Stellantis CEO Outlines Plans Amid Sales Decline

Stellantis CEO Carlos Tavares announced that the company's portfolio of brands, including Maserati, is secure until at least 2026, despite ongoing poor sales performance. The automaker has faced significant challenges in both the U.S. and European markets, with sales down over 17% year-to-date and a 20% drop in the third quarter, leading to a substantial inventory buildup. Tavares acknowledged a failed marketing strategy that contributed to these issues and emphasized the need for a fresh start, aiming to reduce dealer inventory below 350,000 vehicles by Christmas. Furthermore, he noted that the company is in a 'Darwinian period', where all options, including brand closures, are on the table due to financial pressures leading to a forecasted negative cash flow of up to 10 billion euros. Recent management restructuring includes the dismissal of key executives, as Tavares seeks to improve results. As Stellantis navigates through these difficulties, it remains committed to its brands, refuting any immediate plans for sales despite speculation about Maserati's future.