In a brief address, Elkann discussed the current state of the Group and the challenges facing the global automotive market. Following the departure of CEO Carlos Tavares, “the interim executive committee, which the Board has asked me to chair, has been working closely with all our teams in the day-to-day management of the company. Significant and decisive actions have been taken to ensure that Stellantis is in the strongest possible position when our new CEO is appointed. This appointment is expected within the first half of 2025,” Elkann added.
Highlighting global dynamics affecting the auto industry, he stated, “In Europe and the United States, political and regulatory decisions have placed our sector under extreme pressure, whereas China is on a different trajectory. For the first time this year, the Chinese automotive market will be larger than the combined American and European markets,” Elkann pointed out to shareholders.
“In Europe, CO2 emission regulations have imposed an unrealistic electrification path, disconnected from market realities. Indeed, European governments have abruptly withdrawn, at times, purchasing incentives, and the charging infrastructure remains inadequate. Consequently, consumers are slow to transition to electric vehicles,” he continued.
Moreover, there is the issue of U.S. tariffs, which certainly do not bode well for the entire sector. “In the United States, the automotive industry is severely impacted by tariffs. In addition to the 25% tariff imposed on vehicles, we are facing a series of additional tariffs, including those on aluminum, steel, and components,” Elkann stated. “With the current trajectory of painful tariffs and overly strict regulations, the American and European automotive industries are at risk. This would be a tragedy because the automotive sector is a source of jobs, innovation, and strong communities. However, it is not too late if the U.S. and Europe take the urgent actions needed to promote an orderly transition. We are encouraged by what President Trump indicated yesterday regarding tariffs for the automotive industry.”
On this same day, Stellantis announced that all resolutions presented to shareholders during the annual general meeting were adopted, including the proposal to approve a dividend distribution of 2 billion euros on ordinary shares. The proposed split entails a payment of 0.68 euros for every outstanding ordinary share.
