Stellantis will give all its brands — from Alfa Romeo to Chrysler — a chance at success and keep all options on the table for revitalizing its struggling Chinese business, CEO Carlos Tavares said.
Tavares said he was “very confident” of delivering his planned 5 billion euros ($6 billion) of synergies, including 80 percent within four years. But while he talked of cost cuts, he also committed not to cut jobs following the merger.
Tavares’ comments on Tuesday came as Stellantis shares surged more than 10 percent on their New York debut, mirroring strong increases in its French and Italian listed stocks since their launches on Monday.
“The purpose is not to be big, but to be great at what we do,” Tavares said during his first news conference since FCA and PSA completed their merger on Jan. 16.
Tavares said Stellantis’ ability to spread costs to invest in new vehicles would be a “shield” against job cuts.
Stellantis’s brands will include FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram, along with PSA’s traditionally Europe-focused Peugeot, Citroen, Opel and DS.
Tavares, who was previously PSA’s CEO, said all the brands would be given the opportunity “to rebound” and invest in new products as the group focuses on profitable growth.
“All brands and all plants will be given a chance,” he said in an interview with German daily FAZ. “Of course, that doesn’t mean we don’t have to change things, we have to become smarter and more efficient.”
Stellantis will launch 10 new electrified vehicle models in 2021, he said.