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Thursday, January 28, 2021

Fiat and PSA will Win European Union Approval for $38 Billion Merger

PSA and Fiat Chrysler are set to win European Union approval for their $38 billion merger in order to create the fourth carmaker in the world, as they strive to meet the industry’s duel challenges of funding cleaner vehicles and the COVID-19 pandemic.

PSA and Fiat Chrysler are set to win European Union approval for their $38 billion merger in order to create the fourth carmaker in the world, as they strive to meet the industry’s duel challenges of funding cleaner vehicles and the COVID-19 pandemic.

People familiar with the matter revealed that the green light from the EU’s European Commission would formalize the creation of Stellantis, a carmaking group that could tap hefty profits from selling Jeep SUVs and Ram pickup trucks to American driver sin order fund the development of zero-emission vehicles for sale in China and Europe.

The all-share merger announced in the year 2019 would unite brands such as Fiat, Dodge, Jeep, Ram and Maserati with the likes of Peugeot, Opel and DS, while targeting annual cost cuts of $6 billion without closing factories.

 PSA and Fiat Chrysler have said they hope to complete the merger in the first quarter of 2021. The challenge of switching to electric cars has been complicated by the COVID-19 pandemic.

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