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France's Citroen charged with consumer fraud over dieselgate probe
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The logo of Citroen is seen on a new electric car AMI during a media presentation in Paris, France, August 25, 2020. REUTERS/Charles PlatiauCarmaker Stellantis (STLA.MI) said on Thursday that its French Citroen unit had been charged with consumer fraud by French prosecutors in a far-reaching diesel emissions probe. Citroen would have to make a deposit of 8 million euros and provide a bank guarantee of 25 million euros for potential compensation for losses, Stellantis said in a statement. Renault (RENA.PA), Peugeot, owned by Stellantis, and Volkswagen France, the French unit of German carmaker Volkswagen (VOWG_p.DE), have also been charged in France over the dieselgate investigation. Several carmakers in Europe have come under scrutiny since the Volkswagen "dieselgate" scandal which erupted in 2015 over test-cheating in the United States, at a time when regulators are becoming ever tougher on pollution standards.
Persons: Charles Platiau Carmaker, Stellantis Organizations: Citroen, AMI, REUTERS, French Citroen, Renault, Peugeot, Stellantis, Volkswagen France, Volkswagen, Thomson Locations: Paris, France, French, Europe, United States
France charges Peugeot with consumer fraud in diesel emissions probe
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
(Reuters) - Stellantis said on Wednesday a French court has charged its Peugeot unit with consumer fraud in a far-reaching diesel emissions probe, ordering the company to provide 30 million euros ($36 million) in guarantees for potential payouts. FILE PHOTO: The logo of French car manufacturer Peugeot is seen at Brussels Motor Show, Belgium January 9, 2020. The Peugeot investigation focuses on older diesel vehicles sold in France between 2009 and 2015 and stems from a wider probe French authorities launched in 2017 over alleged emissions test cheating by diesel vehicle manufacturers. Several European carmarkers have come under scrutiny since the Volkswagen “dieselgate” scandal which erupted in 2015 over test cheating in the United States. A French court on Tuesday charged carmaker Renault with alleged deception and test manipulation of some of its older diesel vehicles.
Persons: Stellantis, Francois Lenoir, Peugeot, , carmaker Organizations: Reuters, Peugeot, REUTERS, Citroen, FCA Italy, Fiat Chrysler, French PSA Group, Volkswagen, carmaker Renault, Renault, U.S Locations: Brussels, Belgium, Paris, France, United States
REUTERS/Regis Duvignau//File Photo(Reuters) - Stellantis Chief Executive Carlos Tavares said on Thursday each of the automaker’s 14 car brands will receive funding over the next 10 years to prove themselves. “For the time being, we love them all and you cannot kill what you love,” Tavares said at an Automotive News conference in answer to a question whether the automaker needs so many brands. “We are giving a 10-year visibility for each brand CEO in terms of product planning and funding.”Stellantis was created from the merger of France’s PSA and Italian-American automaker Fiat Chrysler. Its brands include Peugeot, Citroen, Fiat, Chrysler, Jeep, Ram, Maserati, Alfa Romeo and others. “We are now negotiating and changing very many things at core,” he said.
Persons: Carlos Tavares, Regis Duvignau, ” Tavares, ” Stellantis, Ram, Alfa Romeo, Tavares, , Stellantis Organizations: PSA Group, Paris Auto, REUTERS, Automotive, France’s PSA, Fiat Chrysler, Peugeot, Citroen, Fiat, Chrysler, Jeep, Maserati Locations: Paris, France, American, China
Stellantis launches Fiat e-Ducato, the group's first electric large van
  + stars: | 2021-04-22 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
Slideshow ( 2 images )MILAN (Reuters) - Stellantis on Thursday launched its first fully electric large van, the Fiat e-Ducato, as part of its bid to expand its range of battery electric and hybrid vehicles. Stellantis has said it would offer electric versions of almost all of its European line-up by 2025, as the auto industry faces regulatory pushes in Europe and China to accelerate the shift to zero-emission vehicles. The e-Ducato is produced in Atessa, Stellantis’ only plant in Italy running almost at full capacity, but will have its electric powertrain installed in Turin’s Mirafiori. Stellantis, formed at the start of this year through the merger of Fiat Chrysler and Peugeot maker PSA, is Europe’s largest light commercial vehicle maker. It already offers full electric versions of medium-sized vans and said it would start deliveries in Europe of its first medium-sized vans powered by hydrogen fuel cells by the end of this year.
