Stellantis will kill off brands that don't make money, confirms CEO Tavares

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According to reports, Carlos Tavares, CEO of Stellantis, has stated that the conglomerate could discontinue car brands if they are unprofitable.

The Stellantis Group presently owns 14 car brands: Citroen, Jeep, Fiat, Abarth, Alfa Romeo, Maserati, Dodge, Chrysler, Ram, Opel, Vauxhall, Lancia, DS Automobiles and Peugeot. The conglomerate was calved successful 2021, arsenic a effect of the merger betwixt PSA Group and Fiat Chrysler Automobiles.

The group's CEO stated, "If they don't marque money, we'll unopen them down. We cannot spend to person brands that bash not marque money." Tavares though didn't notation immoderate circumstantial brand, which could either beryllium axed oregon is astatine a higher hazard than others.

Stellantis is presently the fourth-largest carmaker successful the world. However, the conglomerate has been suffering trying to negociate the galore brands. Reports authorities that its shares were down 22% much than expected successful the archetypal fractional of 2024. Also, the company's operating income plummeted by 40%, portion nett revenues were down 14% and nett net dropped by 48%.

Source: Reuters

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Last edited by RahulNagaraj : 30th July 2024 astatine 13:38.