The story
Founded by Fiat Chrysler Automobiles and Groupe PSA on Jan 16, 2021, in Amsterdam.1
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.
The European Commission approved the merger on 21 December 2020 with minimal conditions. Shareholders of both companies approved the deal on 4 January 2021, and the merger was completed on 16 January 2021. The combined entity was renamed Stellantis N.V. on 17 January, with shares beginning to trade under the symbol "STLA" on the Milan Stock Exchange and Euronext Paris on 18 January and on the New York Stock Exchange on 19 January. For accounting purposes, PSA was designated the acquirer, and financial statements reflect PSA's historical performance.
Following the merger, the largest shareholders of Stellantis were EXOR NV, the investment company of the Agnelli family, the founders of Fiat, with a 14.2% stake; Peugeot Invest, the Peugeot family's holding company, with 7%; and Bpifrance, the French state-owned investment bank, with 6%.
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.
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.
In 2022, Stellantis halted Russian operations due to sanctions related to the invasion of Ukraine. In early 2024, Russian partners began producing Citroën-branded vehicles at the Kaluga plant, prompting Stellantis to state it had "lost control" of its assets in Russia.
In 2022, Stellantis established the electric vehicle battery joint ventures NextStar Energy with LG Energy Solution in Canada and StarPlus Energy with Samsung SDI in the US. NextStar was dissolved in February 2026.
Stellantis also faced legal and regulatory scrutiny. In May 2022, the company pleaded guilty to criminal charges and paid $300 million to settle a U.S. Department of Justice investigation into diesel emissions fraud affecting over 100,000 vehicles.
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The company continued expanding its mobility and autonomous technology portfolio, acquiring carsharing platform Share Now in July 2022 and autonomous driving startup aiMotive in November 2022.
In October 2023, Stellantis acquired a 20% stake in Chinese EV manufacturer Leapmotor for €1.5 billion, forming a joint venture, Leapmotor International, to handle global sales and production outside China.
The company announced a €3 billion (US$3.2 billion) share buyback in 2024.
Under the leadership of Tavares, Stellantis faced mounting criticism over its cost-cutting strategy, declining sales, and strained relationships with key stakeholders. Tavares implemented aggressive restructuring measures, including workforce reductions and tight control over product development, which some analysts blamed for delays in new model launches and weakening brand performance, particularly in North America. U.S. dealers expressed concern about rising inventories and brand mismanagement, while the United Auto Workers criticized the company over job cuts and halted investment plans. Stellantis reported a 70% drop in net profit in 2024, with global shipments and U.S. market share declining significantly. Amid internal friction with the board and worsening financial performance, Tavares resigned in December 2024, two years before his contract was set to expire.
On 28 May 2025, the board unanimously appointed Antonio Filosa, a longtime executive who had led Stellantis operations in North and South America, as CEO, effective 23 June 2025. Filosa is expected to place renewed emphasis on the North American market.
In May 2026, the company announced it will manufacture Peugeot and Jeep vehicles in China following a deal with Dongfeng Motor Corporation. In July 2026, within the framework of the Dieselgate scandal, the British courts rejected the accusations against five manufacturers, including Peugeot-Citroën, finding in their favor.
In August 2026, Stellantis returned to operating profit in the first half of 2026, but profitability per car still remains quite low.
From Wikipedia’s article on Stellantis, shared under CC BY-SA 4.0.8