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 needed 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, derived from a Latin term meaning “To light up with the starsAccording to 2019 figures, it ranks as the world’s third largest auto maker by sales, which is the most recent available. At the close on Friday, it was worth over $ 51 billion. The newly formed car company plans to start trading under the ticker symbol STLA on my exchange Paris and Milan on Monday and 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. .