The company formed by the merger of Italian-American automaker Fiat Chrysler Automobiles (FCHA.MI) and the French owner of Peugeot PSA (PEUP.PA) will be called Stellantis, the automakers announced Wednesday.
The next step will be to create a logo for the company. The group’s constituent names and marks will remain unchanged after the agreement is expected to be concluded in the first quarter of 2021.
In December, Fiat Chrysler and PSA agreed to a spouse in a $50 billion equity deal to create the world’s fourth-largest automaker and unite brands such as Fiat, Jeep, Dodge, Ram and Maserati with Peugeot, Opel and DS.
The company has decided on Carlos Tavares, current CEO of PSA, as CEO of Stellantis for the first five years.
The new automaker is expected to be the fourth largest automaker in the world with annual deliveries of approximately 8.7 million vehicles. It consists of thirteen brands, adding notable names such as Peugeot, Citroen, Dodge, Jeep and Ram.
Stellantis intends to create two platforms that support more than two-thirds of its brands’ models. Sharing the generation so extensively would save cash through economies of scale.
Fiat Chrysler (FCA) and PSA showed that they adhered to the merger plan signed last year after a newspaper said that automakers were selling assets to reduce the planned money payment of 5.5 billion euros ($6.2 billion) to FCA shareholders.
A fcA spokesman rejected the report on imaginable adjustments to the dividend of italian business newspaper Il Sole 24 Ore, while PSA said it remained “lucid in the face of the normal hypothesis to which this proposed merger is subject.” He added that he was implementing the binding agreement signed through the two corporations in December.
“The design and terms of the merger have been agreed and unchanged,” the FCA spokesman said.
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