Automobile concern that will appear in the result of the merger the French group PSA (Peugeot) and the Italian-American manufacturer Fiat Chrysler Automobiles (FCA), will be called Stellantis. Such name going on from the Latin verb stello, which means “illuminated by the stars.”
As stated in joint statement companies, the name fully “reflects the spirit of the new and ambitious project of two legendary automobile brands.” Also, the premiere of the emblem of the new concern is expected soon. At the same time, on companies’ cars they will continue to use the old Peugeot and Fiat Chrysler logos.
The head management company will be located in the Netherlands. The deal will allow the parties to create the fourth automobile conglomerate in the world in terms of production and the third in terms of annual revenue. The cost of the new company will be about $ 50 billion. It is assumed that a complete merger will allow FCA and PSA to significantly reduce the cost of developing future cars, as well as reduce the cost of manufacturing cars. The alliance will include: Peugeot, Citroen, Opel, Vauxhall, DS, Fiat, Abarth, Alfa Romeo, Lancia, Maserati, Chrysler, Dodge, Jeep and Ram.
The board of directors will have 11 members: five each from the FCA and PSA, as well as one leader. The current head of Peugeot – Citroen, Carlos Tavares, who will also lead the PSA team, has already been appointed chairman of the governing body. John Elkan of FCA will become chairman of the board.
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At the same time, it was previously reported that a deal between two automakers may not take place in connection with the coronavirus pandemic. This is due to the collapse of the economy in leading world markets, including in the USA and Europe, with a halt in production at the largest automobile plants around the world, as well as a drop in sales of new cars.
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