December 18, 2019 / 11:46 AM / 7 months ago

Fiat Chrysler has aggressive goals for 2020 independently of PSA merger: CEO

FILE PHOTO: CEO of Fiat Chrysler Automobiles (FCA) Mike Manley attends the North American International Auto Show in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Rebecca Cook

MILAN (Reuters) - Fiat Chrysler has its own goals to meet next year, independently of its planned merger with Peugeot owner PSA, Chief Executive Mike Manley said on Wednesday.

The two groups have reached a binding agreement over their roughly $50 billion merger that will reshape the global car industry.

In a letter to employees seen by Reuters, Manley said that Fiat Chrysler (FCA), while celebrating the merger deal with PSA, should remain focused.

“We have aggressive goals and high expectations to meet as FCA well into 2020. Let’s deliver them all.

Manley said that Wednesday’s agreement with PSA marked the beginning of “an extended process of regulatory and shareholder approvals which could take from 12 to 15 months”.

Reporting by Giulio Piovaccari; editing by James Mackenzie

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