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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

In cyber espionage, U.S. is both hunted and hunter

Illustration: Eniola Odetunde/Axios

American outrage over foreign cyber espionage, like Russia's SolarWinds hack, obscures the uncomfortable reality that the U.S. secretly does just the same thing to other countries.

Why it matters: Secrecy is often necessary in cyber spying to protect sources and methods, preserve strategic edges that may stem from purloined information, and prevent diplomatic incidents.

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National Economic Council Director Brian Deese speaks during a White House news briefing. Photo: Alex Wong/Getty Images

The Biden White House is deploying top officials to get a wide ideological spectrum of lawmakers, governors and mayors on board with the president’s $1.9 trillion COVID relief proposal, according to people familiar with the matter.

Why it matters: The broad, choreographed effort shows just how crucially Biden views the stimulus to the nation's recovery and his own political success.

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Scoop: Sudan wants to seal Israel normalization deal at White House

Burhan. Photo: Mazen Mahdi/AFP via Getty

Three months after Sudan agreed to normalize relations with Israel, it still hasn't signed an agreement to formally do so. Israeli officials tell me one reason has now emerged: Sudan wants to sign the deal at the White House.

Driving the news: Israel sent Sudan a draft agreement for establishing diplomatic relations several weeks ago, but the Sudanese didn’t reply, the officials say. On Tuesday, Israeli Minister of Intelligence Eli Cohen raised that issue in Khartoum during the first-ever visit of an Israeli minister to Sudan.