PSA CEO Carlos Tavares and FCA CEO Mike Manley shake hands after signing a combination agreement that will lead to the creation of the world’s fourth-largest global automaker in terms of annual sales (8.7 million vehicles).
The name is rooted in the Latin verb “stello” meaning “to brighten with stars,” according to a combined release from the companies.
“It draws inspiration from this new and ambitious alignment of storied automotive brands and strong company cultures that in coming together are creating one of the new leaders in the next era of mobility while at the same time preserving all the exceptional value and the values of its constituent parts,” the release says.
Stellantis will be used exclusively at a corporate level. The company’s individual auto brands such as Alfa Romeo, Chrysler, Fiat, Jeep and Peugeot – all which have historical significance in their respective countries – will remain unchanged.
The companies expect to complete the 50-50 merger in the first quarter next year, subject to board and regulatory approvals. Stellantis is expected to create the world’s fourth-largest carmaker by volume.
EU antitrust regulators are currently conducting a four-month investigation into the deal due to the proposed merger potentially harming competition in small vans in several European countries. The car companies, according to Reuters, do not expect the probe to impact timing of the merger.
The companies signed a defined agreement in December to merge.
Published at Wed, 15 Jul 2020 18:25:08 +0000-Fiat Chrysler and PSA Group rename newly merged automaker ‘Stellantis’