Stellantis: The automaker’s history, legacy
Explore the history of Stellantis, the automotive giant formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group.
- Stellantis saw its profits drop in 2024.
- “American and European car industries are being put at risk,” Stellantis Chairman John Elkann warns.
- The automaker expects to name a new CEO to replace Carlos Tavares in the first half of the year.
Stellantis shareholders approved a dividend payment Tuesday, but the company is pausing stock buybacks in the face of ongoing challenges, which Chairman John Elkann referenced during the annual general meeting in Amsterdam.
The 77-cent (0.68 euro) per share dividend to be paid on May 5 will equal about $2.26 billion (2 billion euros), the company said.
Elkann noted in his opening remarks that “2024 was not a good year for Stellantis. The reasons for this were partly of our own making which made this even more disappointing.”
The financial results at the heart of that statement, reported in the company’s full-year earnings report in February, showed a net profit in 2024 of $5.8 billion (5.5 billion euros) but also a 70% drop from 2023.
North America and Europe, the company’s largest markets, were at the center of those issues last year, but in 2025, tariffs present a new challenge, even as the automaker says it’s essentially resolved much of its inventory issues, is preparing for new vehicle launches and has improved pricing on some of its Jeep models.
Elkann said the company was encouraged by President Donald Trump’s comments on Monday that he might grant some temporary tariff exemptions for automakers. That would clearly be good news for Stellantis and other automakers that import vehicles and parts into the United States.
“On top of the 25% tariff imposed on vehicles, we are impacted layer upon layer with additional compounding tariffs, including those on aluminum, steel and parts,” Elkann said, noting that in Europe, the company sees greenhouse gas emissions regulations as part of the issue.
“With the current path of painful tariffs and overly rigid regulations, the American and European car industries are being put at risk. That would be a tragedy as car manufacturing is a source of jobs, innovation and strong communities, but it is not too late if the U.S. and Europe take the necessary urgent actions to promote an orderly transition,” he said.
Elkann said China is on a different trajectory than Europe and North America through policy and regulatory choices, which puts the industry under extreme pressure.
“This year, the Chinese automobiles market is set for the first time ever to be larger than the American and European markets combined,” he said.
The threat from China comes on top of the company’s struggles, which were the backdrop for the departure late last year of CEO Carlos Tavares. Elkann reiterated Tuesday that the company would select a new CEO in the first half of this year.
Reuters reported that the company, which owns the Jeep, Ram, Chrysler, Dodge and Fiat brands, has “already shortlisted two internal candidates, the head of its North America business, Antonio Filosa, and the head of procurement, Maxime Picat. The board has also interviewed three external candidates, two people familiar with the matter. While they declined to share names, one of the sources said all the candidates are men.”
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(This is a developing story.)