Fiat Chrysler and PSA sealed their long-awaited merger on Saturday to create Stellantis, the world’s fourth-largest auto group with deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen.

It took more than a year for the Italian-American and French automakers to finalise the $52bn deal, during which the global economy was upended by the Covid-19 pandemic. They first announced plans to merge in October 2019, to create a group with annual sales of about 8.1-million vehicles...

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