Like Mad Men’s fictional merger of clumsily surnamed ad agencies, Fiat Chrysler Automobiles and Peugeot S.A. (PSA Group) have united their agglomeration of brands to produce a new corporation: Stellantis. That name would have Don Draper reaching for his Canadian Club; it’s more redolent of erectile-dysfunction ads than of anything automotive. But in a world with a hard-on for mergers and shareholders, the new company—valued at $52 billion when formed—brings the same old problems. First, what to do about stragglers such as Chrysler, Dodge, Fiat, Alfa Romeo, Maserati, Lancia, Opel, DS, and Vauxhall. Some of these legacy brands, defenseless against nimbler rivals and electric disrupters, cannot survive.
In a press conference on January 19, Stellantis CEO Carlos Tavares—a former rally driver and PSA chief executive—insisted that no job or brand…
