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Shareholders of Fiat Chrysler Automobiles (FCA) and Peugeot parent Group PSA approved a $58 billion merger creating the world's fourth-largest automaker, Stellantis.
In separate online votes, 99.15 percent of FCA shareholders and 99.85 percent of PSA investors approved the merger.
The merger is expected to yield billions of dollars in annual savings while accelerating the development of electric and autonomous vehicles.
Stellantis will have 14 brands that include Fiat, Maserati, and US-focused Jeep, Dodge, and Ram from FCA's side, to PSA’s Peugeot, Citroen, Opel, and DS.
Under the agreement, FCA Chairman John Elkann and PSA CEO Carlos Tavares will retain their titles at Stellantis.
FCA CEO Mike Manley will now serve as head of Stellantis operations in the Americas.
Tavares will have to revive the carmaker’s fortunes in China, rationalize a sprawling global empire, address massive overcapacity, and focus on creating cleaner cars.
PSA, which has a strong presence in China, has been trying to re-enter the US market after a three-decade absence. Meanwhile, Fiat Chrysler has only a modest presence in China.
FCA and PSA each lagged in the development of autonomous and electrified vehicles.
Thus, Stellantis will be under pressure to ramp up spending on technologies expected to revolutionize the industry over the coming decade.
