10/31/2019, 8:00 AM (Source: TeleTrader)
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Fiat Chrysler, Peugeot confirm merger

Peugeot manufacturer PSA Group and Fiat Chrysler Automobiles (FCA) confirmed on Thursday the two companies will merge.

"Discussions have opened a path to the creation of a new group with global scale and resources owned 50% by Groupe PSA shareholders and 50% by FCA shareholders," the companies said in a statement.

"In a rapidly changing environment, with new challenges in connected, electrified, shared and autonomous mobility, the combined entity would leverage its strong global R&D footprint and ecosystem to foster innovation and meet these challenges with speed and capital efficiency," they added.

The newly-formed company will enjoy a combined revenue of nearly €170 billion.

Breaking the News / JC