Fiat Chrysler, PSA seal merger to become Stellantis

Synergistic: Fiat Chrysler Automobiles assembly workers build a 2020 Argo in Brazil. Its US$52bil merger with Peugeot S A calls for a plan to rationalise both firms’ huge global empires and address massive overcapacity. — Reuters

MILAN: Fiat Chrysler Automobiles N V (FCA) and Peugeot S A (PSA)sealed their long-awaited merger on Saturday to create Stellantis, the world’s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.

It took over a year for the Italian-American and French automakers to finalise the US$52bil deal, during which the global economy was upended by the Covid-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles.