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Rep. Ro Khanna, D-Calif., joins \u2018Mornings with Maria\u2019 to discuss the growing threat from China, rising concerns over AI security, and the economic challenges driving Americans and businesses out of California.<\/p>\n
Stellantis on Thursday announced a $70 billion turnaround strategy that aims to refocus the automaker on core brands, partnerships and more efficient use of factory capacity.<\/p>\n
The investment is over five years and includes the production of 60 new models by 2030, including a mix of internal combustion engine, hybrid and fully electric vehicles.<\/p>\n
The pivot marks a shift under the leadership of new CEO Antonio Filosa to more external partnerships for Stellantis \u2013 the parent company of brands such as Chrysler, Jeep, Dodge and Ram.<\/p>\n
“The plan is grounded in reality,” Filosa told inventors at the company’s capital markets day. “It is designed to create a condition for profitable and sustainable growth.”<\/p>\n
STELLANTIS TAKES MASSIVE $26B HIT AFTER MOVING AWAY FROM EVS<\/p>\n
Stellantis CEO Antonio Filosa unveiled a turnaround plan for the auto industry giant. (Elisa Marchina\/NurPhoto via Getty Images)<\/p>\n
New partnerships for Stellantis include production tie-ups with Chinese firms Leapmotor and Dongfeng, as well as cooperation with Tata Motors and its U.S. unit JLR.\u00a0<\/p>\n
Those partnerships will allow Stellantis to utilize some of its excess manufacturing capacity to generate revenue through contract production by third-parties instead of unused plants sitting idle and accumulating costs.<\/p>\n
The strategic shift also includes technology partnerships with Qualcomm, Applied Intuition and self-driving startup Wayve. The approach will allow the company to share costs with partners while accelerating development in areas like software and autonomous driving.<\/p>\n
STELLANTIS UNVEILS MASSIVE $13B US INVESTMENT PLAN<\/p>\n
Ticker Security Last Change Change % STLA STELLANTIS NV 7.56 +0.03
\n +0.42%<\/p>\n
Filosa also outlined a new hierarchical structure for Stellantis’ 14 brands that will affect how product investment is directed.<\/p>\n
Stellantis will focus about 70% of brand and product investment on Jeep, Ram, Peugeot and Fiat, as well as its Pro One division that makes commercial vehicles.<\/p>\n
Brands like Chrysler and Alfa Romeo will be repositioned to have more of a regional focus, while Lancia and DS will shift into specialized roles under Fiat and Citroen.<\/p>\n
STELLANTIS OFFERS EMPLOYEE DISCOUNT TO US BUYERS AS AUTO TARIFFS TAKE EFFECT<\/p>\n
Jeep is one of the key brands in Stellantis’ portfolio. (Plexi Images\/GHI\/UCG\/Universal Images Group via Getty Images)<\/p>\n
The product focus at Stellantis will focus on a range of more affordable vehicles that can support volume growth in addition to profitability.<\/p>\n
Stellantis said that it’s planning to invest over $27 billion in its platforms, powertrains and technologies, while it’s aiming to cut nearly $7 billion in annual costs by 2028 compared with a year ago.<\/p>\n
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Shares in the automaker were up slightly with prices up 0.2% as of early afternoon Thursday, rebounding after the stock opened the day in the red. Stellantis shares are down nearly 34% year to date and over 28% in the last year.<\/p>\n
Reuters contributed to this report.<\/p>\n
#Stellantis #CEO #Antonio #Filosa #unveils #70B #turnaround #strategy<\/p>\n","protected":false},"excerpt":{"rendered":"
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