Stellantis CEO has reportedly warned that underperforming brands within the multi-conglomerate will be dropped after global sales for the first six months of 2024 ended with a loss of 14%.
Six month lossComprising 14 nameplates established three years ago after the signing of an agreement between Fiat -Chrysler Automobiles (FCA) and the PSA Group, the Amsterdam-based firm posted a revenue of 85-billion and a net profit 48% down year-on-year at 5.6-billion.
The companys performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues, Carlos Tavares said in a statement over the weekend.
We have significant work to do, especially in North America, to maximise our long-term potential.
While corrective actions were needed and are being taken to address these issues, we also have initiated an exciting product blitz, with no fewer than 20 new vehicles launching this year, and with that brings bigger opportunities when we execute well, he said.
