Property

Retirement Villages Group sets 2030 net zero carbon target

Property Week News Feed - 33 min 20 sec ago
Retirement Villages Group (RVG) has set out its new sustainability strategy, aiming to achieve net zero carbon by 2030.
Categories: Property

2021 Nissan Armada costs at least $1,000 more, starts at $49,895

The Car Connection News Feed - 43 min 20 sec ago
The refreshed 2021 Nissan Armada full-size SUV costs more across the lineup, but also comes with a new entry-level trim, a new front end, upgraded infotainment system, more standard features, and more power. The upgraded Armada costs $49,895, including the mandatory $1,395 destination fee. That's $1,000 more than last year, but it doesn't reflect...
Categories: Property

Altus Group appoints new global president of property tax business

Property Week News Feed - 1 hour 57 min ago
Altus Group has promoted Alex Probyn as its global president of its property tax business.
Categories: Property

UK register set up to identify foreign owners of property

Property Week News Feed - 3 hours 1 min ago
A new register of overseas entities that own UK property will come into force this year to detail foreign buyers to mitigate potential money laundering and tax avoidance.
Categories: Property

Manchester residential market in December hits decade high

Property Week News Feed - 4 hours 17 min ago
Manchester’s residential market in December last year hit a record level of sales, according to estate agent Bentley Hurst.
Categories: Property

MRP and DLA Piper pre-let 83,000 sq ft Leeds office

Property Week News Feed - 4 hours 20 min ago
Developer MRP has signed a 20-year lease on 83,000 sq ft of office space in Leeds City Centre with law firm DLA Piper.
Categories: Property

McKay secures lease renewal from D&G in Wimbledon

Property Week News Feed - 4 hours 22 min ago
McKay Securities, a REIT specialising South East and London assets, has agreed a lease renewal with specialist warranty provider Domestic & General (D&G) at Swan Court in Wimbledon.
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Review update: 2020 Land Rover Defender SUV looks the part

The Car Connection News Feed - 4 hours 28 min ago
The 2020 Land Rover Defender proves you can enjoy an off-road vehicle without ever venturing off-road. Such is the privilege of luxury, to do what you want even if you never do. Land Rover relies on this luxury premise, starting from the Discovery Sport up the lineup to six-figure Range Rover models too pretty to toss in the mud. Yet the return of...
Categories: Property

Hadrian Yard sold to Smulders Group

Property Week News Feed - 5 hours 13 min ago
Hadrian Industrial Holdings has sold Hadrian Yard in North Tyneside to Smulders Group close to the asking price of £15m.
Categories: Property

2021 Land Rover Range Rover Evoque

The Car Connection News Feed - 5 hours 28 min ago
What kind of SUV is the 2021 Land Rover Range Rover Evoque? What does it compare to? The Evoque is a five-seat luxury crossover that trades on the Land Rover and Range Rover names for its SUV credibility—but dresses in runway-fashion attire. It’s sleek and talented like its rivals—the BMW X3, the Volvo XC60, and the Benz GLC. Is...
Categories: Property

Vacant retail space hits 142m sq ft

Property Week News Feed - 5 hours 39 min ago
The UK currently has 142m sq ft of vacant retail space, equivalent to 12.6% of all retail units, according to research from Savills.
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Green light for L&G and Oxford University £200m life sciences scheme

Property Week News Feed - 5 hours 48 min ago
Legal & General and the University of Oxford have received planning permission for a £200m life sciences building.
Categories: Property

Far East Consortium to deliver 800 homes with three social housing providers

Property Week News Feed - 5 hours 52 min ago
Far East Consortium (FEC) has partnered with three housing associations to develop 800 affordable homes across the Red Bank neighbourhood of the Northern Gateway.
Categories: Property

Local Pensions Partnership Investments appoints head of real estate promotion

Property Week News Feed - 5 hours 56 min ago
Local Pensions Partnership Investments (LPPI) has promoted Louise Warden to head of real estate.
Categories: Property

AGO Hotels buys former Travelodge hotel

Property Week News Feed - 6 hours 20 sec ago
AGO Hotels has acquired a former Travelodge hotel in Scotland.
Categories: Property

Valor and QuadReal secure £186m funding for last-mile logistics JV

Property Week News Feed - 6 hours 21 min ago
Valor Real Estate Partners and QuadReal Property Group have secured €210m (£186m) funding for their €1bn last-mile logistics joint venture.
Categories: Property

New national regulator set up for building materials

Property Week News Feed - 8 hours 22 min ago
A national regulator has been set up to ensure the safety of building materials.
Categories: Property

Barings forward funds two PBSA schemes for £43.8m

Property Week News Feed - 8 hours 58 min ago
Barings has agreed to forward fund two purpose-built student accommodation (PBSA) assets in London and Manchester for £43.8m on behalf of a value-add investment strategy.
Categories: Property

Investors are underestimating resilience of offices, says Brookfield boss

Property Week News Feed - 9 hours 49 min ago
Investors are underestimating the resilience of offices and shopping malls, according to the head of Brookfield Asset Management.
Categories: Property

Surprise! Stellantis Retaining All Fiat Chrysler, PSA Group Brands, Plants, and Jobs

Motortrend News Feed - 17 hours 28 min ago

Don’t expect French automaker Peugeot to return to the U.S. anytime soon. Now that PSA Group has merged with Fiat Chrysler Automobiles to create Stellantis, adding another brand to the U.S. market has lost its urgency. At this stage, no final decision has been made, says PSA Group CEO Carlos Tavares, who held his first press conference as Stellantis CEO today. But bringing back Peugeot, which left North America in 1991, is not a priority for Stellantis which will focus on making existing brands profitable in North America before adding new ones, Tavares said.

