The merger is expected to create 3.7 billion euros in annual savings, which will be invested in “the new era of sustainable mobility” and to meet strict new emissions regulations, particularly in Europe.
No plants will be closed under the deal, the companies said. Savings will be achieved by sharing investments in vehicle platforms, engines and new technology, while leveraging scale on purchasing.But the executives also said there would be cuts. Decisions on where those will come will be made after the deal closes.
The French and Italian governments as well as unions will be on the lookout for the responses, given the national significance of car-making to both economies. The French government helped bail out PSA Peugeot in 2014 and owns a 12 per cent stake in the French company through the state investment bank.While the merger of Fiat and Chrysler has been a success, with the Italian-American auto maker thriving on the strength of the U.S.
The new company will start with a strong base in Europe, where PSA is the second-largest car maker, while Fiat makes most of its profits in North America and has a strong presence in Latin America. It will be looking to strengthen its position in China, where both PSA and FCA lag.
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