Yahoo Finance What is Stellantis? The new car company that’s already one of the biggest in the world
This week marks the beginning of the first official week of Stellantis, which is already one of the biggest car manufacturers in the world.
The company has been born out of the merger of Groupe PSA and Fiat Chrysler Automobiles. Based in the Netherlands, it will become the fourth-biggest car company in the world.
The merger has formed an automotive giant, bringing more than a dozen car manufacturers under one roof. These include Alfa Romeo, Citroen, Fiat, Maserati, Peugeot and Vauxhall.
The Stellantis name will not be used on any vehicles, though. Instead, it is simply the corporate name under which all of the car manufacturers operate.
Speaking today, CEO Carlos Tavares said: “This is a great day. One year after we announced this project, Stellantis is born, notwithstanding the unprecedented societal and economic disruption caused by the Covid-19 pandemic.
Who is #Stellantis? Created through the merger of #GroupePSA and #FCAGroup, Stellantis is a leading global #automaker and a provider of distinctive, appealing and sustainable #mobility solutions. pic.twitter.com/FnoSBVaKgj
— Stellantis (@Stellantis) January 19, 2021
“I want to warmly thank all of the teams who made this possible and also thank the entire workforce who continued to move our operations forward during this exceptional year.”
Meanwhile, chairman John Elkann said: “It is no coincidence that Stellantis is born precisely when our world requires a new kind of automotive company that will champion clean and intelligent solutions to provide freedom of movement for all.
“Our global scale and reach provide us with the resources to invest in state-of-the-art technologies, distinctive excellence and unmatched choice for our customers. But it is the geographic and cultural diversity of Stellantis’ people that from Day One is our greatest competitive advantage.”
The firm says its brands are already well-established in North America, Latin America and Europe, and hinted at plans to expand further into the ‘untapped potential’ of China, Africa and the Middle East.
It is focusing on electrification and ‘sustainable mobility’ and has promised 39 electrified vehicles will be available globally by the end of the year.
On Stellantis’ first day of trading on the European stock market, shares rose eight per cent to value the company at €42 billion (£37.4bn).
