Groupe PSA and Fiat Chrysler Automobiles to come together - forms the 4th largest OEM in the world
Groupe PSA and Fiat Chrysler Automobiles (FCA) have joined forces to work on 50-50 merger. This makes them the fourth-largest automotive giants in the world with a total 2018 annual sales of 87 lakh units. The entity will have combined revenue of 170 billion and a recurring profit of 11 billion excluding the Magneti Marelli and Faurecia. The merger will bring in solutions for connected, electrification, shared and autonomous mobility.
The board would be composed of 11 members. Five board members would be nominated by FCA including John Elkann as Chairman and five would be nominated by Groupe PSA including the Senior Independent Director and the Vice-Chairman. The Chief Executive Officer would be Carlos Tavares for an initial term of five years and he would also be a member of the Board.
Both the groups have their footprint in the Indian market with FCA parenting the Jeep and Maserati, also Fiat was a part of the FCA's India movement. Like Fiat, Peugeot was a part of the Indian car industry but the company stepped back. Now the Groupe PSA has stepped in the Indian market with Citroen and the first car to debut will be the C5 Aircross SUV that is slated for a launch in September 2020. Likewise, with the DS7 Crossback being spotted in India number of times which hints that Peugeot might bring the DS brand to India.
Starts Rs 31.3 Lakhs
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