Big changes are coming at Stellantis following a tumble in the company’s sales and profit, according to Reuters.
Stellantis—the world’s fourth-largest automaker—has been facing a weakening global demand and a growing surplus of inventory as China becomes more competitive.
The lag in demand has led to Stellantis cutting prices for its high-margin Jeeps and pickup trucks. The company reduced its 2024 profit forecast last week, now expecting to use more money than initially thought in an effort to offer discounts and cut output.
At a two-day board meeting slated to happen in the U.S. this week, it’s likely Stellantis CEO Carlos Tavares will be presenting a reorganization of management within the company, those familiar with the matter told Bloomberg News. His plans could potentially impact finance teams, regional heads, brand executives, and others.
Tavares’ future with Stellantis will also likely be discussed, with the company currently seeking his successor prior to his contract expiring in 2026.
