Stellantis

Stellantis N.V. is a multinational automotive manufacturing corporation formed in 2021 on the basis of a 50-50 cross-border merger between the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Groupe. The company is headquartered in Amsterdam. As of May 2021, Stellantis is the sixth-largest automaker worldwide, after Volkswagen Group, Toyota, the Renault–Nissan–Mitsubishi Alliance, General Motors, and Hyundai-Kia. The primary listings for the company's stock are on Milan's Borsa Italiana and on Euronext Paris.

Etymology[]

The name comes from the Latin verb stello. It means "of (him/her/it that) brightens with stars".

History[]

In early 2019, Fiat Chrysler Automobiles (FCA) sought a merger with French automaker Renault, and reached a provisional agreement with the company. However, the behaviour of the French government during negotiations led to the abandonment of the deal; The Economist reported that "for FCA this portended future interference". Nissan also had various concerns of the impact of the proposal on its alliance with Renault.

Subsequently, FCA approached PSA. The merger, officially agreed in December 2019, was to create the world's fourth-largest carmaker by global vehicle sales with expected annual cost savings of €3.7 billion, or approximately $4.22 billion.

The merger was approved on 4 January 2021 by the shareholders of both FCA and PSA and the deal completed on 16 January 2021. Common shares of the new company began trading on the Milan Stock Exchange (MTA) and Euronext Paris on 18 January 2021 and on the New York Stock Exchange on 19 January 2021, in each case under the ticker symbol "STLA".

Peugeot S.A. (“PSA”) merged with and into Fiat Chrysler Automobiles N.V., with Fiat Chrysler Automobiles N.V. as the surviving company in the merger (the “merger”). On 17 January 2021, the combined company was renamed Stellantis N.V" International Financial Reporting Standards, or IFRS, mandate the identification of the company acting as the acquirer and the company being acquired. “Based on the assessment of the indicators under IFRS 3 accounting standard and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that Peugeot S.A. is the acquirer for accounting purposes.” and "As a result, the financial statements of Stellantis N.V. in subsequent filings will represent the historical financial statements of PSA."[25] The filing notes the Stellantis board will have 11 directors, six from PSA and five from Fiat Chrysler. Additionally, the new company's first CEO, who is vested with the full authority to individually represent Stellantis, is Carlos Tavares, the former president of the PSA managing board as well as former CEO of PSA Group. He will also have a five-year term as Stellantis CEO. PSA shareholders have also paid a pre-merger premium to FCA shareholders. However, Exor, the Agnelli family company that was the largest shareholder of FCA, will hold the largest stake in Stellantis with 14.4 percent. The merger agreements allow the Peugeot family to further increase its current 7.2% stake in Stellantis by up to an additional 1.5% by acquiring shares from France's state lender Bpifrance, from Dongfeng or on the market.

The name Stellantis is exclusively used to identify the corporate entity, while group brand names and logos remain unchanged.

In 2021 CEO Carlos Tavares issued a challenge for the group's brands to prove themselves within a 10-year window, in exchange for much-needed investment in new models and technology.

The group plans to have 29 electrified vehicle models available by the end of 2021. There are four EV platforms planned to be developed by the end of the 2021 Overall, the company announced more than €30bn will be invested by the end of 2021. A network of charging stations started in November 2021.

On 7 December 2021, Stellantis announced that sales of new vehicles in the third quarter of 2021 dropped due to issues related to the supply chain shortage of semiconductor chips used in their vehicles. CEO Tavares also announced an agreement with semiconductor manufacturer Foxconn to supply chips for the company and others in the automotive industry. The number of semiconductors contained in an automobile is in the thousands and this number is expected to increase in the foreseeable future.

Brands[]

As of 2021 the brand portfolio of Stellantis is:

Ownership[]

Following the 50% FCA and 50% PSA merger, the owners are:

Exor N.V.: 14.40%
Peugeot family (Etablissements Peugeot Frères, EPF): 7.19%
Bpifrance: 6.18%
Dongfeng Motor Corporation 4.5%
BlackRock: 2.52%

Board of directors[]

The executive board of Stellantis is formed by 11 members. Six members come from PSA and leading shareholders (BpiFrance, FFP), included Carlos Tavares, former CEO of PSA and five others come from Fiat Chrysler Automobiles and main shareholder (Exor).

This page uses some content from Wikipedia. The original article was at Stellantis. The list of authors can be seen in the page history. As with Autopedia, the text of Wikipedia is available under the GNU Free Documentation License.

External links[]

Official website
STELLANTIS: The name of the new group resulting from the merger of FCA and Groupe PSA, joint press release of FCA and PSA