Fiat Chrysler Automobiles NV and Peugeot maker PSA Group confirmed their transatlantic merger on Saturday to create Stellantis NV, a global automaker that executives say has the weight it takes to compete in a rapidly changing industry.
First agreed in late 2019 and approved by shareholders earlier this month, the deal comes as the global auto business is rapidly shifting to new technologies, such as electric vehicles, and battling upstarts trying to improve everything from the way cars do. are designed and built. how they are sold.
Derived from the Latin term meaning ‘light up with stars’, Stellantis ranks as the third largest car manufacturer in the world according to the 2019 figures, according to the latest available figures. Friday it was worth more than $ 51 billion. The newly formed car company plans to start trading under the ticker symbol STLA on the Paris and Milan stock exchanges on Monday and in New York on Tuesday.
Stellantis will have a large presence in North America and more than a quarter of the market in Europe, selling vehicles through a huge collection of brands, ranging from American names like Jeep and Ram to Peugeot, Citroën and Opel in Europe and Maserati and Alfa Romeo at the luxury end.