Among the cuts are reducing the number of the automaker's factories because electric vehicles cost about 40% more than those powered by gasoline.
Peugeot CEO Linda Jackson unveils the Peugeot Inception Concept car during the Stellantis keynote at the CES tech show Thursday, Jan. 5, 2023, in Las Vegas. – Stellantis CEO Carlos Tavares says his company has to work on cutting costs globally in order to keep electric vehicles affordable for the middle class.
“If the size of the market shrinks, you are back to square one because you are reducing the efficiency and effectiveness of your manufacturing operation,” he said. “You go from hero to zero in three years if you stop working on costs.” “We'll see how things move in the next few months,” he said, adding that a significant economic slowdown won't help the Belvidere plant. But he said that if the economy comes back strongly, there's no recession and consumers are still buying vehicles, “Then we'll adapt our decisions.”
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