Peugeot and Fiat complete merger

Paris, France - The merger of France’s PSA and US-Italian rival Fiat Chrysler became official on Saturday, creating Stellantis, the world’s fourth-biggest automaker by volume.

The long-awaited 50/50 tieup, which was delayed by the COVID-19 pandemic, is seen as crucial for the two groups to undertake the investment necessary to transition to clean car technology.

The new company will bring together producers such as Peugeot, Citroen, Fiat, Chrysler, Jeep, Alfa Romeo and Maserati, each of which will continue under their own brand names.

The 14 Stellantis brands will account for about 9 per cent of the global auto market. Together they produced 8mn vehicles in 2019.

Ranking behind global rivals such as Volkswagen, RenaultNissan-Mitsubishi and Toyota,

Stellantis will be the fourthlargest automaker by volume and the third-largest by revenue, with a workforce of over 400,000.

John Elkann, Fiat chairman and scion of Italy’s storied Agnelli family, will retain his role at

Stellantis in what he has called ‘a challenging era’.

“The coming decade will redefine mobility: we are intent on playing a leading role in building this new future,” Elkann said earlier this month after the shareholders gave their blessing to what he called the ‘historic merger’.

On Monday the new group Stellantis, the name derived from the Latin verb ‘stello’ meaning to brighten with stars, will launch on the Milan and Paris stock exchanges followed by its debut in the New York stock market the following day.