Fiat Chrysler, PSA Group merged to create a new auto giant

Fiat Chrysler Automobiles NV and Peugeot’s PSA Group boosted their transatlantic merger on Saturday, creating Stellantis NV, the global auto giant that executives say will have the weight to compete in a rapidly changing industry.

Deal, It was first agreed upon in late 2019 And the Approved earlier this month by shareholdersIt comes as the global auto business is rapidly moving to new technologies, such as electric cars, and is fighting start-ups trying to change everything from the way cars are designed and built to how they are sold.

Stellantis, is derived from the Latin term meaning “To light up with the starsAccording to the latest figures for 2019, it ranks as the world’s third largest automaker in the world by sales. At the close on Friday, it was worth more than $ 51 billion. The newly formed automobile 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 cars through a huge range of brands, ranging from American names like Jeep and Ram to Peugeot and Citroën and Opel in Europe and Maserati and Alfa Romeo at the luxury end. .