Persons: Stellantis Organizations: Fiat, Stellantis, Peugeot, Opel, Citroen, Fiat Chrysler, PSA Locations: MILAN, Europe, China, Atessa, Italy, Mirafiori
Stellantis scraps digital speedometers for Peugeot car in chips shortage
  + stars: | 2021-04-21 | by ( ) www.reuters.com sentiment -0.98   time to read: +2 min
A Peugeot 308 car is displayed during a media preview day at the Frankfurt Motor Show (IAA) September 10, 2013. REUTERS/Ralph OrlowskiCarmaker Stellantis (STLA.MI) said on Wednesday it would replace digital speedometers with more old-fashioned analogue ones in one of its Peugeot models, in a fallout from a global shortage of semiconductor chips that is roiling the auto industry. The COVID-19 pandemic drove up demand for semiconductor chips for use in electronics like computers, as people worked from home, and suppliers are struggling to adjust. The traditional speedometers on Peugeot 308 cars should start appearing in vehicles by the end of May, the company said, while Stellantis is keeping chips for digital dashboards on its most popular models, like the Peugeot 3008 SUV. The current Peugeot 308 is due to be phased out in the autumn, and the next generation of this vehicle will be produced with digital speedometers at a different factory, in Mulhouse.
Persons: Ralph Orlowski Carmaker, Stellantis, LCI, Peugeot Organizations: Peugeot, Frankfurt, REUTERS, Chrysler, Citroen, France's PSA, Fiat, Reuters, Manufacturing, Sochaux, Ford Motor, Volkswagen, Thomson Locations: American, Mulhouse
Citroen hopes new C5 X large sedan will help inspire sales revival
  + stars: | 2021-04-12 | by ( Gilles Guillaume | ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Charles Platiau/File PhotoPARIS (Reuters) - French car maker Citroen marked its comeback in the prestigious large sedan market on Monday with the launch of its flagship C5 X, hoping the model will help its European fortunes recover from the COVID-19 crisis and reverse declining sales in China. Citroen, part of the Stellantis group created earlier this year from the merger of PSA Group and Fiat Chrysler, said on Monday it will manufacture the C5 X in the city of Chengdu in China. The model marks the re-entry of Citroen into the large sedan segment, dominated by German carmakers, and Citroen hopes it will help end six years of declining sales in China, the world’s biggest car market. The C5 X - the first new vehicle to be launched since Stellantis was formed in January - will go on sale in the second half of the year in China and European markets. He said the company was targeting annual sales of between 1.3 million and 1.5 million cars in five year’s time.
Persons: Charles Platiau, German carmakers, Stellantis, Vincent Cobee Organizations: Citroen, AMI, REUTERS, PARIS, PSA Group, Fiat Chrysler, Reuters Citroen Locations: Paris, France, China, Chengdu, German, Europe
Stellantis to add Peugeot 308, Opel Astra to electrified range this year
  + stars: | 2021-03-30 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
FILE PHOTO: The logo of Stellantis is seen at the main entrance of the FCA Mirafiori plant in Turin, Italy, January 18, 2021. REUTERS/Massimo Pinca/File PhotoMILAN (Reuters) - Stellantis, the world’s fourth largest carmaker, plans to offer an electric version of the Opel Astra and a hybrid Peugeot 308 among new additions to its electrified range this year. As part of its plan, Stellantis has said it would increase the number of hybrid or fully electric vehicles to 40 models by the end of this year from 29 now. Stellantis plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans rivals such as Volkswagen and Renault-Nissan. Other new models for this year include electric versions of light commercial vehicles under the Peugeot, Citroen and Opel brands, the group said in its newsletter.
