AutoBeta(AutoBeta.net)10/11 Report--

On October 11th, European carmaker Stellantis Group announced that CEO Carlos Tavares will step down as CEO of Stellantis Group and retire when his term expires at the beginning of 2026. Stellantis Group is looking for a successor.

On the same day, Stellantis Group also announced a series of senior job changes. Among them, Antonio Filosa succeeds Carlos Zarlenga as chief operating officer of North America and is also CEO of Jeep brand; Jean-Philippe Imparato succeeds Uwe Hochgeschurtz as chief operating officer of European region and CEO of "Pro One Commercial vehicle Business"; O'Siming succeeds Natalie Knight, who will leave; Gre é goire Olivier is appointed chief operating officer of Stellantis Group in China and continues to be responsible for working with zero cars. Santo Ficili was appointed CEO of Maserati and Alfa Romeo brands and served on the group's global executive committee.

Stellantis Group said: "in order to promote process simplification and improve organizational performance in a volatile global environment, Stellantis Group announced targeted management organizational change, which takes effect immediately." In response to this series of senior job changes, Tang Weishi, CEO of Stellantis Group, said: "in the Darwinian era of the automotive industry, our duty and moral responsibility is to adapt and prepare for the future. We need to provide environmentally friendly, safe and reasonably priced travel services better and faster than our competitors. The newly appointed management members will make a valuable contribution to our entire team to meet the challenges ahead, and strengthen and accelerate the transformation of the group into the preferred mobile travel technology company.

Data show that Stellantis Group is the world's fourth largest automaker, formed by the merger of Fiat Chrysler Group and Peugeot Citroen Group. It owns 15 car brands, including Abbas, Alfa Romeo, Chrysler, Citroen, Dodge, DS, Fiat, Fiat Commercial vehicle, Jeep, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall and so on. Covering ultra-luxury, luxury, mainstream passenger cars and even heavy pick-up trucks, SUV and light commercial vehicles and other market segments.

According to the financial report, in the first half of the year, Stellantis Group's net revenue was 85.017 billion euros, down 14% from the same period last year, lower than the expected 87 billion euros; net profit was 5.647 billion euros, down 48% from the same period last year, below expectations of 6.97 billion euros. In addition, in the first half of the year, Stellantis Group achieved an adjusted operating profit of 8.463 billion euros, with an adjusted operating profit margin of 10%. In terms of market segments, North America is the main contributor, contributing more than half of the operating profit of 8.463 billion euros to 4.366 billion euros, while in the Chinese market, Stellantis Group combines China, India and the Asia-Pacific region, and the operating profit in the first half of the year is only 57 million euros, almost negligible.

At that time, Tang Weishi, CEO of Stellantis Group, pointed out that the lower-than-expected results for the first half of the year reflected a challenging industry environment, as well as Stellantis Group's own operational problems, promising to take measures to solve problems in North American and other regional markets, including production cuts, and to launch no less than 20 new cars this year, which, if implemented properly, would bring greater opportunities and make a profit in the second half of this year. Tang Weishi also revealed that some of the group's unprofitable brands may be shut down, saying: "if they do not make money, the group will close down and cannot afford unprofitable brands."

At present, Stellantis Group is facing a lot of pressure. On September 30th, Stellantis Group announced a cut in its financial forecast for 2024. The Stellantis Group said that competition in the auto industry has intensified due to a slowdown in global car sales and increased competition with Chinese electric car manufacturers, with operating margins expected to fall to 5.5-7 per cent in 2024 and free cash flow expected to be between-5 billion and-10 billion euros for the whole of 2024. Prior to this, the Stellantis Group expects to achieve double-digit adjusted operating margins and a positive industrial free cash flow target by 2024.

According to the plan, by 2030, Stellantis will have more than 75 pure electric models, and the annual global sales of pure electric vehicles will reach 5 million.

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