving.”
VIDEO3:0103:01Renault would boost Fiat Chrysler in electric vehiclesClosing BellThe auto industry has long promised consolidation but has never fully delivered on market expectations. Now, under mounting pressure from structural changes including new technologies and stricter emissions standards, we could finally be on the brink of an M&A bonanza in the sector.
“There is certainly scope for a lot of co-operation throughout the industry, either through a full merger such as Renault-FCA or just sharing R&D or sourcing,” said Anna-Marie Baisden, Head of Autos, Macro Research at Fitch Solutions.
And Arndt Ellinghorst, the head of global automotive research at investment banking firm Evercore ISI, told CNBC he “wouldn't rule anything out at this stage as we know from public statements that various players are open to consolidation.”
Daimler and BMW recently struck an agreement to pool their mobility services to create a new global player providing sustainable urban mobility for customers. They have also joined forces on autonomous driving. If they are forced to compete with another mega automaker in FCA-Renault, Daimler and BMW could perhaps even explore deepening their ties.
“The recent FCA-Renault announcement confirms that the auto industry is changing and that cooperation will be one of the keys for future success. We are monitoring the next steps closely and certainly see the possibility that the merger can also create opportunities and potentials,” wrote a Daimler spokesperson in an email to CNBC.
VIDEO3:0703:07Cramer: Auto companies have too many employeesSquawk on the StreetAngus Tweedie, auto equity research analyst at Citi agrees that closer collaboration between Daimler and BMW would seem very logical given their similar target markets and therefore commonality of components. Areas of difficulty would be the shareholder structure and there also seems some opposition at both companies from an operational perspective. Like all European deals, headcount reductions would be difficult, Tweedie added.
Ford and Volkswagen have already forged a global alliance to develop commercial vans and medium-sized pickups together and have signed a memorandum of understanding to investigate collaboration on autonomous vehicles, mobility services and electric vehicles and have started to explore opportunities.
On the prospect of a bigger deal down the line for the two giants, Fitch's Baisden said there was appealing logic.
“Their strategies both focus on EVs and autonomy in the medium to long term and so with a challenging market that threatens their income, it would make sense.”
And don't forget about Peugeot. Multiple reports suggest the French carmaker was interested in doing a deal with Fiat Chrysler. If FCA consummates this deal with Renault, Peugeot will have to look elsewhere for merger opportunities.
Getty ImagesSome market participants suggest a tie-up between Peugeot and Jaguar Land Rover (JLR) could make sense.
“I can see how JLR would be an appealing partner in giving PSA exposure to the premium segment and also the US, which it is looking to return to,” said Baisden.
JLR has been struggling recently, posting losses in the first three quarters of 2017 before swinging to a small profit in the final quarter of the year. Further, PSA's chief Carlos Tavares has successfully turned around the Opel Vauxhall brand he bought from General Motors in 2017, demonstrating his ability to restructure and integrate new businesses.
Ellinghorst also wouldn't rule out Peugeot coming back for FCA: “They have shown interest in FCA before. (But) we must see how Renault and the French government reacts first.”
The European auto sector rallied on the back of FCA's proposal to merge with Renault earlier this week. Market watchers highlight that the positive share price moves show how undervalued carmakers are.
“There has been talk of consolidation for years. Now at the peak of the cycle, the market welcomes the fact that there is some action with regards to consolidation,” Ellinghorst told CNBC.
Peugeot and BMW did not respond to CNBC's request for comment.

Analysis: Why a Jaguar Land Rover and PSA alliance could be good news for both

Jaguar XJ Production Coming To A Grinding Halt In June 2019

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Jaguar XJ Production Coming To A Grinding Halt In June 2019

