Addressing separate meetings, both PSA Peugeot CEO Carlos Tavares and Fiat Chrysler Chairman John Elkann spoke of the "historic" importance of the vote, which combines legacy car companies that helped write the industrial histories of the United States, France and Italy.
The new company, to be called Stellantis, will have the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros in annual synergies. "We are fully aware of the fact that together we will be stronger than individually," PSA CEO Carlos Tavares told a virtual gathering of eligible shareholders. "The two companies are in good health. These two companies have strong positions in their markets."
Fiat Chrysler chairman John Elkann, heir to the Fiat-founding Agnelli family and Fiat Chrysler's biggest shareholder, will be the Stellantis chairman. Fiat Chrysler CEO Mike Manley will head North American operations, which is key to Tavares' long-time goal of getting a U.S. foothold for the French carmaker he has run since 2014, and the clear money-maker for Fiat Chrysler.
That could put into the crosshairs any of the 14 car brands that Stellantis will house, five from PSA and nine from Fiat Chrysler. The two companies also have significant overlaps in their manufacturing and engineering operations in Europe. Still, analysts point out that gaining cost-savings is only the first of many that the new company will face. Both PSA and Fiat Chrysler enter the new union with poor records and infrastructure in China, and both are lagging in electrified powertrains, requiring investments that will off-set some of the savings.
How the heck will they detangle the Corporations when EU collapses in 10 years?
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