PSA and FCA shares reversed losses after the Reuters story was published. PSA stock was last up 3.4% at 17.06 euros, while FCA shares were 3% higher at 11.43 euros., with which it has a van joint venture, by ramping up production and selling it vans at close to cost price, the people said.Related CoverageFollowing feedback from rivals and customers, the carmakers only had to tweak the wording of their concessions, with no changes to the substance, the people said.
The companies did not have to use the COVID-19 pandemic to argue for the merger, they said, adding the EU decision could come by the end of the year, ahead of the official Feb. 2 deadline.The challenge of switching to electric cars has been complicated by the COVID-19 pandemic. Just last month, FCA and PSA restructured the terms of their deal to conserve cash and raised their targeted cost savings because of the economic fallout from the health crisis.
The companies have said about 40% of the savings will come from product-related expenses, 40% from purchasing and 20% from other areas, such as marketing, IT and logistics. Reporting by Foo Yun Chee in Brussels and Giulio Piovaccari in Milan, additional reporting by Gilles Guillaume in Paris, writing by Nick Carey; editing by Jason Neely and Mark Potter
jpr007 here you go we have one merger coming up real soon ... consolidation in Germany on its way for sure too. I bet Japan will be moving swiftly in the same direction.
If it doesn't mean affordable green cars we don't care
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Source: Reuters - 🏆 2. / 97 Read more »
Source: Reuters - 🏆 2. / 97 Read more »