Car giant boss behind two ‘struggling' brands denies talks over ‘massive merger' with rival firm
THE boss of a huge carmaker behind two struggling brands has denied talks of a reported mega-merger with a rival firm.
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The head of Stellantis has denied merger rumours
Credit: Reuters
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Renault enjoyed a boost in sales across its brands last year
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Both firms are moving towards making electric cars, like this Renault 5 E-Tech
Credit: Getty
Stellantis is the company behind brands such as Fiat and Peugot.
The news comes as some of the firm's badges, including
But Mr Elkann has dismissed increasing rumours of the company merging with fellow European brand Renault.
Instead, he said: "We are not discussing any merger."
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Mr Elkann was sat in a panel adjacent to
It is the second time in a few months that the company has denied rumours of a merger with Renault.
In October last year, then CEO of Stellantis,
He did so while visiting a Renault hub in eastern France.
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Renault boss de Meo declined to comment on what he described as "rumours" at the same event.
Mr Tavares has since resigned as Stellantis CEO in December last year.
He is yet to be replaced.
The Sun's Motors Editor Rob Gill takes the new electric Renault 5 for a spin
The merger has been denied amid starkly contrasting economic backgrounds for the
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Renault Group enjoyed boosts in sales for all three of its
Renault rose 1.8 percent to 1,577,351 vehicles,
Stellantis, by contrast, has encountered increasingly stuttering financial success.
The company itself is the product of a merger between
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In February, the company announced that its results for 2024 saw a 70% drop in net profit performance, and a 17% reduction in revenues year-on--year.
This was in part due to 'temporary gaps in product offerings."
Earlier this year, Chrysler announced that progress making the company's new flagship electric model, the Airflow, was
This followed
located in the middle of the desert, in Arizona, in a desperate bid to cut costs, last year.
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Fiat and Abarth were also forced to
This followed a 14% sales drop for Fiat last year compared to 2024.
Then in the wake of US President Donald Trump's tariffs, Stellantis considered selling iconic brands
Maserati sold just 11,300 cars worldwide in 2024, and saw its new electric sports model MC20 Folgore get cancelled following low demand.
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Consequently, Stellantis then hired management consulting firm
Stellanis told
: "McKinsey has been asked to provide its considerations regarding the recently announced U.S. tariffs for
Alfa Romeo is currently working on next-generation versions of
However, Maserati cancelling its plans for electric cars perhaps points towards a more precarious position for the brand.
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The former Stellantis CEO Carlos Tavares also denied merger rumours while visiting a Renault plant last year
Credit: Alamy
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Stellantis is the firm behind Fiat cars
Credit: stellantis /Fiat
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