Carmaker Stellantis makes debut
Stellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving life to the fourth-largest auto company in the world.
Stellantis shares rallied 7.6 percent in Milan to 13.53 euros ($16.32). CEO Carlos Tavares said during a virtual bell-ringing ceremony that the merger creates 25 billion euros in shareholder value.
Stellantis has a new logo and will launch on the New York Stock Exchange today — Monday was a bank holiday in the U.S. — and be followed by a news conference with Tavares.
Chairman John Elkann, heir to the Fiat-founding Agnelli family, said the new company has “the scale, the resources, the diversity and the knowledge to successfully capture the opportunities of this new era in transportation.” The technological shift includes electrified powertrains as well as moves toward greater autonomous driving.
The merger is aimed at creating 5 billion euros in annual savings. The new company will have the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault Nissan.