Fiat Chrysler (FCA) chairman John Elkann said on Wednesday that the reasons for the proposed merger of FCA and PSA Peugeot Group are "stronger than ever" given the crisis the coronavirus pandemic has caused to the automobile industry.
Elkann, the great-great-grandson of the Fiat founder Giovanni Agnelli, said that the preparations for the merger were going "on time and as envisaged." The two carmakers signed a binding agreement in December and noted they expect to complete the dealin 2021.
Fiat Chrysler has recently experienced major issues caused by the COVID-19 pandemic, which forced the company to make a 50% pay cut and to seek help from the Italian government. PSA, who had suffered financial losses even before the pandemic, recently took another syndicated loan of €3 billion to boost its financial security.
