Mon, 08 Mar 2021

CHICAGO, Jan. 19 (Xinhua) -- Stellantis, a merger of Fiat Chrysler Automobiles NV (FCA) and French Groupe PSA, rang its opening bell and began trading at New York Stock Exchange (NYSE) under ticker STLA on Tuesday.

The tie-up will help preserve jobs, factories and the 14 auto brands, and will save billions annually, said Stellantis CEO Carlos Tavares, who is also PSA CEO, on Tuesday at an online press conference.

It is expected that the new company may save 5.9 billion dollars annually with regard to condensing platforms and powertrains, greater purchasing power and redundancies in sales, marketing, quality, logistics and supply-chain management, the Detroit News reported on Monday.

Shares of the company already began trading in Europe on Monday.

Domiciled in Amsterdam, Holland, and with volume likely to be 30 billion dollars, Stellantis would become the world's fourth largest automaker.

Stellantis has the scale, resources, diversity and knowledge needed to compete in a new era of transportation involving autonomy and electrification, the local media quoted Stellantis Chairman John Elkann as saying in a video message on Monday. "Our ambition is to build something unique, something great by providing our customers with convenient, safe, sustainable and affordable mobility services."

FCA and PSA finalized their transatlantic merger on Saturday.

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