Stellantis aims to correct 'arrogant' mistakes in U.S. market, CEO says [MSNBC.com]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: MSNBC.com
StellantisTavares said the convergence of three factors led to the problems: not selling down vehicle inventory fast enough; manufacturing issues, specifically with two unnamed plants; and lack of “sophistication in the way to go to market.”“We had a convergence of three things that should have triggered, from me and nobody else, an immediate task force to address those things,” he told media Thursdayafter the company’s investor dayDuring the investor day, Tavares and his top lieutenants broadly updated investors on the company’s operations and how Stellantis plans to achieve ambitious financial targets amid industry and economic uncertainty. The company also reconfirmed its 2024 guidance and vowed to continue to return capital to shareholders going forward.Tavares did not elaborate on the manufacturing or go-to-market problems, but Stellantis’ inventory of vehicles leads major U.S. automakers as the company has held back incentives and cut marketing budgets. Stellantis’ U.S. sales we
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- STLA's page on the SEC website