The French state also holds a 12 percent stake in PSA but officials have openly backed the merger with Fiat Chrysler.
The two automakers inked their agreement the same day as the United Auto Workers Union ratified its new, four-year contract with FCA. The settlement, covering 47,000 hourly employees, ensures that the new company won’t be able to close any of its U.S. plants while the agreement is in effect through 2023. It calls for $9 billion in new investments during the next four years while securing or creating 7,900 jobs.But the new enterprise clearly will have to rein in costs.
But PSA is stronger when it comes to the rise of battery-powered vehicles many expect to displace the conventional internal combustion engine over the next couple decades. The new company will have to invest heavily in electrification, as well as the development of the autonomous vehicles also expected to play a major role in the coming years.
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I bet Ford and Chevy are quaking in their boots.
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