Persons: Massimo Pinca, MILAN, Stellantis, Carlos Tavares Organizations: FCA, REUTERS, Opel Astra, Peugeot, American Fiat Chrysler, France’s PSA, Volkswagen, Renault, Nissan, Citroen, Opel, Fiat Locations: Turin, Italy, American, Europe
UPDATE 1-UK car investment decision looms in test of Brexit and Stellantis
  + stars: | 2021-01-19 | by ( Costas Pitas | ) www.reuters.com sentiment -0.99   time to read: +2 min
(Adds details, quotes)LONDON, Jan 19 (Reuters) - Stellantis, forged from the merger of Peugeot and Fiat’s parent companies, will likely decide whether to make a fresh investment in Britain in the next few weeks, its boss said on Tuesday, in an early test for both the carmaker and the Brexit trade deal. On Dec. 24, London and Brussels sealed a deal for tariff-free trade, dependent on the level of local content in goods, with rules becoming stricter on greener vehicles this decade. CEO Carlos Tavares said the company should be able to comply. But Brexit has made carmakers weigh up whether British sites can remain viable export hubs to the European Union, should instead build models for Britain and other right-hand drive and non-EU markets, or potentially close. Tavares also warned on the effect of an upcoming UK ban on the sale of new combustion engine-only cars from 2030 but said the Brexit trade agreement meant it was possible to make its electric vehicle investment in either Britain or the EU.
Persons: Carlos Tavares, , , Tavares, Brexit, Stellantis, Costas Pitas, Mark Potter Organizations: LONDON, Peugeot, Vauxhall, Opel Astra, European Union, Citroen, Fiat, Astra Locations: Britain, England Ellesmere Port, London, Brussels, EU, Europe
Stellantis sees 80% of merger savings within four years
  + stars: | 2021-01-19 | by ( Nick Carey | Gilles Guillaume | Giulio Piovaccari | ) www.reuters.com sentiment -0.59   time to read: +2 min
(Reuters) - Stellantis, the carmaker forged from the merger of Fiat Chrylser and Peugeot-owner PSA, is “very confident” of delivering its planned 5 billion euros ($6.1 billion) of synergies, including 80% within four years, its new chief executive said on Tuesday. FILE PHOTO: Carlos Tavares, chief executive officer of PSA Group, speaks during the annual results news conference at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2020. In his first press conference as Stellantis CEO, Tavares also said he had created a task force to find out “what went wrong” for both Fiat Chrysler (FCA) and PSA in China. The merger, completed on Saturday, has created the world’s fourth-biggest carmaker to help make the switch to the new era of electrification. Tavares said the task force, consisting of Stellantis’ top five executives, would work on solutions for a come-back there.
Persons: Carlos Tavares, Benoit Tessier, Carlos Tavares’s, Stellantis, Tavares, ” Tavares, , Ram Organizations: Reuters, Fiat Chrylser, Peugeot, PSA Group, REUTERS, New York, Fiat Chrysler, FCA, PSA, Fiat, Maserati, Dodge, Citroen, Opel, DS Locations: Rueil, Paris, France, China, PSA’s, Europe
In his first press conference as Stellantis CEO, Tavares also said he had created a task force to find out “what went wrong” for both Fiat Chrysler (FCA) and PSA in China. Both PSA and FCA fared poorly in China, the world’s largest car market. Tavares said the task force, consisting of Stellantis’ top five executives, would work on solutions for a come-back there. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s traditionally Europe-focused Peugeot, Citroen, Opel and DS. Stellantis will launch 10 new electrified vehicle models in 2021, he added.
Persons: Carlos Tavares, Benoit Tessier, Carlos Tavares’s, Tavares, ” Tavares, Stellantis, Ram Organizations: Reuters, Fiat Chrysler, Peugeot, PSA Group, REUTERS, New York, FCA, PSA, Fiat, Maserati, Dodge, Citroen, Opel, DS Locations: Rueil, Paris, France, China, Ellesmere Port, Britain, PSA’s, Europe
FILE PHOTO: Carlos Tavares, chief executive officer of PSA Group, speaks during the annual results news conference at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2020. Tavares said the task force of Stellantis’ top five executives would work on solutions for a comeback there. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s traditionally Europe-focused Peugeot, Citroen, Opel and DS. Tavares, who was previously PSA’s CEO, said all 14 brands would be given the opportunity “to rebound” and invest in new products as the group focuses on profitable growth. “All brands and all plants will be given a chance,” he said in an interview with German daily FAZ.
