Stellantis Sets Sights on Tesla and China for its Second Year

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Automaker Stellantis, which was formed from a merger between Fiat Chrysler and PSA Group, is entering its second year since becoming the world’s fourth-largest automaker by production, and the CEO says that’s just the beginning.

Stellantis CEO Carlos Tavares is expected to reveal the company’s business plan on March 1, including plans to take on the Chinese market and EV giant Tesla in the years to come, according to Automotive News.

Despite its shares surging over 60 percent in its first year and the company hanging onto its nearly 300,000 employees, some analysts have criticized Stellantis for its ownership of 14 different brands – saying that the company must cut some loose, especially if it hopes to catch up with Tesla.

Marco Santino of Oliver Wyman Management Consultants said he doesn’t expect much from Santino’s upcoming plan, and he emphasized Stellantis’ need to reduce its brand options.

Santino said, “The path has been mapped out already, it needs to be consolidated.” Santino continued, “I don’t expect fireworks from his business plan.”

Still, amidst calls for more bold action and business plans, Tavares plans to give each brand a decade to prove its profitability before consolidating.

On the matter, Tavares said last year, “For the time being, we love them all and you cannot kill what you love.” Tavares continued, “When you love them, you give them a chance.”

So far, Stellantis has plans for five battery factories and has a 30 billion euro electrification plan, while also forged deals with Amazon and Foxconn to fast-track software and semi-conductors for its future electrified vehicles.

Earlier this month, Stellantis also announced a strategic partnership with Amazon to develop software for its vehicles as soon as 2024.

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