Stellantis has reiterated its 2024 financial guidance and announced a shift in its production strategy due to tariff challenges. The automaker will adopt an 'asset-light' strategy in China and move some electric vehicle (EV) production from China to Europe to navigate the new European Union (EU) tariffs on EV imports. This shift will involve models made by China's Leapmotor, a joint-venture partner. Stellantis CEO Carlos Tavares acknowledged failures in U.S. operations, citing sales declines and bloated inventories, and emphasized the company's readiness to compete with Chinese EVs. The company is also partnering with China's CATL and Leapmotor for its European EV production. Stellantis aims to fight for EV sales rather than hide behind tariffs and is addressing what Tavares described as 'arrogant' mistakes in U.S. operations.
Stellantis partners with China's CATL, Leapmotor on Europe EVs https://t.co/2FvtlqJkfw
Stellantis is correcting what CEO Carlos Tavares described Thursday as “arrogant” mistakes by himself and the company in the automaker’s U.S. operations that led to sales declines, bloated inventories and investor concerns. https://t.co/Y9YrmpPQ48
Stellantis Moves Some EV Production Out of China Due to EU Tariffs The company shifted its production plans for electric vehicles made with Chinese joint-venture partner Leapmotor because of higher European import duties https://t.co/DVqspIsdTE
Stellantis may move some Chinese EV output to Europe on tariffs https://t.co/qRQVcAUgQR via @ElisBehrmann @atorsoli https://t.co/v7hq5ves29
#Stellantis will shift production of some models made by China’s Leapmotor to Europe if tariffs on EV imports announced this week go into effect
Stellantis will shift production of some models made by China’s Leapmotor to Europe if tariffs on EV imports announced this week go into effect https://t.co/7urJ2j9WtH
Stellantis Moves Some EV Production Out of China Due to EU Tariffs https://t.co/0DUyFI08xN
Stellantis CEO cites failures in US operations, ready to compete head-on with Chinese EVs https://t.co/RarelQRfOE
Stellantis CEO cites failures in U.S. operations, says automaker ready to compete with Chinese EVs https://t.co/rWO2DarnEN
Stellantis to shift some Chinese EV production to Europe https://t.co/jn1KEvEPZR
Stellantis says it will ‘fight’ for electric car sales rather than hide behind tariffs https://t.co/UDW7Y7m1ML
Stellantis says it will stick to ‘asset-light’ strategy in China in bid to navigate tariff turmoil https://t.co/Tyb3F33cu6
NEWS: 'Stellantis Reiterates 2024 Financial Guidance and H1/H2 Color. Updated Capital Framework Supports Strong Returns' Stellantis will be shrinking in the next few years (this has already started). Stellantis is losing market share left and right and is retrenching into the… https://t.co/JDykNSnp4S