Stellantis CEO visits US with aims to reverse lagging profits

The CEO even took the blame for not acting upon the problems plaguing the North American operations sooner.

According to media reports, Carlos Tavares, CEO of Stellantis, is visiting Detroit, USA, amidst his summer break to create a new strategy to fix the brand's struggling North American operations.

As per reports, Tavares going to the USA during his summer break is because "He wanted to make clear that he was handling it personally". The new strategy is aimed at fixing the struggling operations of Stellantis' North American operations, while also assuaging investors and employee concerns. The new strategy is expected to be formed in a week. Reports also added that the North American operations essentially funded the rest of the group.

As per the CEO, Stellantis North America is facing several issues, from high vehicle inventory to manufacturing problems to how the whole thing is being handled. The company's shares have reportedly fallen by 50% since March this year.

During the USA visit, Tavares will engage with the top management to work on a strategy that addresses all the issues. The CEO even took the blame for not acting upon the problems plaguing the North American operations sooner.

Source: Reuters