Houston Chronicle

Carmaker Stellantis makes debut

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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.

 ?? Cyril Marcilhacy / Bloomberg ?? Stellantis was launched on the Milan and Paris stock exchanges Monday; it launches on the New York Stock Exchange today.
Cyril Marcilhacy / Bloomberg Stellantis was launched on the Milan and Paris stock exchanges Monday; it launches on the New York Stock Exchange today.

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