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Fiat Chrysler Automobiles, PSA Groupe merge to become Stellantis
Shareholders from Fiat Chrysler Automobiles (FCA) and PSA Groupe have voted to merge and the result is the birth of Stellantis. When it was announced back in December 2019, the merger between European giants Groupe PSA and Fiat Chrysler Automobiles was set to become one of the biggest in history.
Photo by Sora Shimazaki from Pexels
The word Stellantis has Latin roots, 'stello' referring to 'to brighten with stars' and this name will be used at group level and as a corporate brand. The 50:50 merger is set to be completed within the next two weeks and when complete, the new entity will be the fourth largest OEM by volume (8.7 million units) and the third largest by revenue (€170bn) with an expected operating profit of over €11bn (6.6% profit margin).
The brands involved are considerable. On the Groupe PSA side, we have Peugeot, Citroen, DS, Opel and Vauxhaull, while on the FCA side, there's Jeep, Dodge, Fiat, Alfa Romeo, Chrysler, Abarth, Lancia, RAM and Fiat Professional.
PSA CEO, Carlos Tavares is expected to become the CEO of Stellantis while FCA CEO, Mike Manley will be responsible for Stellantis' operations in the US.
This article was originally published on Cars.co.za.
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Source: Cars.co.za
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