Stellantis

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Stellantis N.V.
TypePublic (N.V.)
Industry
Predecessors
Founded16 January 2021; 9 months ago (2021-01-16)
Headquarters,
Netherlands
Area served
Worldwide
Key people
ProductsAutomobiles, commercial vehicles, auto parts, production systems
Brands
Owners
Number of employees
407,545[1]
Subsidiaries
Websitewww.stellantis.com
Footnotes / references
[2][3][4][5][6]

Stellantis N.V. is a multinational automotive manufacturing corporation formed in 2021 on the basis of a 50-50 cross-border merger between the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group.[7][8][9] The company is headquartered in Amsterdam, Netherlands. As of May 2021, Stellantis is the sixth-largest automaker worldwide, after Volkswagen Group, Toyota, the Renault–Nissan–Mitsubishi Alliance, General Motors, and Hyundai Motor Group.[10] The company is listed on Milan's Borsa Italiana, on Euronext Paris and on the New York Stock Exchange.[11]

The principal activity of Stellantis is the design, development, manufacture and sale of automobiles bearing its 15 brands of Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall, and Mopar auto parts. Stellantis has 300,000 employees, a presence in more than 130 countries with manufacturing facilities in 30 countries.[12]

Etymology[edit]

The name comes from the Latin verb stello.[9] It means "of (him/her/it that) brightens with stars".[13][14][15]

History[edit]

In early 2019, Fiat Chrysler Automobiles (FCA) sought a merger with French automaker Renault, and reached a provisional agreement with the company.[16] However, the behaviour of the French government during negotiations led to the abandonment of the deal; The Economist reported that "for FCA this portended future interference."[17] Nissan also had various concerns of the impact of the proposal on its alliance with Renault.[17]

Subsequently, FCA approached PSA. The merger, officially agreed in December 2019, was to create the world's fourth-largest carmaker by global vehicle sales with expected annual cost savings of €3.7 billion, or approximately $4.22 billion.[9]

On 21 December 2020, the European Commission announced its approval of the merger, while imposing minimal remedies to ensure competition in the sector.[18]

The merger was approved on 4 January 2021 by the shareholders of both FCA and PSA and the deal completed on 16 January 2021. Common shares of the new company began trading on the Milan Stock Exchange (MTA) and Euronext Paris on 18 January 2021 and on the New York Stock Exchange on 19 January 2021, in each case under the ticker symbol "STLA".[19][20][21] As of 24 May 2021, all brands have already been part of the Stellantis group.

International Financial Reporting Standards, or IFRS, mandate the identification of the company acting as the acquirer and the company being acquired. “Based on the assessment of the indicators under IFRS 3 accounting standard and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that Peugeot S.A. is the acquirer for accounting purposes.”[22] The filing notes the Stellantis board will have 11 directors, six from PSA and five from Fiat Chrysler. Additionally, the new company’s first CEO, who is vested with the full authority to individually represent Stellantis, is Carlos Tavares, the former president of the PSA managing board as well as former CEO of PSA Group. He will also have a five-year term as Stellantis CEO. PSA shareholders have also paid a pre-merger premium to FCA shareholders. However, Exor, the Agnelli family company that was the largest shareholder of FCA, will hold the largest stake in Stellantis with 14.4 percent.[23] The merger agreements allow the Peugeot family to further increase its current 7.2% stake in Stellantis by up to an additional 1.5% by acquiring shares from France's state lender Bpifrance, from Dongfeng or on the market.[24]

The name Stellantis is exclusively used to identify the corporate entity, while group brand names and logos remain unchanged.[9]

In 2021 CEO Carlos Tavares issued a challenge for the group's brands to prove themselves within a 10-year window, in exchange for much-needed investment in new models and technology.[25][26][27][28]

The group plans to have 39 electrified vehicle models available by the end of 2021.[29] There are four EV platforms planned to be developed by the end of the 2020s.[30][31] Overall, the company announced more than €30bn will be invested by the end of 2021.[32]

Brands[edit]

As of 2021 the brand portfolio of Stellantis is:[33]

Brand Founded Brand CEO
Jeep 1941 Christian Meunier
Chrysler 1925 Christine Feuell[34]
Dodge 1914 Timothy Kuniskis
Ram 2010[a] Michael Koval
Fiat 1899 Olivier François
Abarth 1949
Lancia 1906 Luca Napolitano
Alfa Romeo 1910 Jean-Philippe Imparato
Maserati 1914 Davide Grasso
Citroën 1919 Vincent Cobée
Peugeot 1810 Linda Jackson
Opel 1862 Uwe Hochgeschurtz
Vauxhall 1857[35] Paul Willcox
DS Automobiles 2014[b] Béatrice Foucher
Fiat Professional 2007

Ownership[edit]

Following the 50% FCA and 50% PSA merger, the owners are:[36]

Board of directors[edit]

The executive board of Stellantis is formed by 11 members. Five members come from PSA and leading shareholders (BpiFrance, FFP), while five others come from Fiat Chrysler Automobiles and main shareholder (Exor). The remaining seat goes to Carlos Tavares, CEO of Stellantis and former CEO of PSA.

