Fiat Chrysler Automobiles NV and Peugeot PSA Group consolidated their transatlantic merger on Saturday, creating Stellantis NV, a global automotive giant that executives say will have the strength to compete in a rapidly changing industry.
The agreement, first agreed in late 2019 and approved earlier this month by shareholders, comes as the global car business moves rapidly to new technologies, such as electric vehicles, and fights with upstarts trying to it picks up everything from the way cars are designed and built to the way they are sold.
Stellantis, derived from the Latin term meaning “starlight”, ranks as the third largest carmaker in the world after sales, according to 2019 figures, the most recent available. At the close of Friday, it was worth more than $ 51 billion. The newly established car company intends to start trading under the STLA symbol on the Paris and Milan stock exchanges on Monday and Tuesday in New York.
Stellantis will have a major presence in North America and over 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.