Shareholders of Fiat Chrysler Automobiles and Peugeot parent Groupe PSA voted overwhelmingly Monday to merge their companies, creating the world’s fourth-largest automaker.

Why it matters: The shift toward electric, self-driving technology has left legacy carmakers scrambling to pool resources — or in this case, merge completely — in order to help shoulder the capital burden of the transformation.

• “We are living through a profound era of change in our industry,” Fiat Chrysler chair John Elkann said at his company's virtual shareholders’ meeting, per AP.
• “We believe that the coming decade will redefine mobility as we know it. We and our merger partners at Groupe PSA are intent on playing a leading role in building this future. It is this intention that has brought us together.”

Details: The new company, to be called Stellantis, will combine 14 car brands — five from PSA, including Peugeot and Citroen, and nine from Fiat Chrysler, including Jeep, Dodge, Ram, Fiat, Maserati and Alfa Romeo.

• PSA CEO Carlos Tavares will be CEO of the new company, while Elkann stays on as chairman. FCA CEO Mike Manley will run North American operations.
• The company will be based in the Netherlands, with stock listings in Paris, Milan and New York.
• Stellantis will have the capacity to produce 8.7 million cars a year, behind Volkswagen, Toyota and Renault-Nissan, and create 5 billion euros ($6.1 billion) in annual cost savings.

Flashback: The companies announced plans to merge in December 2019, but amended the terms last September to reflect the COVID-19 pandemic's impact on the industry.