Prices of new and used automobiles are staggeringly high.

PSA Peugeot’s takeover of Fiat Chrysler to form the world’s fourth-largest carmaker has had its first executive casualty, with former Fiat Chrysler CEO Mike Manley stepping down as his role of head of the Americas.

FILE - In this Jan. 14, 2019 file photo, Fiat Chrysler's new CEO, Mike Manley, is interviewed at the North American International Auto Show in Detroit. Manley will run operations in the Americas when his company merges with Frances PSA Peugeot early next year. FCA Chairman John Elkann announced Manleys new post on Friday, Dec. 18, 2020 in a letter to employees. (AP Photo/Carlos Osorio)DETROIT – Fiat Chrysler CEO Mike Manley will run operations in the Americas when his company merges with France’s PSA Peugeot early next year. PSA CEO Carlos Tavares will run the overall company, to be named Stellantis.

It said the normal summer factory shutdowns have been eliminated or shortened at most North America plants to meet stronger-than-expected demand for vehicles. The loss was a huge reversal from last years second quarter when Fiat Chrysler made $884 million. The company had warned that the second quarter would be much worse than the first, when it lost $1.84 billion. Four of the new electric vehicles will be made in Europe, Manley said Friday in a call with industry analysts and reporters. The electric vehicles include the battery powered Fiat 500 small car, a fully electric Ducato van, and plug-in gas-electric hybrid versions of the Jeep Compass, Wrangler and Renegade.

DETROIT The merger between Fiat Chrysler Automobiles (FCA) and Groupe PSA (PSA Peugeot) has born a new name: Stellantis. Actually, its officially STELL/\NTIS, a name rooted in the Latin verb stello meaning to brighten with stars, according to the automakers joint news release on Wednesday. FCA and PSA announced in December they signed a binding merger deal creating the worlds fourth-largest auto company with the scale to confront the challenges of stricter emissions regulations and the transition to new driving technologies. The companies said the new group will be led by PSAs cost-cutting CEO Carlo Tavares, with Fiat Chryslers chairman John Elkann as chairman of the merged company. Fiat Chrysler CEO Mike Manley will stay on, but it was not announced in what capacity.

Fiat Chrysler, Peugeot sign $50B merger dealPublished: December 18, 2019, 6:23 amThe companies said in a joint statement the new group will be led by PSA's cost-cutting CEO Carlo Tavares, with Fiat Chrysler’s chairman John Elkann as chairman of the merged company. Fiat Chrysler CEO Mike Manley will stay on, but it was not announced in what capacity.

Fiat Chrysler CEO Mike Manley was left without a title in the combined company. Jeffries analyst Philippe Houchois estimated that Peugeot is paying a hefty 32% premium to take control of Fiat Chrysler. "You just sort of scratch your head and go 'Oh my God, it's happening again,'" Bud Liebler, who was Chrysler's marketing chief when Daimler took over, said of the PSA deal. Tavares has ambitions of selling PSA vehicles in the U.S., but Gartner analyst Mike Ramsey said that may come by just re-labeling the vehicles as Fiat or Chrysler models. PSA and Fiat Chrysler predict savings of 3.7 billion euros ($4 billion) from the deal, which they expect to achieve without any factory closures.

Bargaining with Fiat Chrysler is expected to intensify in the coming days as the union tries to finish out talks on new four-year deals. Fiat Chrysler has more temporary workers and more new hires than either Ford or GM, so the GM contract could cost FCA more money. That compares with a net profit of 564 million euros in the same period of 2018. Fiat Chrysler narrowed losses in Asia to 10 million euros, while losses in Europe nearly doubled to 55 million euros due to lower sales. The boards of Fiat Chrysler and PSA Peugeot have approved merging the two companies to create the world's fourth-largest automaker with a value of about $50 billion.