European dealers for Stellantis carmaker sounded the alarm bell and revolted against Stellantis CEO Carlos Tavares who, despite the collapse of sales and earnings, had said he sticks with the EU decarbonization schedule. In a letter to the EU Commission, they said they supported the proposal launched by European auto lobby ACEA, to delay intermediate carbon emission reduction goals set for next year. “We firmly believe that the CO2 reduction targets set for 2025 are unfeasible under current market conditions,” four groups representing European dealers for Stellantis said in the letter.
This follows a similar statement by U.S. Stellantis dealers in mid september. Shares in Stellantis fell nearly 15% and hit their lowest since December 2022. Stellantis shares have lost 38% in value this year, making it Europe’s worst performing automaker. According to Italian trade union CISL, 25,000 Stellantis workers are threatened with layoffs. Car sales are 40.7% down as of Sept. 30, 2024, while commercial vehicles are down 10.2%, and even some plants such as those in Pomigliano and Atessa, historically positive, are in the red, by 5.5% and 10.2, respectively. The historical Mirafiori Fiat plant, in Turin, where in nine months, production dropped 68% in comparison with last year, is threatened with closure.
