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 to show new mobility braking solutions at Automechanika&nbsp;<br />
&nbsp;

Brembo to show new mobility braking solutions at Automechanika 
 

icon Brembo, a global leader in hig...
Think Clutch, Think Blue Print

Think Clutch, Think Blue Print

icon Independent automotive afterma...
The Automechanika Birmingham Programme goes Live

The Automechanika Birmingham Programme goes Live

icon The official event programme f...

More from AUTOBIZ