Persons: Carlos Tavares, Benoit Tessier, Tavares ’, ” Tavares, Tavares, Stellantis, Ram, Organizations: Reuters, Fiat Chrysler, Peugeot, PSA Group, REUTERS, New York, FCA, PSA, Fiat, Maserati, Dodge, Citroen, Opel, DS, La Repubblica Locations: Rueil, Paris, France, China, Britain, Ellesmere Port, PSA’s, Europe
Carmaker Stellantis shares star in European debut
  + stars: | 2021-01-18 | by ( Giulio Piovaccari | ) www.reuters.com + 0.00   time to read: +2 min
MILAN (Reuters) - Stellantis, the carmaker created by combining Fiat Chrysler and Peugeot-owner PSA, enjoyed a positive start on Monday, its shares rising 8% on their European market debut and valuing the business at around 42 billion euros ($51 billion). Fiat Chrysler (FCA) and PSA have said Stellantis can cut costs by more than 5 billion euros a year without plant closures. Milan-listed shares of Stellantis started trading at 12.758 euros and at 1330 GMT were up 8.1% at of 13.59 euros. Over the weekend, PSA shares were exchanged into new FCA shares. All FCA shares were then renamed as Stellantis.
Persons: Ram, , John Elkann, Carlos Tavares, ” Tavares, Stellantis, Tavares, Intesa, Monica Bosio, ” Bosio Organizations: MILAN, Fiat Chrysler, Peugeot, Fiat, Maserati, Dodge, Citroen, Opel, Italiana, FCA, PSA, Fiat Chrysler’s Locations: PSA’s, Europe, Milan, Paris, New York
Electric cars rise to record 54% market share in Norway in 2020
  + stars: | 2021-01-05 | by ( Victoria Klesty | ) www.reuters.com + 0.00   time to read: +3 min
BEV sales accelerated in the final months of 2020, hitting its highest level for any single month in December, with a 66.7% share of the car market. “Our preliminary forecast is for electric cars to surpass 65% of the market in 2021,” said Christina Bu who heads the Norwegian EV Association, an interest group. By contrast, cars with diesel-only engines have tumbled from a peak of 75.7% of the overall Norwegian market in 2011 to just 8.6% last year. New car sales in the country last year were 141,412, of which 76,789 were fully electric. While the electric market share will keep rising, there is uncertainty around how many cars producers will allocate to Norway as European demand is increasing, said Harald Frigstad, chief executive at Norwegian car importer Bertel O. Steen.
Persons: BEV, BEVs, We’re, , Oeyvind Thorsen, Tesla’s, Christina Bu, ” Tesla’s, Harald Frigstad, Steen, Daimler’s Mercedes Organizations: Volkswagen, Tesla, Nordic, Norwegian Road Federation, Audi, Norwegian EV Association, Ford, BMW, Bertel, Benz, Kia, Peugeot, Opel, Citroen, Smart Locations: OSLO, Norway, Norwegian
Top Peugeot shareholders approve merger with Fiat
  + stars: | 2021-01-04 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe/File PhotoPARIS (Reuters) - The main shareholders in Peugeot owner PSA gave the green light on Monday to the group’s merger with Fiat Chrysler (FCA), one of the last steps towards creating the world’s fourth largest automaker. At a special shareholder meeting, the deal to form Stellantis, the new company, was backed by more than 99% of the votes cast by investors with double voting rights. These include PSA’s top stakeholder, the Peugeot family, as well as China’s Dongfeng, while a broader shareholder meeting was underway on Monday and FCA investors were also due to vote on the agreement. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s Peugeot, Citroen, Opel and DS.
