In December 2019, PSA Group agreed to merge with Fiat Chrysler Automobiles, making it the fourth largest automotive manufacturer in the world. This merger was part of PSA’s strategy to expand its market access across the world. By combining resources, the manufacturers would be able to heavily invest into new technologies, namely self-driving and electric cars.
Due to the ongoing COVID-19 pandemic, Group PSA began closing European factories. The global emergency will severely affect the auto industry, particularly in badly affected regions such as the UK and China, the world’s largest car manufacturer. Hibernating industries during the pandemic contribute to the slowdown of the global economy. Europe is expected to lose almost one million vehicles in production as supply chains are disrupted.
