July 16 (UPI) -- Fiat Chrysler and Peugeot announced that the name of the group following their merger late last year will be Stellantis.
In a statement late Wednesday, the companies said the name Stellantis is derived from the Latin verb "stello" which means "to brighten the stars" and hailed the announcement as a "major step" as they move toward the completion of the merger.
"It draws inspiration from this new and ambitious alignment of storied automotive brands and strong company cultures that in coming together are creating one of the new leaders in the next era of mobility while at the same time preserving all exceptional value and the values of its constituent parts," they said.
The companies said the next step in the process will be unveiling a logo and the merger is expected to be completed in the first quarter of 2021.
Fiat Chrysler and Peugeot agreed to the $50 billion merger, which would create the world's third-largest automaker, in December 2019.
At the time they said the deal would allow them to cut costs by $4.1 billion a year without resorting to factory closures.