Why Stellantis, owner of Chrysler, Jeep and Ram, is struggling
Stellantis, an automotive colossus that owns more than a dozen brands including Chrysler, Fiat, Jeep, Peugeot and Ram, is facing challenges at seemingly every turn.
The company's sales and profit have been plummeting. Dealers stuck with parking lots filled with unsold cars are publicly criticizing Stellantis and its CEO in unusually harsh terms. Stellantis' stock price has fallen almost 50% from its high point in March. And the union that represents its U.S. factory workers is threatening to go on strike at several plants.
United Automobile Workers locals are expected to vote in the coming days to authorize strikes against several Stellantis factories, protesting what they say are broken promises by the automaker.
The problems are raising questions about the future of Carlos Tavares, the Stellantis CEO, who races cars in his spare time. After taking the reins at French carmaker PSA in 2014, he acquired a series of rivals to build a company that last year sold more cars than General Motors did.
Last week, Stellantis said it was evaluating who should lead the company when Tavares' contract expires in early 2026. Tavares could remain CEO, Stellantis said, but the statement was hardly a vote of confidence.
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