Yahoo Finance Fiat and Peugeot rebrand merged company as 'Stellantis'
The $50bn merger of car makers Fiat Chrysler and PSA Group will not only mean a new force in the automotive world, but also a new name: “Stellantis”.
According to the two manufacturers, the new label is “rooted in the Latin verb ‘stello’ meaning to brighten with stars”.
A joint announcement from the businesses added that the new title “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”.
Stellantis’s “Latin origins pay tribute to the rich history of its founding companies while the evocation of astronomy captures the true spirit of optimism, energy and renewal driving this industry-changing merger”.
However, the new entity won’t mean people driving Stellantis-badged cars. All the companies’ current marques, which include Alfa Romeo, Citroen, Dodge, Opel, Jeep, Peugeot, Maserati, Ram and Vauxhall - will remain and the name will be used at a corporate level.
The merger, revealed in December, is just the latest tie-up in the sector. Even before the pandemic decimated car sales, demand for cars was slowing.
Manufacturers are seeking alliances to share the huge costs of developing and producing electric cars, along with the further burden of creating the new technologies such as self-driving.
Before coronavirus hammered sales across the industry, a combined FCA and PSA was expected to sell about 8.7m vehicles a year, behind VW Group and the Renault-Nissan-Mitsubishi alliance at about 10.8m each, and Toyota at 10.6m.
By revenues the merged business would be the third largest car group in the world, with sales touching €170bn a year.