Assembly plants[edit]

Africa[edit]

Asia[edit]

Europe[edit]

North America[edit]

South America[edit]

Notes[edit]

  1. ^ spun-off from Dodge brand
  2. ^ spun-off from Citroën brand

See also[edit]

References[edit]

  1. ^ "Stellantis overview".
  2. ^ "Fiat-Chrysler & Peugeot Agree on Merger to Create 4th-Largest Carmaker". NPR. 19 October 2019. Retrieved 17 July 2020.
  3. ^ Beresford, Colin (19 January 2021). "It's Official: Fiat Chrysler and PSA Group Are Now Stellantis". Car and Driver.
  4. ^ "Top jobs for Stellantis: electrification, restructure Europe, compete in China". Detroit News.
  5. ^ "Stellantis Surges in Trading Debut After Fiat-PSA Merger". Bloomberg. 18 January 2021. Retrieved 19 January 2021.
  6. ^ "STLA - Stellantis NV Shareholders - CNNMoney.com". money.cnn.com.
  7. ^ "Fiat Chrysler to Be Renamed Stellantis After Merger With PSA". Wall Street Journal. 15 July 2020.
  8. ^ Stellantis weighs closing production line at Italy's Melfi plant - union, Reuters, 25 March 2021
  9. ^ a b c d "Fiat Chrysler and PSA Group rename merged automaker 'Stellantis'". Fox Business. 16 July 2020.
  10. ^ "Stellantis Would Have Been The World's 6th Largest Carmaker In 2020, Not 4th". Carscoops. 5 January 2021. Retrieved 5 June 2021.
  11. ^ Smith, Elliot (18 January 2021). "World's fourth-largest carmaker rallies on first day of trade after $52 billion merger". CNBC. Retrieved 19 June 2021.
  12. ^ "Overview". Stellantis. Retrieved 19 January 2021.
  13. ^ "stellans, stellantis M - Latin is Simple Online Dictionary". www.latin-is-simple.com. Retrieved 4 January 2021.
  14. ^ "stellantis" is the genitive, singular form, male and neutral, of "stellans" - or, also, the present active participe of "stello", in that case still meaning "of (him/that who) brights with stars"
  15. ^ "stello, stellas, stellare A, -, stellatum - Latin is Simple Online Dictionary". www.latin-is-simple.com. Retrieved 4 January 2021.
  16. ^ "Fiat Chrysler proposes 50-50 merger with Renault". TechCrunch. Retrieved 27 May 2019.
  17. ^ a b "Braking bad: A merger of Fiat Chrysler Automobiles and Renault is no more". The Economist. London. 8 June 2019. Retrieved 16 February 2021. Sources close to FCA say that the government was constantly second-guessing and renegotiating every aspect of the deal. For FCA this portended future interference. When France pointed the finger at Nissan as a roadblock, FCA lost patience.
  18. ^ "Mergers: Commission approves the merger of Fiat Chrysler Automobiles N.V. and Peugeot S.A., subject to conditions" (Press release). European Commission. 21 December 2020.
  19. ^ "Fiat Chrysler and Peugeot shareholders vote to merge, creating world's fourth-largest car maker". NBC News. Retrieved 4 January 2021.
  20. ^ Noble, Breana. "Stellantis merger to close on Jan. 16 after PSA, FCA shareholders approve". The Detroit News. Retrieved 5 January 2021.
  21. ^ "The merger of FCA and Groupe PSA has been completed" (PDF). Retrieved 16 January 2021.
  22. ^ "Stellantis N.V. (formerly Fiat Chrysler Automobiles N.V.) Annual Report and Form 20-F for the year ended December 31, 2020" (PDF). Stellantis. 4 March 2021. p. 6.
  23. ^ "Fiat Chrysler and PSA Not Exactly a "Merger of Equals"". The Detroit Bureau. 24 November 2020.
  24. ^ a b Stellantis shareholder Dongfeng sells down stake for 600 mln euros, Reuters, 8 September 2021
  25. ^ Taylor, Michael (17 May 2021). "Stellantis Gives Its Alfa Romeo, Lancia And DS Brands One Last Chance". Forbes.
  26. ^ "Stellantis to give each of its 14 car brands 10 years of funding - CEO". Reuters. 14 May 2021.
  27. ^ Padeanu, Adrian (14 May 2021). "Stellantis will invest in Alfa Romeo and Lancia for the next 10 years". Motor1.com.
  28. ^ Noble, Breana (13 May 2021). "Stellantis CEO says brands have 10 years to prove their worth". Detroit News.
  29. ^ "Stellantis: Building a world leader in sustainable mobility". Stellantis. Retrieved 19 January 2021.
  30. ^ Malan, Andrea (18 April 2021). "How Stellantis will speed up its EV transition". Auto News.
  31. ^ Carson, Sean (20 April 2021). "Stellantis maps out future EV platforms with up to 497 miles of range". Auto Express.
  32. ^ "Vauxhall owner Stellantis to invest €30bn in electric vehicles". BBC News. 8 July 2021. Retrieved 9 July 2021.
  33. ^ "Appointment of the Top Executive Team to steer Stellantis | Stellantis". www.stellantis.com. Retrieved 19 January 2021.
  34. ^ a b Stellantis (7 September 2021). "Christine Feuell will join Stellantis as Chrysler Brand CEO".
  35. ^ "- Vauxhall History". vauxhallhistory.org. Retrieved 10 March 2021.
  36. ^ "Stellantis Information on Euronext". Euronext. Retrieved 7 April 2021.
  37. ^ a b c "Stellantis Media - FCA North American Manufacturing Operations". media.stellantisnorthamerica.com. Retrieved 24 February 2021.

External links[edit]