Fiat Chrysler Automobiles and PSA Group completed their $52 billion tie-ups and formally merged into Stellantis on Saturday.

The merger will create an auto group with combined annual sales of around 8.1 million vehicles and deep enough pockets to fund the shift to electric driving and take on bigger rivals Toyota and Volkswagen Group.

"The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today," the two automakers said in a statement.

It took over a year for the Italian-American and French automakers to finalize the deal, during which the COVID-19 pandemic upended the global economy. They first announced plans to merge in October 2019.

Shares in Stellantis will start trading in Milan and Paris on Monday and in New York on Tuesday. PSA CEO Carlos Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE's bell with Stellantis Chairman John Elkann, FCA chairman.

Analysts and investors turn their focus to how Tavares plans to address the huge challenges facing the group – from excess production capacity to a woeful performance in China.

FCA and PSA have said Stellantis can cut annual costs by over 5 billion euros ($6.1 billion) without plant closures, and investors will be keen for more details on how it will do this.

Subscribe to our Twitter page

Azerbaijan starts vaccination against COVID-19 infection today.

Report informs that vaccination will be voluntary and state-funded.

The country has received 4 million doses of Chinese-made Sinovac vaccine for 2 million people.

The vaccine will be given to a person in two doses. The interval between doses is 21 days.

At the initial stage, only public hospitals will carry out a vaccination process.

The vaccine will be stored in storage facilities under the "cold chain" conditions.

In the first stage in Azerbaijan, people at high risk will be vaccinated. The high-risk populations covered by COVID-19 vaccination are:

Stage 1 – Health workers; Persons over 65 years of age;

Staff involved in anti-epidemic measures by law enforcement agencies;

Stage 2 – Medically high-risk group (those with chronic diseases of the respiratory system, hemodialysis, diabetes, obesity);

– Persons aged 50 years and older who have at least one chronic disease;

-Employees working in the education and social sector, ASAN Service and DOST centers, permanent residents of social enterprises, persons working in the public transport sector, telecommunications operators and providers, and employees, who are in direct contact with the population in the postal and the banking sector; –

People in high-risk jobs (working in areas vital to society – national and regional security, justice, finance, etc.).

Subscribe to our Facebook page

According to the official exchange rates of the Central Bank of Azerbaijan for today, the USD remained unchanged at AZN 1.7000, EUR decreased by 0.66% to AZN 2.0516, and RUB fell by 0.43% to AZN 0.0231.

Subscribe to our Facebook page