The detail and comparisons are incredible here.

However couldn't you basically apply this to any industry with substantial fixed costs? In this situation you can always save by consolidating so that fixed cost is amortized over more units.

What is the "right" level of R&D spend for auto-industry? This analysis assumes it's unreasonably high, but the flip side of this is just that he's pointing a path to higher profit.

Although this deck says it's not about "Putting FCA up for sale", this reads to me like it's trying justify consolidation without just saying that it will make more money, so that it can avoid competition-regulation scrutiny.