Stellantis Chairman John Elkann on Thursday denied there was any truth to rumours that the company is in merger talks with fellow European automaker Renault.
“We are not discussing any merger,” Elkann said at the FT Future of the Car Summit in London, speaking in a panel discussion with Renault CEO Luca de Meo.
Stellantis was created in 2021 from the merger of Fiat-Chrysler with France’s PSA, the maker of Peugeot and Citroen. The Franco-Italian company includes the Jeep and Opel brands.
Earlier rumours
Rumours of a merger between Stellantis and Renault are “pure speculation,” said Stellantis CEO Carlos Tavares as he visited one of the French-Italian automaker’s hubs in eastern France.
Speaking at an event in Paris, Renault CEO Luca de Meo meanwhile declined to comment on what he described as “rumours”.
Italian newspaper Il Sole 24 Ore reported this week that talk of a tie-up has become more persistent, with economies of scale seen as a possible solution to managing the intense competition faced by traditional automakers.
Stellantis cut its 2024 profit forecast and warned it will burn through more cash than expected as it tries to revive its U.S. business.
Shares in Europe’s No. 2 automaker have tumbled more than 55% since March, the worst performance among European autos stocks, slashing 47 billion euros ($52 billion) off the company’s valuation.
Speculation about a Stellantis and Renault tie-up also arose in 2024, with an Italian media report that the French government – which is Renault’s largest shareholder and also has a stake in Stellantis – was studying plans for a merger between the two groups.
