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Fiat Chrysler Automobiles NV and automaker Peugeot PSA Group cemented their transatlantic merger on Saturday, creating Stellantis NV, a global auto-manufacturing giant that executives say will have the clout to compete in a rapidly changing industry.
The deal, first reached at the end of 2019 and approved earlier this month by shareholders, comes as the global auto industry quickly moves to new technologies, such as electric vehicles, and battles against upstarts trying to turn everything upside down, the way cars are designed and built. to the way they are sold.
Stellantis, derived from the Latin term meaning ‘brighten up with stars’, ranks as the world’s third-largest automaker in terms of sales, according to 2019 figures, the latest available. At Friday’s close, it was worth over $ 51 billion. The newly formed automaker plans to start trading under the symbol STLA on the Paris and Milan stock exchanges on Monday and in New York on Tuesday.
Stellantis will have a major presence in North America and over a quarter of the market in Europe, selling vehicles across a vast collection of brands, ranging from American names like Jeep and Ram to Peugeot, Citroën and Opel in Europe and Maserati and Alfa Romeo on the luxury side.
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