Persons: Stephane Mahe, Dongfeng, Carlos Tavares, Tavares, Ram Organizations: Fiat, Peugeot, REUTERS, PARIS, PSA, Fiat Chrysler, FCA, Maserati, Dodge, Citroen, Opel, DS Locations: Saint, Nazaire, France, China, Europe
Peugeot shareholders approve autos mega-merger with Fiat
  + stars: | 2021-01-04 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire, France, November 8, 2019. REUTERS/Stephane Mahe/File PhotoPARIS (Reuters) -Shareholders in Peugeot owner PSA gave the green light on Monday to the French company’s merger with Fiat Chrysler (FCA), one of the last steps towards creating the world’s fourth largest automaker. At a special shareholder meeting, the deal to form the new company called Stellantis was first backed by top investors with double voting rights, including the Peugeot family, China’s Dongfeng and the French state, via Bpifrance. All other PSA shareholders backed the deal at a second meeting held online with a 99.85% approval rate among votes cast. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s Peugeot, Citroen, Opel and DS.
Persons: Stephane Mahe, Stellantis, China’s Dongfeng, , Carlos Tavares, Tavares, Ram Organizations: Fiat, Peugeot, REUTERS, PARIS, PSA, Fiat Chrysler, FCA, Maserati, Dodge, Citroen, Opel, DS Locations: Saint, Nazaire, France, China, Europe
PARIS/MILAN (Reuters) - Fiat Chrysler (FCA) and PSA said on Monday that investors had given their blessing to a $52 billion merger to create the world’s fourth largest automaker, and shares in the new company, named Stellantis, would start trading in two weeks. With annual production of around 8 million vehicles worldwide and revenues of more than 165 billion euros ($203 billion), the newly-formed firm is expected to play a key role in the auto industry’s jump into the new era of electrification. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s traditionally Europe-focused Peugeot, Citroen, Opel and DS. “We are ready for this merger,” PSA Chief Executive and Stellantis future CEO Carlos Tavares said. The remainder of the synergies are expected from the optimization of other functions including logistics, supply chain, quality and after-market operations, he added.
Persons: Ram, Stellantis, , Carlos Tavares, Tavares, John Elkann, Mike Manley, Manley Organizations: PARIS, Fiat Chrysler, FCA, Fiat, Maserati, Dodge, Peugeot, Citroen, Opel, DS, PSA Locations: MILAN, PSA’s, Europe, Milan, Paris, New York, China
Investors in Peugot have approved the group's merger with Fiat Chrysler, inching the pair closer to creating the world's fourth-biggest carmaker. Fiat Chrysler shareholders are expected to vote on the merger later on Monday. Fiat Chrysler investors are due to give their verdict later on Monday. On December 21, Fiat Chrysler and Peugeot gained EU antitrust approval for Stellantis after pledging to help boost Japanese rival Toyota Motor. Stellantis will have 14 brands, from Fiat Chryslers's Fiat, Maserati and US-focused Jeep, Dodge and Ram to PSA's Peugeot, Citroen, Opel and DS.
Persons: China's Dongfeng, Carlos Tavares, , Tavares, Ram Organizations: Peugot, Fiat Chrysler, Yahoo Finance, Peugeot, PSA, Monday, Toyota, Fiat Chryslers's Fiat, Maserati, Dodge, Citroen, Opel, DS Locations: China, Europe
Fiat Chrysler and PSA Groupe shareholders approve merger to create Stellantis
  + stars: | 2021-01-04 | by ( Michael Wayland | ) www.cnbc.com sentiment -0.81   time to read: +1 min
An employee at Fiat Chrysler's Windsor Assembly Plant works inside the chassis of the Chrysler Pacifica Hybrid in December 2016. Shareholders of Italian-American automaker Fiat Chrysler and France-based PSA Groupe on Monday approved a merger plan to create Stellantis, the world's fourth-largest automotive group. The voting was one of the last steps for the merger, which the companies expect to close on Jan. 16. Stellantis will include 14 automotive brands — from Fiat Chrysler's Maserati, Jeep and Ram to PSA's Peugeot, Citroen and Opel. Fiat Chrysler, the world's seventh-largest automaker, had been on a quest for a tie-up to grow scale and consolidate costs for several years.
