Peugeot maker PSA Group said its profitability reached a record high in 2019 but the French carmaker forecast falling industry sales in Europe this year as it pursues its merger with Fiat Chrysler, which is strong in North America. The group, which also produces cars under the Citroen and DS brands, offset a slump in vehicle sales by selling pricier SUV models, with launches including the Citroen C5 Aircross helping to lift revenues by a higher-than-expected 1% to 74.7 billion euros ($81.2 bill
Fiat Chrysler's chief executive Michael Manley said on Wednesday that merger talks with Peugeot owner PSA to create the world's No. 4 carmaker are progressing well and he hopes to have a deal within 12-14 months. "Talks are progressing really well," Manley said about negotiations with the French carmaker ahead of a briefing by the European automotive association (ACEA), of which he is president. Manley's timeline for completing the deal by early 2021 is in line with a forec
French carmaker PSA Group said on Thursday global sales fell 10% last year to 3.49 million units, compared with a record 3.88 million in 2018, as it suffered from declining volumes in China, the Middle East and Africa. In its European home market, Paris-based PSA's sales declined by 2.5% in 2019 to 3.11 million vehicles, with its Opel-Vauxhall brand suffering the steepest fall, down 6.4%. In Europe, helped by an increase in sales of light commercial vehicles (LCVs), PSA said in a sta
BEIJING/PARIS (Reuters) - China's Dongfeng Motor Group and Peugeot maker PSA are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker's merger with Fiat Chrysler Automobiles (FCA). Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA).
Fiat Chrysler Chief Executive Mike Manley will remain with the new group set to result from a planned merger with French rival PSA-Peugeot , Chairman John Elkann said on Wednesday. In a letter to Fiat Chrysler (FCA) employees on the day the two companies announced a binding agreement for a $50 billion tie-up to create the world's fourth-largest carmaker, Elkann said he was "delighted" that the combined group would be led by current PSA CEO Carlos Tavares. "And Mike Manley, w
The board of French carmaker PSA , the owner of Peugeot, approved a binding agreement for a $50 billion merger with rival Fiat Chrysler , a source close to the matter said on Tuesday. A separate Fiat Chrysler (FCA) board meeting was under way to discuss finalising the memorandum of understanding to create the world's No. 4 carmaker, the source added, in a deal that would reshape the global car industry. Another source close to FCA had said earlier the two companies could form
MILAN/PARIS (Reuters) - The boards of Fiat Chrysler Automobiles NV and Peugeot SA will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. Ahead of the meetings, entities representing th
PARIS/TURIN, Italy (Reuters) - Peugeot maker PSA Group and Fiat Chrysler would retain all of their car brands if their planned $50 billion merger goes ahead, the would-be chief executive of the combined group said on Friday. PSA CEO Carlos Tavares, seen as the architect of PSA's turnaround and in line to take the operational helm in the Fiat tie-up, said in a TV interview that the companies complemented each other well geographically and in terms of technology and brands. F
U.S. President Donald Trump's administration will look very closely at the planned merger between Fiat Chrysler and Peugeot owner PSA , White House economic adviser Larry Kudlow said on Friday. "We will obviously look at it very, very carefully," Kudlow said on Bloomberg.
Fiat Chrysler and France's PSA Peugeot said Thursday they have agreed to merge to create the world's fourth-largest automaker with enough scale to confront big shifts in the industry, including a race to develop electric cars and driverless technologies. Italian-American Fiat Chrysler brings with it a strong footprint in North America, where it makes at least two-thirds of its profits, while Peugeot is the No. 2 automaker in Europe. Both lag in China, however, despite the participation of Peug