Fiat Chrysler Automobiles NV and Peugeot manufacturer PSA Group confirmed their trans-Atlantic merger on Saturday, creating Stellantis NV, a global automotive giant that drivers say will have the leverage to compete in a fast-changing industry.
The deal, which was only agreed in late 2019 and approved by shareholders earlier this month, comes as the global automotive company is rapidly switching to new technologies, such as electric vehicles, and the fight against startups is trying to improve everything from the way cars design and built on how they are sold.
Stellantis, derived from the Latin term meaning “to cheer up with stars”, is becoming the latest available sales from the world’s third largest carmaker, according to 2019 figures. At the end of Friday, it was worth more than $ 51 billion. The newly formed car company plans to launch on Monday at the Paris and Milan Stock Exchange under the symbol STLA and on Tuesday in New York.
Stellantis will be primarily in North America and more than a quarter of the market in Europe, selling vehicles through a large collection of brands, ranging from American names such as Jeep and Ram to Peugeot, Citroën and Opel in Europe and Maserati and Alfa Romeo. on the luxury side.