Persons: Carlos Tavares, " Tavares, Ram Organizations: Fiat, Plant, Chrysler Pacifica Hybrid, Fiat Chrysler, Groupe, New York Stock Exchange, Fiat Chrysler's Maserati, Peugeot, Citroen, Opel Locations: Windsor, American, France, Milan, Paris, North America, Europe
Both PSA and FCA operate at just 8% of their capacity in the Asia-Pacific region, according to consultancy LMC. But he has been blunt about the problems Peugeot has in China and has pledged that Stellantis will mount a comeback. PSA and FCA have said Stellantis can cut its combined annual costs by 5 billion euros without any plant closures. Some Stellantis brands such as Jeep are robust global icons while Fiat and Peugeot have faithful followers but others, like Lancia and Chrysler, are only marginal, regional names. But Fiat Chrysler’s Lancia brand sold just 34,000 vehicles in the European Union in the first three quarters of 2020.
Persons: Carlos Tavares, Benoit Tessier, Ram, Tavares, Stellantis, that’s, , Philippe Houchois, Houchois, rationalise, Marco Santino, Oliver Wyman, Justin Cox Organizations: PARIS, Fiat Chrysler, PSA Group, REUTERS, Shareholders, Fiat Chrysler Automobiles, Fiat, Jeep, Peugeot, Citroen, Opel, General Motors, Hyundai Motor, Kia Motors, Ford Motor, Volkswagen, Renault, Nissan, Mitsubishi, Toyota, PSA, FCA, LMC, Jefferies, Reuters, Summit, THE, Lancia, Chrysler, Maserati, European Union Locations: MILAN, China, Rueil, Paris, France, Asia, Pacific, Stellantis, Ellesmere Port, England, Fiat’s Kragujevac, Serbia
Fiat Chrysler, PSA merger to include investor loyalty scheme
  + stars: | 2020-11-20 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +2 min
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File PhotoMILAN (Reuters) - Fiat Chrysler's FCHA.MI merger with Peugeot maker PSA PEUP.PA will include a loyalty scheme for long-term investors in the new group and help prevent future takeover attempts, the prospectus for the planned tie-up shows. In December, Italian-American carmaker Fiat Chrysler (FCA) and France’s PSA agreed to combine in a $38 billion all-share deal, uniting brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel, Citroen and DS. Such a move could concentrate Stellantis’ voting power in a small number of shareholders, making management changes and takeover attempts more difficult, they added. PSA and FCA have filed the merger plan with antitrust authorities in 21 countries and the European Union.
Persons: Rebecca Cook, MILAN, Ram, Stellantis, Exor EXOR.MI, Italy's Agnelli, Ferrari Organizations: Fiat Chrysler Automobiles, U.S, REUTERS, Fiat, Peugeot, PSA, American carmaker Fiat Chrysler, FCA, France’s, Jeep, Maserati, Opel, Citroen, DS, European Union Locations: Auburn Hills , Michigan, U.S, American, Dutch, Paris, Milan, New York, Netherlands, Brazil, EU
Fiat Chrysler, PSA shareholders to vote on merger on January 4
  + stars: | 2020-11-18 | by ( Reuters Staff | ) www.reuters.com sentiment -0.70   time to read: 1 min
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is at the U.S. headquarters in Auburn Hills, Michigan, U.S. May 25, 2018. REUTERS/Rebecca Cook/File PhotoMILAN (Reuters) - Fiat Chrysler FCHA.MI and PSA PEUP.PA shareholders will meet on Jan. 4 to approve their planned merger and create Stellantis, the world's fourth biggest car maker, the two companies said on Wednesday. In December, Italian American Fiat Chrysler (FCA) and French Peugeot maker PSA agreed to combine in a $38 billion all-share deal, uniting brands such as Fiat, Jeep, Dodge, Ram and Maserati with the likes of Peugeot, Opel, Citroen and DS. The two companies have pledged to finalise the merger by the end of the first quarter of next year.
Persons: Rebecca Cook, MILAN, Ram Organizations: Fiat Chrysler Automobiles, U.S, REUTERS, Fiat Chrysler FCHA.MI, American Fiat Chrysler, FCA, French Peugeot, Fiat, Jeep, Maserati, Peugeot, Opel, Citroen Locations: Auburn Hills , Michigan, U.S, American, French
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