French manufacturers PSA and Italian-American Fiat Chrysler (FCA) unveiled the name of the new car giant from their marriage on Wednesday: it will be called Stellantis.
The two partners, which are to give birth to the fourth largest automotive group in volume and the third in turnover, “take a major step forward and announce today that the new group’s corporate name will be Stellantis“They said in a joint statement.
Finalization of the merger project in early 2021
PSA and Fiat Chrysler reaffirmed that “the finalization of the merger project should take place in the first quarter of 2021” The new complex will house emblematic brands such as Peugeot, Citroën, Opel, Jeep, Alfa Romeo and Maserati under one roof. “Stellantis comes from the Latin verb stello which means to shine with stars. It is inspired by this new and promising alignment of legendary automobile brands and strong corporate cultures which, when united, create one of the new leaders of the next era of mobility.Explained the two groups.
«The Latin origins of the name pay homage to the rich history of the two founding companies, while the evocation of astronomy suggests the true spirit of optimism, energy and capacity for renewal inspiring this fusion that will change the automobile industryPSA and FCA further state. The name Stellantis «will be used exclusively at group level, as a corporate brand“While the names and logos of existing brands within the two manufacturers”will remain unchanged“, They said. “The process of creating the new name began shortly after the announcement of the merger agreement“Last December,”with the support of the Publicis group“Said the two manufacturers.
The merger has yet to receive the green light from competition authorities. The European Commission recently announced the opening of an in-depth investigation into the transaction, fearing that it would harm competition in the commercial vehicle market. It must also be formally approved at an extraordinary general meeting of shareholders.
Doubts had been expressed in recent weeks about the balance of the financial package which provides for a marriage between equals. “Things are progressing exactly as planned by our teams. The schedule is strictly respected“However, assured the President of the PSA Management Board, Carlos Tavares, at the end of June at the annual general meeting of shareholders. The new set would post sales of 167 billion euros based on 2019 figures, ranking third behind Toyota and Volkswagen.