Stellantis CEO: New car company will protect jobs and brands

Stellantis confident on cost savings announces China review

Tavares' comments came as Stellantis shares surged more than 10% on their NY debut, mirroring strong increases in its French and Italian listed stocks since their launches on Monday.

In his first press conference as Stellantis CEO, Tavares also said he had created a task force to find out "what went wrong" for both Fiat Chrysler (FCA) and PSA in China.

On Monday, Stellantis, the world's fourth-largest carmaker created by a $52 billion merger between the Italian-American carmaker Fiat Chrysler alongside Paris-based Groupe PSA, had clocked a robust debut in Milan and Paris bourses, rising as much as 8 per cent while valuing the company at a whopping €42 billion.

According to the BBC, Carlos Tavares of Stellantis said the group would no longer invest in pure diesel or petrol cars at the facility in light of UK Government plans to ban the sale of new petrol and diesel cars from 2030.

Norman said: 'I have spent three fantastic years with Vauxhall, working hard with the best teams of people that I have met in my career and in quite the most unique and misunderstood vehicle and van market in the world.

Tavares said the task force of Stellantis' top five executives would work on solutions for a comeback there.

When asked if options could include finding a new local partner, Tavares said the company "would not exclude anything".

He said the firm is "reviewing those different scenarios" and expects to make a decision about the Ellesmere Port plant "within a few weeks".

"Our commitment on this merger is that we will not shut down plants as a effect of the merger, " Tavares said, pointing to the success PSA Peugeot had turning around General Motors' money-losing Opel and Vauxhall brands after purchasing them in 2017.

Stellantis, the result of the merger of the parent companies of Peugeot and Fiat, owns the Opel brand, which operates under the Vauxhall name in Great Britain, and manufactures the Astra vehicle at its factory in northern England and the Vivaro van in a country in the south of England. site in Luton.

The combined entity - now known as Stellantis - is an automobile behemoth with combined annual sales of almost 8 million vehicles, which results in roughly €180 billion in revenue and €10 billion in operating profit based on the financial results reported by the two companies in 2019.



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