“We don’t need to introduce more brands than the ones we have in the U.S.,” Tavares said during a press conference that lasted almost two hours. And that wasn’t the only big revelation—another surprise to emerge from today’s Stellantis introduction is that the new conglomerate plans to keep all 14 of the brands being collated in the Fiat Chrysler–PSA Group merger.

So, No Brands Are Dying? Really?

While Peugeot is unlikely to keep its pre-merger plans to come stateside by 2026, Tavares says the 14 existing brands of the two companies forming Stellantis will remain, and the plan is to use the company’s scale to grow and improve them. That kind of reassurance comes as industry observers feared the new company would shred brands. Instead, Stellantis is taking the more difficult road of rebuilding their troubled brands with marketing and new (shared and rebadged) product.

On the FCA side of the house, which you’re more likely familiar with, Jeep and Ram were never thought to be in danger given their profitable contributions. They will be well fed with the resources needed to prosper. But Chrysler, Dodge, and Fiat sure were in doubt, with each potentially making the case for their lack of making a case for themselves before Stellantis’s reassurances.

European brands Fiat, Alfa Romeo, and Maserati especially have not lived up to expectations in North America. Some of that will be addressed with improved marketing of the brands, Tavares says.

And some of it will be the ability to add more models in a cost-conscious manner by using shared platforms, powertrains, and other components, as well as shared R&D, and the scale to reduce procurement costs. Models deemed not profitable before might be added now with the company’s scale and ability to use sister models, Tavares says.

Importance of Alfa Romeo and Maserati

Tavares says he recognizes the “grand value” and importance of the Alfa Romeo premium brand and Maserati luxury brands, and a long-term strategic plan is being developed for their profitable growth.

Platform sharing to add “sister vehicles” might also help expand Chrysler and Dodge, which have become almost niche brands, one offering a large sedan and a minivan and the other a small selection of large vehicles available with huge horsepower.

Overall, Tavares said he is “reasonably confident” Stellantis can help existing U.S.-market brands rebound.

Management Teams Creating Long-Term Plans

The new CEO has created nine management teams to study opportunities and create strategic plans and stress tests for the brands. Part of their mandate is to ensure each brand has a unique role and flavor.

For a sense of Tavares’ ability to revive a brand, look at Opel, a brand that PSA Group bought from General Motors in 2017, along with Vauxhall. After decades of losses, Tavares turned Opel’s fortunes around in 18 months. Opel has a “fantastic product plan coming,” the CEO says.

The nine committees will make relevant decisions in areas such as business review, strategy, global programs, regional goals, plants, brand and styling review.

Roles for Key FCA Personnel at Stellantis

The executive team at Stellantis retains key former FCA personnel. Mike Manley is head of Americas, with Mark Stewart chief operating officer for North America; Richard Palmer is chief financial officer; Ralph Gilles leads design for Chrysler, Dodge, Jeep, Ram, Maserati and Fiat Latin America, while Jean-Pierre Ploue is design chief for Abarth, Alfa Romeo, Citroen, DS, Fiat Europe, Lancia, Opel, Peugeot, and Vauxhall.

At the brand level, Christian Meunier leads Jeep, Mike Koval heads Ram, and Tim Kuniskis oversees Dodge and is interim head of Chrysler, while Davide Grasso retains Maserati.

History in the Making

The $52 billion deal that created Stellantis was finalized on June 16, creating the fourth-largest automaker in the world by volume. The new company, headquartered in Amsterdam, will have combined annual sales of about 8.1 million vehicles and annual profits of about $14.5 billion. The combined company sells vehicles in more than 130 countries and has plants in more than 30.

Stellantis does not need one unique culture, Tavares, says. He sees the company’s diversity, with 400,000 employees representing 150 nationalities, as a strength and an asset to leverage. Tavares said the new company has $6.1 billion of synergies and will realize 80 percent within four years. The reduction in annual costs will be done without closing any plants—they will be made more efficient—or laying off employees.

More Electric Vehicles Coming for Stellantis

Savings will also go toward dedicated electric platforms, new models, and autonomous vehicle technology. Stellantis has 29 electric models on sale now. That will grow to 39 EVs on sale by the end of 2021, and by 2025 Stellantis will have one EV for every newly launched global model. The challenge, Tavares says, is making them affordable.

Stellantis is now listed on the New York, Paris and Milan stock exchanges. Despite a pandemic that hit the world after the two automakers announced merger plans in October 2019, the two sides pulled it off. One effect of the economic impact of the coronavirus is that the two automakers did some cost-cutting ahead of time to ensure the viability of the new company.

China Is Area of Concern

One area of concern is China where both PSA and FCA have had disappointing results. An executive team is studying what went wrong and diagnosing roots causes of difficulties to come up with a new strategy. All scenarios are on the table except doing the same thing, which was not working, Tavares says. A plan should be ready in a few months to improve sales in China.

The post Surprise! Stellantis Retaining All Fiat Chrysler, PSA Group Brands, Plants, and Jobs appeared first on MotorTrend.

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