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Automotive Industry

Fiat Chrysler says Peugeot talks progressing

cde.news desk · 1 min read
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epa07962307 A undated handout photo made available 31 October 2019 by the French PSA Group showing the signages of PSA Group (L) and Italian-US car manufacturer FCA, Fiat Chrysler Automobiles. Reports on 31 October 2019 state the European car manufacturers PSA Group and Fiat Chrysler Automobiles FCA have agreed to a merger that would create a global automobile manufacturing giant valued at more than 44 billion euro or some 50 billion US dollar. The globally active car maker that would rank among four biggest car manufacturers would have some 410,000 employees and total combined revenues of some 190 billion US dollar. EPA-EFE/PSA GROUP HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES

Fiat Chrysler on Thursday said its talks with Peugeot to create the fourth-largest carmaker are going well, despite a racketeering lawsuit filed by General Motors late on Wednesday, seeking “substantial damages.”

GM filed a lawsuit against Fiat Chrysler alleging that its rival bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

In a letter to employees, Fiat Chrysler Chief Executive Mike Manley said: “We are astonished by this filing, both its content and its timing. We can only assume it was intended to disrupt our proposed merger with PSA.”

FCA and PSA announced plans last month to combine forces to better tackle the cost of new technologies such as electric and self-driving vehicles as well as a downturn in auto markets.

Via Reuters

Filed under Automotive IndustryBusiness
Topics AutomotiveFiatPeugeot

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