Latest news with #Elkann
The Irish Sun
20-05-2025
- Automotive
- The Irish Sun
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. Advertisement 5 The head of Stellantis has denied merger rumours Credit: Reuters 5 Renault enjoyed a boost in sales across its brands last year Credit: Alamy 5 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." Advertisement Read more Motors 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. Advertisement Most read in Motors 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 Advertisement 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 Advertisement 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. Advertisement 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. Advertisement 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. Advertisement 5 The former Stellantis CEO Carlos Tavares also denied merger rumours while visiting a Renault plant last year Credit: Alamy 5 Stellantis is the firm behind Fiat cars Credit: stellantis /Fiat
Scottish Sun
20-05-2025
- Automotive
- Scottish Sun
Car giant boss behind two ‘struggling' brands denies talks over ‘massive merger' with rival firm
The firms own some of Europe's biggest car brands NO MERGE 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. John Elkann, the Chairman of car conglomerate Stellantis, has ruled out talks of a potential union with European competitor Renault Group. Advertisement 5 The head of Stellantis has denied merger rumours Credit: Reuters 5 Renault enjoyed a boost in sales across its brands last year Credit: Alamy 5 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 Chrysler, DS Automobiles and Abarth, are under-performing. 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." Advertisement Mr Elkann was sat in a panel adjacent to Luca De Meo, the chief executive officer (CEO) of Renault, at the FT Future of the Car Summit in London. 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, Carlos Tavares, dismissed suggestions the two firms would join forces as "pure speculation." He did so while visiting a Renault hub in eastern France. Advertisement 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 European car firms. Advertisement Renault Group enjoyed boosts in sales for all three of its brands last year. Renault rose 1.8 percent to 1,577,351 vehicles, Dacia increased 2.7 percent to 676,340 units, and Alpine climbed 5.9 percent to 4,585 units. Stellantis, by contrast, has encountered increasingly stuttering financial success. The company itself is the product of a merger between Fiat-Chrysler and France's PSA, the maker of Peugeot and Citroen, in 2021. Advertisement 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 'on hold until further notice.' This followed Sun Motors reporting that the brand was forced to sell off its massive test track located in the middle of the desert, in Arizona, in a desperate bid to cut costs, last year. Advertisement Fiat and Abarth were also forced to drop the prices of two key models, the Fiat 600e and Abarth 500e by £4,020 and £4,220 at the start of 2025. 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 and Alpha Romeo. Maserati sold just 11,300 cars worldwide in 2024, and saw its new electric sports model MC20 Folgore get cancelled following low demand. Advertisement Consequently, Stellantis then hired management consulting firm McKinsey and Company to review the situation of the brands. Stellanis told Motor1: "McKinsey has been asked to provide its considerations regarding the recently announced U.S. tariffs for Alfa Romeo and Maserati." Alfa Romeo is currently working on next-generation versions of Stelvio and Giulia. However, Maserati cancelling its plans for electric cars perhaps points towards a more precarious position for the brand. Advertisement 5 The former Stellantis CEO Carlos Tavares also denied merger rumours while visiting a Renault plant last year Credit: Alamy
Reuters
15-05-2025
- Automotive
- Reuters
Stellantis chairman denies merger talks with Renault
ROME, May 15 (Reuters) - Stellantis ( opens new tab Chairman John Elkann on Thursday denied there was any truth to rumours that the company is in merger talks with fellow European automaker Renault ( opens new tab. "We are not discussing any merger," Elkann said at the FT Future of the Car Summit in London, speaking in a panel discussion with Renault ( opens new tab CEO Luca de Meo. The two companies in October already dismissed as rumour and speculation media reports that they may join forces. Stellantis was created in 2021 from the merger of Fiat-Chrysler with France's PSA, the maker of Peugeot and Citroen. The Franco-Italian company includes the Jeep and Opel brands.
Yahoo
15-05-2025
- Automotive
- Yahoo
Stellantis chairman denies merger talks with Renault
ROME (Reuters) -Stellantis Chairman John Elkann on Thursday denied there was any truth to rumours that the company is in merger talks with fellow European automaker Renault. "We are not discussing any merger," Elkann said at the FT Future of the Car Summit in London, speaking in a panel discussion with Renault CEO Luca de Meo. The two companies in October already dismissed as rumour and speculation media reports that they may join forces. Stellantis was created in 2021 from the merger of Fiat-Chrysler with France's PSA, the maker of Peugeot and Citroen. The Franco-Italian company includes the Jeep and Opel brands. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Automotive
- Yahoo
Stellantis chairman denies merger talks with Renault
ROME (Reuters) -Stellantis Chairman John Elkann on Thursday denied there was any truth to rumours that the company is in merger talks with fellow European automaker Renault. "We are not discussing any merger," Elkann said at the FT Future of the Car Summit in London, speaking in a panel discussion with Renault CEO Luca de Meo. The two companies in October already dismissed as rumour and speculation media reports that they may join forces. Stellantis was created in 2021 from the merger of Fiat-Chrysler with France's PSA, the maker of Peugeot and Citroen. The Franco-Italian company includes the Jeep and Opel brands.
