Stellantis is prepared to deepen cost cuts and squeeze suppliers further to compete with an “invasion’” of Chinese carmakers producing electric vehicles more cheaply, the Peugeot maker’s chief executive has said.
The group, which makes Jeep cars in the US and also owns the Fiat and Citroën brands in Europe, on Wednesday posted record first-half revenues of €98bn, helped largely by higher shipments, as profits also rose.
But the carmaker’s chief executive Carlos Tavares, who has long had a nickname as “le cost-killer” in the industry, said he would redouble efforts on finding savings to protect margins and compete with rivals.
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