has achieved 8.4 billion euros in cost reductions from the merger of Fiat Chrysler and PSA Groupe that created the company in January 2021, CEO Carlos Tavares said Thursday.
That amount is more than double initial expectations from when the merger was announced in 2019, and an increase from the updatedTavares did not go into details about where the company overachieved on the savings, but cost-cutting has been a critical mission of the veteran automotive executive.
Several Stellantis executives described the cuts to CNBC as difficult but effective. Others, who spoke on the condition of anonymity due to potential repercussions, have described them as grueling to the point of excessiveness.
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