Stellantis CEO Carlos Tavares speaks to media on June 13, 2024 following the company's investor day at its North American headquarters in Auburn Hills, Mich.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 updatedin expected reductions within five years of completion of the merger that formed one of the world's largest automakers. Tavares 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.
Since the merger was agreed to in December 2019, Stellantis has reduced headcount by 15.5%, or roughly 47,500 employees, through 2023, according to public filings. Additional job cuts this year involving thousands of plant workers in the U.S. and Italy have drawn the ire of unions in both countries. 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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