Carmaker Stellantis off to a strong start

18 Janvier, 2021, 23:16 | Auteur: Auguste Feret
  • Stellantis is officially here as Groupe PSA and FCA complete merger

FIAT Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world's fourth-largest automotive group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.

Chief Executive Carlos Tavares said the merger would add 25 billion euros (US$30 billion) in value for shareholders over the years, thanks to projected cost cuts.

Stellantis shares rose 2.5% in Milan in early trading to 13.18 euros ($15.91), recovering losses to Fiat Chrysler from Friday. "We possess the necessary size, resources, diversity and know-how to successfully take up the opportunities offered by the new era of transport", said Elkann "Our aim is to build something unique and great, offering our clients original, safe, practical, innovative and sustainable vehicles and services".

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"I can tell you that the focus from day one will be on the value creation that is the result of the implementation of those synergies", Tavares said in the same video.

The merger is aimed at creating 5 billion euros in annual savings. FCA and PSA's combined numbers came in at 7.9 million vehicles in 2019, down from 8.7 million the year before. FCA CEO Mike Manley will head Stellantis' American operations, while FCA Chairman John Elkann has been made chairman of Stellantis.

Stellantis will launch on the New York Stock Exchange on Tuesday, due to the Monday U.S. bank holiday, followed by a press conference with Tavares.

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