30 May 2019, 13:12 UTC ·
by Mircea Panait

Home > News > Car Profile

Dating back to 1968, the XJ has served Jaguar well. Sales aren’t great for the time being, but Jaguar is working on a replacement for the X351 that came out in 2010. The full-size sedan is nothing but a shadow of its former self, now sold exclusively with diesel engines in the United Kingdom and Europe.
14 photosPriced at $76,000 before destination in the United States, the luxurious feline for this part of the world is available with the supercharged V6 and supercharged V8 that Jaguar can’t sell any longer in the European Union due to ever-stricter emissions regulations. Considering the age of those gasoline engines, we’re not surprised by this unfortunate turn of events for the XJ.
Confirmed to slot above the J-Pace as the flagship of the Jaguar lineup, the next generation has been signed off in the earliest part of 2018. There’s talk the XJ will go electric in 2020, and chances are Jaguar will make the switch to a dual-motor powertrain considering the success of the I-Pace crossover with a cab-forward design for much greater space in the cabin.
Autocar.co.uk understands that Castle Bromwich will shut off the XJ production line on July 5th after manufacturing more than 120,000 examples of the eighth generation. A spokesman from the British automaker confirmed to the motoring publication the XJ nameplate will soldier on, but didn’t go into detail about what the future holds for the full-size sedan.
Jaguar is no stranger to reinventing itself. The X350 from 2002 to 2007 embraced aluminum while the X351 said farewell to the three-box design of previous generations for a sloping profile. The XJ received a mid-cycle refresh in 2015, adding LED lighting, InControl Touch Pro infotainment, a bangin’ stereo, and lots of driving-assist technology.
Mercedes-Benz is also working on a full-size sedan with all-electric propulsion, related to the next generation of the S-Class. The competitor to beat, however, is the Tesla Model S from Fremont, California. The Palo Alto-based automaker is developing the second redesign of the Model S, expected to debut for the 2020 model year in September.

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JAGUAR models:JAGUAR XE Lower PremiumJAGUAR XE 300 Sport CompactJAGUAR F-Pace SVR Medium SUVJAGUAR I-PACE Premium SUVJAGUAR E-Pace CrossoverAll JAGUAR models

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Renault-Nissan Alliance may re-enter LCV segment in India

Denis Le Vot, Global Head of Renault-Nissan Alliance LCV business Paris: A year after the successful launch in China, Renault-Nissan Alliance is actively looking at re-entering the light commercial vehicle segment in India soon, a top level official told ETAuto during an interaction recently. “As far as Group Renault is concerned, we have been developing… Continue reading Renault-Nissan Alliance may re-enter LCV segment in India

Sytner Group opens new Mercedes-Benz dealership in Carlisle

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FCA, Renault face tall odds delivering on cost-cutting promises in merger

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Ericsson’s 5G technology used in the first 5G based self-driving car demonstration in Hungary

ZALAEGERSZEG, Hungary, 28-May-2019 — /EuropaWire/ — ZalaZone, located in the city of Zalaegerszeg in Hungary, is a 5G-based self-driving vehicle test track that has just been officially opened on May 20, 2019. The ZalaZone test track relies on an advanced 5G technology from Ericsson, which is installed on an existing radio tower operated by Magyar Telekom.

The opening ceremony was attended by Viktor Orbán, Hungarian Prime Minister, and the country’s Minister for Innovation and Technology László Palkovic.

Self-driving cars using the 5G mobile network for the first time in Hungary were demonstrated to the attendees of the opening ceremony.

The ZalaZone test track in Zalaegerszeg boasts 2-kilometer handling course that includes a multi-surface braking platform and multiple test track modules for everything from highway roads and bad rural roads to a water basin and offers unique testing opportunity for car manufacturers in Europe that need the 5G network infrastructure, which is installed on the test track.

Engineers from Ericsson, Magyar Telekom and T-Systems have all worked together to construct the test environment at the ZalaZone test track.

The 5G’s high-capacity and low-latency characteristics are of great importance to future transport solutions.

Commenting on the 5G used on the ZalaZone test track, Claes Herlitz, Head of Global Automotive Services at Ericsson, said:

“Right now, the car of the future is just on a practice lap. 5G will give us the green flag to speed up innovation. The millisecond latency of 5G will enable workloads to be shifted, balancing what work gets done in the car, and what gets done in the cloud. This makes access to data faster and allows us to transform onboard architecture of vehicles.”

Ericsson Hungary’s Country Manager Gábor Éry went further to explain that the ZalaZone test track experience shows how various industries and academic institutions can work together to push the boundaries of what can be achieved using 5G technology.

Commenting further, Gábor, said:

“Ericsson is very proud to have contributed to the first 5G technology-based self-driving car demonstration in Hungary with the company’s leading 5G technology. This project is a very good example of the close collaboration of various industries, allowing for the efficient utilization of the benefits and opportunities provided by 5G technology.”

SOURCE: Ericsson

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