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PSA Carlos Tavares: No longer invest in internal combustion engines

Peugeot Citroen Group CEO Carlos Tavares predicts that many automakers will not survive the transition to electric vehicles. The merger of PSA and Fiat Chrysler Group will improve the group’s performance in China.

Carlos Tavares said on the Reuters car peak conference call that in the era of electric vehicle transformation, not all car companies can make the transition smoothly. “Only those car companies that respond quickly with Darwinian spirit can survive.”

Carlos Tavares said that with the transformation of the world’s automobile industry to electric vehicles, especially the promotion of low-emission vehicles in China and Europe, PSA will no longer invest in internal combustion engines. He said that Peugeot Citroen successfully completed the EU’s carbon dioxide emission reduction target this year, and even completed the target early.

When talking about the progress of the merger between Peugeot Citroen and Fiat Chrysler, Carlos Tavares said: “So far, everything is good.” He added that the difficult work has been completed.

Carlos Tavares said that an important task after the merger of the two groups is to improve their performance in China. China is the world’s largest automobile market, but Peugeot Citroen’s market share in China is obviously much lower than in Europe and America. He said: “No international car company can afford not to occupy a place in the world’s largest car market.”

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