David Dee Delgado | ReutersDETROIT – Stellantis ' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business.
"The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company.
We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results."
Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.
It's part of his "Dare Forward 2030" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.
Persons:
Carlos Tavares, David Dee Delgado, Tavares, Kevin Farrish, Farrish, Ford Stellantis, Stellantis, Shawn Fain, Kamala Harris, Tim Walz, Rebecca Cook
Organizations:
New York, Auto, Reuters DETROIT, United Auto Workers, Chrysler, Dodge, Investor, Bloomberg, Stellantis, GM, Fiat Chrysler, France's PSA Groupe, UAW, U.S, Democratic
Locations:
Manhattan , New York, U.S, Virginia, Romulus , Michigan