Stellantis CEO sees Fiat-PSA merger shielding brands, jobs

Stellantis CEO sees Fiat-PSA merger shielding brands, jobs

Stellantis boss Carlos Tavares' public debut as head of the automaker formed from the merger of Fiat Chrysler and PSA Group was a testament to the delicate balancing act he has ahead.

The 62-year-old chief executive fielded one question after another Tuesday about how the automaker with deep ties in Italy, France and America can possibly preserve jobs, plants and brands while achieving the EUR5bn ($6.1bn) of annual synergies promised to investors.

The two companies have several underutilised factories around the globe but particularly across Europe, which just suffered the biggest annual sales decline on record. And while brands such as Jeep in America and Peugeot in France are sure to survive, the outlook for several marques aimed at higher-end buyers such as Maserati and DS are less certain.

While the Tavares carefully avoided making hard guarantees, he offered assurances to the more than 400,000 employees he now leads.

"There are many more things to do in a car company than just cutting jobs,“ Tavares said during a press conference after Stellantis shares started trading in New York. "Eventually there are moments where you cannot avoid it. But there are many many other things to do and that's why I believe Stellantis is