MILAN – The CEO of Stellantis, the carmaker created from the merger of PSA Peugeot and Fiat Chrysler, said Tuesday that the tie-up will help preserve jobs, factories and the 14 storied brands as billions in annual savings are achieved.
Carlos Tavares told a virtual press conference just days after Stellantis' official birth as a new company that jobs only accounted for 10% of manufacturing costs - and that he had “tons of other things” he can do to improve profitability.
The company plans to create synergies that save 5 billion euros ($6 billion) per year, largely through reduced manufacturing, engineering and parts purchasing costs.