Fiat Chrysler Automobiles NV and Peugeot maker PSA Group consolidated their transatlantic merger on Saturday, creating Stellantis NV, a global automaker that, according to executives, will have the weight to compete in a changing industry. quickly.
The deal, first agreed in late 2019 and approved earlier this month by shareholders, comes as the global automotive business moves rapidly toward new technologies, such as electric vehicles, and fights newcomers who they try to end it all from the way cars are made and built. to how they are sold.
Stellantis, derived from the Latin term meaning “star lighting,” ranks as the world’s third-largest automaker by sales, according to 2019 figures, the latest available. At the close on Friday, it was worth more than $ 51 billion. The new car company plans to start trading with the STLA symbol on the Paris and Milan stock exchanges on Monday and Tuesday in New York.
Stellantis will have a significant presence in North America and more than a quarter of the market in Europe, selling vehicles through a massive 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 end of luxury.