Fiat Chrysler Automobiles NV and the manufacturer of the Peugeot PSA Group cemented their transatlantic merger on Saturday, creating Stellantis NV, a global auto giant that executives say will have the weight to compete in a rapidly changing industry.
The deal, closed for the first time in late 2019 and approved earlier this month by shareholders, comes at a time when the global automotive business is rapidly shifting to new technologies, such as electric vehicles, and battling beginners who try to change everything, from how cars are designed and built to how they are sold.
Stellantis, derived from the Latin term that means “illuminate with stars”, is classified as the third largest automaker in the world in sales, according to the numbers of 2019, the most recent available. At the close of Friday, it was worth more than $ 51 billion. The newly formed carmaker plans to start trading under the STLA symbol on the Paris and Milan stock exchanges on Monday and in New York on Tuesday.
Stellantis will have an important presence in North America and more than a quarter of the market in Europe, selling vehicles through a huge 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.