The fourth largest carmaker will be created. The merger of Fiat Chrysler and PSA was also approved by the shareholders

The fourth largest carmaker will be created. The merger of Fiat Chrysler and PSA was also approved by the shareholders

The shareholders of the American-Italian establishment Fiat Chrysler Automobiles (FCA) also approved a merger with the French automotive group PSA on Monday with more than 99% of the vote. They thus gave the green light to the creation of the fourth largest car manufacturer in the world in terms of production volume. The virtual vote took place a few hours after a new company called Stellantis was supported by PSA shareholders. The new group will produce a wide range of brands such as Peugeot, Citroën, Opel, DS and also Fiat, Alfa Romeo, Maserati, Lancia and Chrysler and Jeep. The European Commission approved the merger in December 2020 and after several months of examination. FCA CEO Mike Manley will lead the US division, John Elkann, a descendant of the Italian Agnelli family that founded Fiat, will chair Stellantis and PSA CEO Carlos Tavares should remain in the new company.