autos, cars, chrysler, fiat, autos peugeot, fiat chrysler and psa retain merger target date

The merger stays on tracks for completion by early 2021. — Reuters

MILAN: Automakers Fiat Chrysler (FCA) and Peugeot Citroen (PSA) remain committed to a merger by early 2021 despite the sector’s Covid-19-related woes, FCA stated Tuesday.

“Notwithstanding these unexpected and unprecedented times, FCA and Groupe PSA remain committed to our 50/50 merger that will create a leading global mobility company,” FCA said in a statement.

“Together, we continue to push ahead on the various merger workstreams and we remain committed to completing the transaction by the end of this year or early 2021.”

FCA also announced a first quarter net loss of €1.7 billion as it negotiates the virus storm.

The coronavirus and the mass global lockdown designed to limit its spread has caused massive disruptions to industry and had cast doubt over a merger which would create the world’s fourth-largest automaker.

The huge falloff in economic activity saw the European Automobile Manufacturers Association reveal last month that April sales on the continent fell by 55 percent.

All carmakers suffered, but FCA recorded the worst drop, 76.6 percent, as it is heavily dependent upon Fiat’s home market of Italy, which was the first major European economy to go into lockdown.

FCA and PSA say the merger would permit around €3.7 billion in savings.

FCA CEO Mike Manley said the virus had exposed the company and the sector to “unprecedented adversity” which had had “a significant impact on our operations”.

But he added: “I have the utmost confidence in our ability to navigate through this crisis and emerge well positioned to grow and prosper on the other side”.

Keyword: Fiat Chrysler and PSA retain merger target date

CAR'S NEWS RELATED

Fiat Promises To Keep Making Small Cars In EV Age

The Italian marque plans on staying true to its roots.

View more: Fiat Promises To Keep Making Small Cars In EV Age

Abarth goes electric with 'better than petrol' version of Fiat's 500

ROME: Abarth has revealed its first electric model with the new 500e – a hotter version of Fiat’s 500 EV. Set to be sold alongside petrol versions of the Abarth 595, this 500e signals a new era for the brand and is its first new model in more than ...

View more: Abarth goes electric with 'better than petrol' version of Fiat's 500

Classic Fiat 500 Abarth, a one-of-a-kind creation, goes on show in Milan

It’s a little car with a big name: the Fiat Abarth Classiche 500 Record Monza ’58. Based on the much-revered Fiat 500, specifically the 1970 edition of the “Cinquecento,” this one-off model was assembled by the Stellantis Heritage team to celebrate the centenary of the Autodromo di Monza, the ...

View more: Classic Fiat 500 Abarth, a one-of-a-kind creation, goes on show in Milan

1927 Fiat 520 Cabriolet

The 1927 Fiat 520 was an important automobile for the Turin automaker. It represented the first Fiat offering targeted at the burgeoning Italian middle class. The 520 revived a model name used previously for a top-of-the-line twelve-cylinder automobile and applied it to a straight-six powered machine, attracting much of ...

View more: 1927 Fiat 520 Cabriolet

The Not-Dead-yet Fiat 500X Offers Absolutely Nothing New for Its 2023 Model Year

Fiat in the U.S. and its canceled models The 2023 Fiat 500X press kit highlights The Fiat 500X is here to stay The Fiat 500X is a nice car enjoying worldwide recognition as a reliable subcompact crossover SUV. The 500X shares multiple design cues with the discontinued Fiat 500L, ...

View more: The Not-Dead-yet Fiat 500X Offers Absolutely Nothing New for Its 2023 Model Year

Fiat CEO wants to dominate small electric car segment, starting with Fiat and Abarth 500e - report

The 2023 Abarth 500e is already confirmed for Australia with arrival expected late 2023. Fiat’s CEO has stated the brand’s intention to become a global leader in the small car segment as the industry moves into the electric car era. Speaking to Autocar, Fiat CEO Olivier François said the ...

View more: Fiat CEO wants to dominate small electric car segment, starting with Fiat and Abarth 500e - report

Fiat performance brand debuts electric 500e hot hatch, due in Australia in 2023

Credit: Abarth Abarth, the high-performance brand of Fiat, has unveiled the new Abarth 500e, an electric hot hatchback with a 42kWh battery and the brand’s “Sound Generator” to ensure drivers can hold onto the classic Abarth “roar”. The Abarth 500e is the high-performance version of Fiat’s 500 EV, which ...

View more: Fiat performance brand debuts electric 500e hot hatch, due in Australia in 2023

2015 Chrysler 300: Is a Used Chrysler Sedan Worth It?

How much is a used 2015 Chrysler 300? What trims did the 2015 model year offer? How reliable is a 2015 Chrysler 300S? Does the 300 have a good engine? The Chrysler 300 is heading to the automotive history books soon, just like the Dodge Charger. However, during its ...

View more: 2015 Chrysler 300: Is a Used Chrysler Sedan Worth It?

Fiat 500e Abarth, new Cadillac CT6: Today's Car News

Fiat 500X To Be Discontinued In The US After Current Generation

US-bound Fiat 500e spawns feisty Abarth version with 153 hp

The Fiat Abarth 500e Is a 155-HP All-Electric Ball of Fun

Fiat 500e Coming To US Market In Q1 2024

Make Some Memories With the New Road Tripper Chrysler Pacifica

Is Fiat the Only Car Brand Without Any Plans to Sell Hybrids and EVs in America?

FIAT 500e Is Back: Get Shocked By the Electric 500

Fiat brand announces new 500e for North America

Fiat Doblo vs Opel Combo vs Volkswagen Caddy: Which one has the lowest running costs?

The Newest Fiat 500e Is Coming to the U.S.

Fiat CEO on the Brand's Future: 'Fiat Is the 500, No Other Car'

OTHER CAR NEWS

;
Breaking thailand news, thai news, thailand news Verified News Story Network