Stellantis CEO cites ‘arrogant’ mistakes in US market

Auburn Hills — Stellantis NV CEO Carlos Tavares said Thursday that his company was “arrogant” when it failed to react quickly to a convergence of several problems in the United States in recent months, including production issues and balloon inventories .

“When I say we were arrogant, I’m talking about myself. No one else. I’m talking about the fact that I should have acted immediately,” Tavares said at an investor meeting Thursday at the automaker’s North American headquarters in Auburn Hills.

He said he should have formed a task force to address the problems, which have included production hiccups at several unnamed U.S. factories that are “not working properly.”

Stellantis CEO Carlos Tavares spoke to investors and reporters Thursday at an event at the automaker's North American headquarters in Auburn Hills.

The CEO made the comments as Stellantis’ U.S. sales have fallen, its dealers have struggled to move cars off the lot, its factory operations have struggled at times and layoffs have taken a toll on the automaker’s market share. has fallen in the United States.

But Tavares and other Stellantis executives remained bullish on Thursday about their ability to course-correct in the region thanks to a combination of cost cuts and a series of high-profile new vehicle launches, including several electric models. Despite what Tavares called profitability “headwinds” in the United States and Europe, the automaker confirmed its overall 2024 financial guidance, including double-digit adjusted operating income of 10-11% and delivering about $8.3 billion (€7.7 billion) in dividends and refunds. this year.

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