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Carlos Tavares will be CEO of the newly created Stellantis. Photo: Chesnot/Getty Images

Shareholders of Fiat Chrysler Automobiles and Peugeot parent Groupe PSA voted overwhelmingly Monday to merge their companies, creating the world’s fourth-largest automaker.

Why it matters: The shift toward electric, self-driving technology has left legacy carmakers scrambling to pool resources — or in this case, merge completely — in order to help shoulder the capital burden of the transformation.

  • “We are living through a profound era of change in our industry,” Fiat Chrysler chair John Elkann said at his company's virtual shareholders’ meeting, per AP.
  • “We believe that the coming decade will redefine mobility as we know it. We and our merger partners at Groupe PSA are intent on playing a leading role in building this future. It is this intention that has brought us together.”

Details: The new company, to be called Stellantis, will combine 14 car brands — five from PSA, including Peugeot and Citroen, and nine from Fiat Chrysler, including Jeep, Dodge, Ram, Fiat, Maserati and Alfa Romeo.

  • PSA CEO Carlos Tavares will be CEO of the new company, while Elkann stays on as chairman. FCA CEO Mike Manley will run North American operations.
  • The company will be based in the Netherlands, with stock listings in Paris, Milan and New York.
  • Stellantis will have the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros ($6.1 billion) in annual cost savings.

Flashback: The companies announced plans to merge in December 2019, but amended the terms last September to reflect the COVID-19 pandemic's impact on the industry.

Go deeper

Sarah Palin tests positive for COVID, delaying defamation trial

Sarah Palin. Photo: Matthew Staver/Bloomberg via Getty Images

Former Alaska Gov. Sarah Palin (R) tested positive for COVID-19 on Monday, delaying the start of her defamation trial against the New York Times.

Why it matters: The trial will be closely watched, as it's a rare instance of a major media company defending its editorial practices before an American jury.

S&P 500 slides into correction territory

Data: FactSet; Chart: Axios Visuals

Stocks suffered their worst drop of the year, pushing the S&P 500 on track to fall into a "correction."

Driving the news: The benchmark S&P 500 dropped for its fifth straight day, with losses nearing 3% in early trading.

Updated 1 hour ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: Fauci: "Confident" Omicron cases will peak in February — FDA OKs antiviral drug remdesivir for non-hospitalized patients — Walensky: CDC language "pivoting" on "fully vaccinated."
  2. Vaccines: The shifting definition of fully vaccinated — Annual vaccine preferable to boosters, says Pfizer CEO — Team USA 100% vaccinated ahead of Beijing Olympics.
  3. Politics: Virginia school boards sue Gov. Youngkin for lifting mask mandate — Gonzaga University revokes NBA great John Stockton's tickets over mask stance — Arizona governor sues Biden administration over funds tied to mandates.
  4. World: Beijing Olympic Committee lowers testing threshold ahead of Games — Beijing officials urge "emergency mode" before Winter Olympics — Austria approves vaccine mandate for adults.
  5. Variant tracker