In other news in the auto world, shareholders of French automobile giants, Group PSA (Peugeot’s parent company) and Fiat Chrysler Automobiles, approved a $58 billion merger that saw the birth of the world’s fourth-largest automaker (and Interstellar sequel) Stellantis. The merger will reportedly result in billions of dollars in annual savings, with shares first trading in Milan and Paris on January 18.
PSA Peugeot CEO Carlos Tavares will run the new firm while Fiat Chrysler’s Chairman John Elkann will remain in his post, and Stellantis is expected to drive the electric and autonomous vehicles agenda (pun intended).
PSA had been looking for a strategic partner for years, having previously been rejected by other rivals including Volkswagen and General Motors. Both companies were at the forefront of a revolution in the industrial histories of countries such as Italy, France, and the U.S. Now, the newly-formed brand is set to face serious struggles, particularly the decline of production and sales in the auto industry that resulted from the COVID-19 pandemic (for most but not Tesla!).