Fiat Chrysler Cars NV and Peugeot-maker PSA Group cemented their trans-Atlantic merger Saturday, creating Stellantis NV, a worldwide auto-making large that executives say may have the heft wanted to compete in a fast-changing business.
The deal, first agreed to in late 2019 and authorized earlier this month by shareholders, comes as the worldwide automobile enterprise is quickly shifting to new applied sciences, similar to electrical autos, and battling upstarts making an attempt to upend the whole lot from the best way automobiles are engineered and constructed to how they’re bought.
Stellantis, derived from Latin time period that means “to brighten with stars,” ranks because the world’s third-largest auto maker by gross sales, in keeping with 2019 figures, the newest accessible. At Friday’s shut, it was price greater than $51 billion. The newly fashioned automobile firm plans to begin buying and selling beneath the ticker image STLA on the Paris and Milan inventory exchanges Monday and in New York on Tuesday.
Stellantis may have a significant presence in North America and greater than 1 / 4 of the market in Europe, promoting autos by a large assortment of manufacturers, starting from American names like Jeep and Ram to Peugeot, Citroën and Opel in Europe and Maserati and Alfa Romeo on the luxurious finish.