(Bloomberg) -- After years of earning envy-inducing profits by way of relentless frugality, Stellantis NV’s Carlos Tavares cut too deep.Most Read from...
-- After years of earning envy-inducing profits by way of relentless frugality, Stellantis NV’s Carlos Tavares cut too deep.Fed’s Favored Price Gauge Rises at Mild Pace, Spending Holds UpThe owner of the quintessential sport utility vehicle brand is having trouble selling Jeeps at a time when SUV demand has never been better. Its Ram pickup division has swiftly gone from challenging General Motors Co.’s Chevrolet to sliding in the sales rankings.
Jeep will also bring back the Cherokee, which went out of production last year and left the brand less competitive in the largest segment of the SUV market. Stellantis’ losses has been Ford Motor Co.’s gain — the maker of the Explorer, Escape and Bronco sold more than 400,000 blue oval-badged SUVs in the first half, a record.
Like Jeep, Ram lost significant ground in the first half, with US sales of the brand’s all-important pickups declining 20% from a year ago. Mark Stewart, the chief operating officer for the region, left the company in January to become the CEO of Goodyear Tire & Rubber Co. Timothy Kuniskis and Jim Morrison, two long-time executives at Jeep and Ram, retired within weeks of one another.
Chrysler, which turns 100 next year, isn’t the only division of the company facing an uncertain future. Just as the Detroit brand is down to making only the Pacific minivan, the Italian marque Lancia has just one model currently — the Ypsilon — which is virtually the same car as the Peugeot 208.
Stellantis NV Jeep Compass Ram Pickup Bloomberg Jeep Cherokee Jeeps Carlos Ghosn
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stellantis to sell majority stake in Comau robotics unit to One Equity PartnersCarmaker Stellantis will sell a majority stake in its robotic unit Comau to One Equity Partners, the three companies said in a statement on Thursday, in a...
Read more »
Stellantis earnings show company 'messed up': AnalystBig automakers suchs as Stellantis (STLA) and Ford (F) recently posted results that disappointed some investors. The auto sector at large, for the most part,...
Read more »
US GDP, Ford and Stellantis, airline earnings: 3 ThingsStock futures (^DJI, ^IXIC, ^GSPC) are reacting to the latest GDP (gross domestic product) print showing the US economy to have grown by 2.8% in 2024's...
Read more »
Stellantis earnings nearly halved, leading car industry slumpStellantis NV’s earnings plummeted in the first six months of the year, adding to an increasingly bleak outlook for the car industry following a massive drop in sales in the U.S. and Europe for the manufacturer.
Read more »
Stellantis plans output, price cuts after weak H1 resultsAdjusted operating income (EBIT) fell 40% to 8.463 billion euros ($9.17 billion) in the half year to June 30, below the 8.85 billion euros expected by analysts in a Reuters poll
Read more »
US car market gives Stellantis, Nissan a rough rideProblems in the highly competitive U.S. car market ranging from weak prices to high inventories and difficult logistics dented profits and hit shares of...
Read more »