Fiat Chrysler (FCA) and Peugeot owner PSA Group have sealed their $52 billion merger to create Stellantis, the world's fourth largest automaker. The merged entity will have annual sales of around 8.1 million vehicles. Stellantis can cut annual costs by around $6.1 billion without plant closures, a statement said. FCA and PSA first announced plans to merge in October 2019.