{"id":2516,"date":"2021-01-16T19:51:49","date_gmt":"2021-01-16T19:51:49","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=2516"},"modified":"2021-01-16T17:34:08","modified_gmt":"2021-01-16T17:34:08","slug":"fiat-chrysler-and-psa-seal-merger-to-become-stellantis","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis","title":{"rendered":"Fiat Chrysler and PSA seal merger to become Stellantis"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a>. <\/strong><\/span>By Giulio Piovaccari<\/p>\n<p>INTERNATIONAL &#8211; Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world&#8217;s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivalsToyota and Volkswagen.<\/p>\n<p>It took over a year for the Italian-American and French automakers to finalise the $52 billion deal, during which the global economy was upended by the Covid-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles.<\/p>\n<p>&#8220;The merger between Peugeot SA and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today,&#8221; the two automakers said in a statement.<\/p>\n<p>Shares in Stellantis, which will beheaded by current PSA Chief Executive Carlos Tavares, will start trading in Milan and Paris on Monday, and in New York on Tuesday.<\/p>\n<p>Now analysts and investors are turning their focus to how Tavares plans to address the huge challenges facing the group \u2013from excess production capacity to a woeful performance in China.<\/p>\n<p>Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE&#8217;s bell with Chairman John Elkann.<\/p>\n<p>FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details onhow it will do this.<\/p>\n<p>Marco Santino, a partner at consultants Oliver Wyman, saidhe expected Tavares to disclose the outlines of his action plan soon, but without divulging too many details at first.<\/p>\n<p>&#8220;He has proven to be the kind of person who prefers action to words, so I don&#8217;t think he will make loud statements or try to over-sell targets,&#8221; he said.<\/p>\n<p>Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era.<\/p>\n<p>But other pressing tasks loom, including reviving the group&#8217;s lagging fortunes in China, rationalising its huge global empire and addressing massive overcapacity.<\/p>\n<p>&#8220;It will be a step by step process, also to allow the market to better appreciate every single move. I don&#8217;t think we will have all the details before one year,&#8221; Santino said.<\/p>\n<p>FCA CEO Mike Manley &#8211; who will head Stellantis&#8217; key North American operations &#8211; has said 40 percent of the carmaker&#8217;s expected synergies would come from convergence of platforms and power trains and from optimising R&amp;D investments, 35 percent from savings on purchases, and another 7 percent from savings on sales operations and general expenses.<\/p>\n<p><b>REUTERS<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. By Giulio Piovaccari INTERNATIONAL &#8211; Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world&#8217;s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivalsToyota and Volkswagen. It took over a year for the Italian-American and French automakers [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":2515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-2516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fiat Chrysler and PSA seal merger to become Stellantis - South Africa<\/title>\n<meta name=\"description\" content=\"By Giulio Piovaccari\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiat Chrysler and PSA seal merger to become Stellantis\" \/>\n<meta property=\"og:description\" content=\"By Giulio Piovaccari\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-16T19:51:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/01\/img-6003236fe5b8d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fiat Chrysler and PSA seal merger to become Stellantis\",\"datePublished\":\"2021-01-16T19:51:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis\"},\"wordCount\":437,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/01\/img-6003236fe5b8d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/fiat-chrysler-and-psa-seal-merger-to-become-stellantis\",\"name\":\"Fiat Chrysler and PSA seal merger to become Stellantis - 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