World's fourth largest automaker rings opening bell at NYSE

Xinhua
20 Jan 2021, 07:18 GMT+10

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.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Orlando Echo.

More Information

57 ℉

Fair in Orlando/Executive

International

Section

Hong Kong democracy leaders arrested, face long imprisonment

BEIJING, China: Actions taken last week by the Chinese People's Political Consultative Committee (CPPCC) and the National People's Congress (NPC) ...

Feb. saw most people detained at Mexican border since 2006

WASHINGTON D.C.: Officials report that 100,000 people seeking to enter the United States were detained at the Mexican border in ...

Following stringent lockdown, Buenos Aires opening up economy

SAO PAULO, Brazil: Just as Buenos Aires, Argentina is opening up its economy after what is seen as the city's ...

As George Floyd murder trial gets underway Minnesota continues to cope

MINNEAPOLIS, Minnesota -- Barring last-minute changes, court proceedings begin Monday in the trial of the former Minneapolis police officer charged ...

British PM Johnson says being overweight complicated his Covid care

LONDON, England: In a bid to reduce Covid infections among overweight Britons, Prime Minister Boris Johnson is promoting his own ...

Seeking dismissal of charges, Huawei CFO says arrest political

VANCOUVER, Canada: Lawyers for Huawei chief financial officer Meng Wanzhou have sought a dismissal of the extradition case against her, ...

Florida

Section