Stellantis CEO under fire from Italian lawmakers as the group grapples with financial troubles
Italian lawmakers on Friday questioned the head of troubled French-Italian automaker Stellantis over the group’s strategy, one day after it announced a management shakeup in an effort to revive sales
ROME (AP) — Italian lawmakers on Friday questioned the head of Stellantis, the world's fourth largest automaker, over the group’s strategy, one day after it announced a management shakeup in an effort to revive sales.
Stellantis, which makes Jeep and Chrysler vehicles, is struggling globally, with the Italian government demanding clarity about its production plans for the country. It also faces a national metal workers strike called by Italy’s main unions for Oct. 18, with a massive demonstration expected in Rome.
The group has been under fire following a concerning profit warning in which the company said it expected to finish the year with a negative cash flow of up to 10 billion euros ($11.2 billion).
Speaking in front of a parliamentary committee on Friday, Stellantis CEO Carlos Tavares stressed that European Union carbon emission rules impose 40% higher costs on the struggling car-making industry.
