The world’s fourth largest car company has floated on the Milan and Paris stock exchanges. Stellantis who combine PSA Peugot and Fiat Chrysler saw a hike in shares.
Stellantis shares were up by 2.5% in Milan to €13.18, and during the virtual bell ringing the merger created €25bn in shareholder value.
Chief executive Carlos Tavares said, “The focus from day one will be on value creation from synergies, which will increase competitiveness vis-a-vis its peers.”
On Tuesday Stellantis will launch on the New York Stock Exchange as the the US have a bank holiday today.
Chairman John Elkann, heir to the Fiat-founding Agnelli family, said that the new company has “the scale, the resources, the diversity and the knowledge to successfully capture the opportunities of this new era in transportation.”