AutoBeta(AutoBeta.net)09/30 Report--

On September 30th, Fiat Chrysler Group (hereinafter referred to as "FCA") and Peugeot Citroen Group (hereinafter referred to as "PSA") announced the membership of the board of directors of Stellantis. Under the merger agreement announced on December 18, 2019, the board of Stellantis will consist of 11 members, of which FCA and its major shareholder Exor have nominated five members, PSA and its two major shareholders have nominated five members, and Carlos Tavares, chief executive of Stellantis, will be a member of the board.

The members of the board of directors of Stellantis shall be decided by shareholders' vote, and the specific list is as follows:

Specifically, John Elkann, head of Exor, FCA's parent company, will serve as chairman of Stellantis's board, while Robert Peugeot, head of the Peugeot family and a member of PSA's supervisory board, will serve as vice-chairman of the board. Stellantis's chief executive will be Carlos Tavares, CEO of PSA.

The senior independent director is Henri de Castries, the former CEO of AXA and a member of the board of directors of Nestle and other companies; the other six independent directors are: Andrea Agnelli, Fiona Clare Cicconi, Nicolas Dufourcq, Ann Frances Godbehere, Wan Ling Martello, Jacques de Saint- expand é ry, Kevin Scott.

It is worth mentioning that Mike Manley, CEO of FCA Group, is not on the board of directors at the moment. According to the data, Mackay has been the CEO of FCA since July 2018. The company had previously said Mackay's role in Stellantis would be announced "before the merger is completed".

It is understood that in October 2019, FCA and PSA announced a statement on the merger-related reports, saying that the two companies were discussing matters related to the merger, with the goal of establishing a world-leading automotive group; in December 2019, the two companies signed a merger agreement at 50:50, which will become the fourth largest automobile group in the world after Volkswagen, Toyota and Renault-Nissan alliance. In July 2020, the two companies announced that the new company would be named "STELLANTIS". According to the previous agreement, the merger is expected to be completed by the end of the first quarter of 2021.

According to the financial report, PSA Group sold 1.03 million vehicles in the first half of 2020, down 45.7% from the same period last year; realized operating income of 25.12 billion euros, down 34.5% from the same period last year; and net profit attributed to the parent company reached 595 million euros (about 4.876 billion yuan), compared with 1.83 billion euros in the same period last year. For FCA, total global sales fell 63% to 424000 units in the second quarter; net income was 11.707 billion euros, down 56% from the same period last year; and net loss was 1.048 billion euros, down 23.2% from the same period last year.

At present, the joint venture brands related to the two groups are having a hard time in the Chinese market. Data show that GAC Fiat Chrysler sold 17000 vehicles in the first half of this year, down 50.97 per cent, while DPCA sold only 23000 vehicles in the first half, down 63 per cent from the same period last year. After years of declining sales and the impact of the epidemic, French cars represented by Dragon Motors are still beset with difficulties, and sales continue to decline.

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