Automotive groups Fiat Chrysler (FCA) and Groupe PSA have signed a binding agreement to merge, reports Leatherbiz.
Groupe PSA, whose brands include Peugeot, Citroen, Opel and Vauxhall, and FCA will be equal owners of the new combined group, which will have its headquarters in the Netherlands. It will become the fourth-largest automotive group in the world by volume and the third-largest in revenue, making a combined total of 8.7 million vehicles per year and generating revenue of €170 billion. These figures are based on the 2018 results of each group.
In a statement, the groups said that combining their management, capabilities and resources would put them in a strong position to “capitalise on the opportunities presented by the era in sustainable mobility”.