Stellantis rejects request to buy back Chrysler & Dodge brands
Stellantis rejected a request to buy back Chrysler and Dodge brands.
Last week, Frank B. Rhodes Jr., the great-grandson of the Chrysler brand’s founder, sent a letter to Stellantis CEO Carlos Tavares and the Chrysler brand’s current CEO Christine Feuell. In the letter, Rhodes requested to “keep [Chrysler/Dodge, Plymouth/Mopar brands] in the USA with stockholder and employee control.” Rhodes wrote the letter on behalf of the newly formed Chrysler/Dodge, LLC.
Rhodes’ 17-page letter received a curt response from Stellantis. The company replied to the letter with an official press release stating:
“Stellantis acknowledges the interest in its North American brands and reaffirms the Company’s commitment to its entire portfolio of 14 powerful, iconic brands, which were each given a 10-year timeframe to build a profitable and sustainable business.
“Like the Jeep and Ram brands, Chrysler and Dodge are the forefront of Steallnatis’ transformation to clean mobility, benefitting from the Group’s cutting-edge technology and scale. The Company is not pursuing splitting off any of its brands.”
After reporting disappointing results for the first half of 2024, Tavares announced plans to scrap brands that aren’t profitable. He quickly retracted his statement. Tavares has also taken accountability for Stellantis’ lackluster performance in North America.
Stellantis is currently feeling pressure in Europe and the United States. Tavares visited Detroit recently to see the current state of operations and develop a strategy to set the company on the right path in North America. Meanwhile, in Europe, the Italian government is pressuring Stellantis to confirm its investment plans in the country.
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The post Stellantis rejects request to buy back Chrysler & Dodge brands appeared first on TESLARATI.
Source: https://www.teslarati.com/stellantis-chrysler-dodge-buy-back-request/
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