Stellantis NV launched Tuesday, Jan. 19. The new automaker was created through the merger of Fiat Chrysler Automobiles and Groupe PSA, owners of the Peugeot, Citroën, DS, Opel, and Vauxhall brands. Based in the Netherlands, the new company is the fourth-largest automaker by volume and third by revenue in the world.
With a global workforce of over 400,000, Stellantis ranks behind Volkswagen, Renault-Nissan-Mitsubishi, and Toyota, and ahead of General Motors, Hyundai, and Ford.
The 11-member board of directors is led by Chairman John Elkann, previously chairman of FCA. Carlos Tavares, former chief executive of Groupe PSA, will take over as CEO. Mike Manley, who took over as CEO of FCA from Sergio Marchionne in 2018, will lead the company’s American operations.
The new company, with an established footprint in Europe, North America, and Latin America, is looking to “significant untapped potential” in China, Africa, the Middle East, Oceania, and India, the company said in a press announcement.
Stellantis is targeting annual synergies of more than 5 billion euros, which is expected to be achieved through optimizing powertrain and platform utilization and manufacturing and tooling efficiencies. The savings are not based on any plant closures resulting from the transaction, the company said.
In the statement, the new company downplayed its manufacturing mandate in favor of a more holistic view of mobility: “… a new company with the agility, creativity, and efficiency to capture the opportunities of the new era of mobility, offering innovative solutions that will help change the way society moves,” the company said.
Stellantis’ portfolio will “embrace electrification, connectivity, autonomous driving, and shared ownership,” the company said.
Collectively, the company will have 39 electrified vehicle models by the end of 2021. Last July, PSA announced a new electric vehicle platform for larger vehicles, eVMP, that would be ready by 2023. The platform augments FCA’s current Giorgio platform used to electrify Maserati and Alfa Romeo models.
“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,” Elkann said in the statement. “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. … And it is (our employees) who day-by-day will build an even greater company for this new era of mobility.”
The new company began trading Monday, Jan. 18. Full-year 2020 results will be reported on March 3.