Stellantis North America COO and Jeep CEO Antonio Filosa speaks during the Stellantis press conference at the Automobility LA 2024 car show at Los Angeles Convention Center in Los Angeles, California, November 21, 2024.
Etienne Laurent | AFP | Getty Images
DETROIT — Five years after the transatlantic automaker Stellantis was formed through a merger, the business hasn’t necessarily panned out as investors hoped.
U.S. shares of the company — created through a $52 billion combination of Italian American automaker Fiat Chrysler and France-based Groupe PSA on Jan. 16, 2021 — are down roughly 43% in the past five years. Italian-listed shares also are off roughly 40%.
Since the combined company’s stock debuted on the New York Stock Exchange on Jan. 19, 2021, days after the merger was completed, shares of the automaker were largely in the black — up as high as 74% in March 2024 — until Stellantis reported troubling financial results that year amid cost-cutting efforts meant to support higher profits and its multibillion-dollar push into electric vehicles.
Many of those plans are being altered or eliminated under new Stellantis CEO Antonio Filosa, who succeeded Carlos Tavares last summer. Tavares, a longtime automotive executive, was largely credited with forming the company, but abruptly left Stellantis in December 2024.
Stellantis shares listed in the U.S. and Italy.
Filosa is executing a sales turnaround plan for the automaker and is particularly focused on its Jeep and Ram brands regaining U.S. market share following yearslong sales declines.
“The strategy that we have in front of us is a strong one and will lead us to growth if we execute well,” he told reporters Wednesday during the Detroit Auto Show. “So, I believe it’s a year of execution.”
Filosa did not rule out the possibility of regionally refocusing or shrinking the company’s vast portfolio of brands that also includes Italian nameplates Fiat and Alfa Romeo, which have not performed well domestically.
He said he believes the company should “stay together” following some speculation, including from Tavares, that it would be better to sell off assets or brands.
Filosa said the next step in the company’s plans will come during a meeting this month with more than 200 company executives that will focus on an upcoming capital markets day as well as company culture and 2026 execution.
PSA CEO Carlos Tavares and FCA CEO Mike Manley shake hands after signing a combination agreement that will lead to the creation of the world’s fourth-largest global automaker in terms of annual sales (8.7 million vehicles).
FCA
Investors have been eager to hear a new strategy for Stellantis after Tavares’ exit. He left amid troubling sales and financial results as the company strived to achieve 10% or greater profit margins and doubling net revenues under his “Dare Forward 2030” business plan.
U.S. shares of Stellantis since Filosa began as CEO on June 23 are up 2%. They closed Friday at $9.60 per share, down 4.2%.
Filosa this week declined to discuss the company’s past mistakes, but company executives previously told CNBC that Tavares’ fixation on cost reductions and profits hurt business, as well as the company’s products, employees and relationships with suppliers, unions and dealers.
Filosa has spent much of his time attempting to repair those bonds, especially with the company’s distraught U.S. franchised retailers. He’s also approved drastic changes to the company’s product plans, including reducing prices and reprioritizing products away from electrified vehicles.
“In the six months, I see the changes that we will make we need to make to create the bright future that we need,” he said regarding his tenure thus far as CEO.
