Stellantis, what’s behind the horror accounts: Italy in the background
Stellar archives a nightmare first quarter. The automotive group, between January and March, recorded a 10% drop in vehicle deliveries, at 1.33 million, and a 12% drop in turnover, at 41.7 billion euros.
And, as he writes InsideOverto have truly benefited from the merger between Fca e Peugeot (as well as the salaries of the CEO of Stellantis Tavares reaching 36 million euros), were France and the United States, to the detriment of Italy.
The big loser is our country, in which Stellar managed in 2023, for the first time in several years, to return above 500 thousand cars produced but which, judging from the strategies revealed at the beginning of 2024, appears secondary in the group’s strategy.
In fact, Italian car production is just over half of that of France (950 thousand), less than a third of that of Spain (1.7 million), and even less than a sixth of that of Germany (3.3 million). One wonders why, with such anemic revenues, Stellar has chosen at the beginning of the year to shorten the precious Italian supply chains between Mirafiori and other factories emptied of their workers.
Exor is less and less Italian
Within the framework of the industrial choices of Tavaressupported by the president John Elkannthere has been a reduction in the Italian role within Stellar. The Group has introduced American brands into Italy, such as Jeeptogether with the related technologies and supply chains, and has preferred exclusive collaborations with transalpine companies such as Not now for the development of new energy technologies and for the relaunch of areas such as Dunkirk, destined to host new gigafactories for the production of electric vehicles. This has relegated a country that for a long time was a point of reference in the automotive industry to the background.
Naturally, it is difficult to state with absolute certainty that a more targeted management of investments in Italy would have compensated for a drop in revenues due to problems of a broader nature, ranging from logistical crises at uncertainties about interest rates up to the changes in the panorama of the automotive market, where Stellantis is competing with other giants in the sector to adapt to new trends linked to electrification.
However, it is undeniable that Stellantis represents a vehicle in which one of its components, represented by Italy, is less solid than the others. This element must be taken into consideration as a significant factor, while waiting to fully evaluate the impact of the relaunch of the Italian role within the Group.