Stellantis
History
In early 2019, Fiat Chrysler Automobiles (FCA) pursued a merger with French automaker Renault, reaching a provisional agreement. However, the deal collapsed due to political concerns from the French government and resistance from Renault's alliance partner, Nissan. FCA subsequently turned to another French automaker, the PSA Group, and in December 2019, the two companies agreed to merge, forming the world's fourth-largest automaker by global vehicle sales, with projected annual cost savings of €3.7 billion, or about US$4.22 billion.
History
Carlos Tavares, the CEO of PSA Group, was appointed CEO of Stellantis with a five-year term. Immediately following the merger, Tavares announced plans to offer 29 electrified vehicle models by the end of 2021 and to invest over €30 billion in electrification and software by the end of the decade.
History
In response to the global semiconductor shortage that forced the company to slow or stop production at its plants, Stellantis signed a partnership with Foxconn in 2021 to co-develop automotive chips, and in 2023, the two companies launched a joint venture called SiliconAuto, based in the Netherlands.
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