Car manufacturers PSA Group (Peugeot-Citroen) and Fiat Chrysler Automobiles (FCA) have completed the merger. As a result, Stellantis NV, one of the largest automakers in the world, emerged, writes Bloomberg.
Stellantis will become the fourth largest auto giant in the world and will be able to produce 8.7 million vehicles per year. The merger will allow the companies to save five billion euros annually. The new company will be led by PSA Group CEO Carlos Tavares. The new company will be listed on stock exchanges in Milan, New York and Paris.
Italy’s Finance Ministry last June granted FCA a record € 6.3 billion loan to save the auto giant from bankruptcy. The loan was the largest ever received by any automaker in Europe since the COVID-19 pandemic. The funds went to pay staff, vendor services, and planned investments in a national branch.
Fiat Chrysler owns the brands Alfa Romeo, Chrysler, Dodge, Jeep, Lancia, Ram Trucks, and PSA owns Peugeot, Citroen, DS, Opel and Vauxhall. Only Volkswagen, Nissan-Renault-Mitsubishi and Toyota Motor sell more of the new alliance of cars.