Automakers PSA, Fiat Complete Merger to Become Stellantis

Published January 17th, 2021 - 09:00 GMT
Automakers PSA, Fiat Complete Merger to Become Stellantis
A large part of the company's stock is to be held by the Agnelli family, the Peugeot family and the French government, French media reported. (Shutterstock)
Highlights
Stellantis will be led by PSA chief Carlos Tavares and will compete with major international carmakers such as Volkswagen and Toyota, said dpa international.
French carmaker PSA and Italian manufacturer Fiat Chrysler (FCA) have completed their merger to create Stellantis, the world's fourth-largest carmaker, the two companies said on Saturday in a joint statement.

Stellantis will be led by PSA chief Carlos Tavares and will compete with major international carmakers such as Volkswagen and Toyota, said dpa international.

John Elkann, grandson of Fiat founder Giovanni Agnelli, is to head the board of directors.

The company has its headquarters in the Netherlands and bases in Europe and North America. Stellantis has a workforce of 400,000 employees. Tavares had said that no factories would be closed after the merger, though experts predict large-scale restructuring.

It produces 14 brands including Opel, Peugeot, Citroen, Jeep, Maserati and Alfa Romeo.

Shares in Stellantis are to be traded on the stock exchanges in Milan and Paris starting on Monday and in New York from Tuesday.

A large part of the company's stock is to be held by the Agnelli family, the Peugeot family and the French government, French media reported.

Before the onset of the coronavirus pandemic, PSA and FCA together produced more than 8 million vehicles and made annual profits of almost 170 billion euros (205 billion dollars).

In 2019, only Volkswagen, Toyota and Renault-Nissan made more cars.

The PSA-FCA merger has been a long time in the making, with a first announcement in October 2019. Delays were also due to the pandemic, which has hit the car industry especially hard.


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