Fiat and PSA agree merger deal

December 20, 2019
Fiat and PSA agree merger deal
Share:

Fiat Chrysler Automobiles (FCA), and Groupe PSA, owners of Peugeot, Citroen, Opel/Vauxhall and DS, have reached agreement on a merger which will create the world's fourth largest volume car manufacturer.


The two groups have released a joint statement that says that the deals is advantageous for both groups as it provides PSA access to American markets, while FCA will benefit from PSA's more advanced electric vehicle technology.

The new business entity is owned 50/50 between PSA and FCA shareholders and will be chaired by current FCA Chairman John Elkann. The role of PSA CEO Carlos Tavares will now also expand to cover both FCA and PSA.

Carlos Tavares commented, “All the electrification know-how we have developed for the European market would be a very significant asset to bring to the US market for the appropriate level of improvement.”
PREVIOUS ARTICLE
New sheet metal nibbler from Laser
NEXT ARTICLE
Happy Christmas to all our readers

More from GARAGE WORKSHOP

Brembo tops BEST CARS 2024 awards

Brembo tops BEST CARS 2024 awards

icon As part of Auto Motor und Spor...
Innovative OSRAM NIGHT BREAKER LED range now available in Ireland

Innovative OSRAM NIGHT BREAKER LED range now available in Ireland

icon OSRAM NIGHT BREAKER LEDs have...
Ring introduces new ULTRABOOST jumpstarter range

Ring introduces new ULTRABOOST jumpstarter range

icon Ring has added to its compact...
febi adds in-demand Ford and Mercedes components

febi adds in-demand Ford and Mercedes components

icon Parts specialist febi has adde...
ATE effective, eco-friendly brake cleaner 

ATE effective, eco-friendly brake cleaner 

icon ATE is expanding its brake pro...
Non-starting Transit Tourneo

Non-starting Transit Tourneo

icon The driver of this Ford Transi...

More from AUTOBIZ