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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.
TimesLIVE
15-05-2025
- Automotive
- TimesLIVE
Stellantis chair says fewer EU regulations would cut car costs
Stellantis chair John Elkann said on Thursday in a joint appearance with Renault CEO Luca de Meo that the EU needs to cut regulations that are making cars, especially smaller models, too expensive. 'If we have less regulations, we can make sure that we build cars that are less expensive and so they'll be more affordable,' said Elkann, appearing at the FT Future of the Car Summit in London via video link. Their joint appearance comes just more than a week after the European parliament voted to fast track softer EU CO 2 emissions targets for cars and vans that will allow carmakers more time to comply and reduce potential fines. Renault's De Meo said the French carmaker already 'doesn't make money' on some small cars, adding that between 2015 and 2030 regulations will raise the cost of a medium-sized Renault-built car by 20% and for small cars by 40%. 'Small cars still have a purpose and they could actually reboost the automotive market in Europe,' he said.
Yahoo
13-05-2025
- Automotive
- Yahoo
VW German cost-cutting drive has sunk factory costs by 13%, brand CEO tells FT
BERLIN (Reuters) -Volkswagen's cost-cutting programme in Germany, signed off with unions last December, has so far led to an average cut in factory costs of 13%, brand CEO Thomas Schaefer told the Financial Times at a conference on Tuesday. Managers and works council representatives recently reported progress towards cost-cutting targets at the carmaker's first quarterly review since the agreement was signed, Schaefer said, speaking at the FT Future of the Car Summit in London. Sign in to access your portfolio
Yahoo
13-05-2025
- Automotive
- Yahoo
Volkswagen to 're-engage' in China EV market by third quarter of 2026, CFO tells FT
(Reuters) -Volkswagen's CFO expects the carmaker's new product launches in China to start improving its performance in the battery-electric vehicle segment by the third quarter of 2026, he said in an interview with the Financial Times on Tuesday. "By then, we will reengage in the market with great products, with a really good cost base," Arno Antlitz said, speaking at the FT Future of the Car Summit in London. 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
