Stellantis’s stock has lost almost half its value this year, and thousands of workers face layoffs
Stellantis CEO Carlos Tavares at the production line of the new Peugeot e-3008 and e-5008 electric car at the Stellantis car factory in Sochaux, France on Oct. 3.
There’s even word that the company might need to shed some of its signature brands, which include Maserati and Chrysler, to right the listing ship. U.S. sales fell 20 per cent in the third quarter, a stark contrast to industrywide sales that showed modest growth. As inventories at North American Jeep, Dodge and Ram dealers rose to record levels, investors’ concerns drove down the share price.
Like many automakers, Stellantis raised prices during the COVID-19 pandemic as supply chain problems caused inventory shortages. The increases were beyond the reach of even the most loyal customers for its popular North American models, who had always looked to those brands for reliable, value-priced products.
The Stellantis tone-deafness on pricing its bread-and-butter North American brands evokes memories of the ill-fated Volkswagen Phaeton, the German carmaker’s failed attempt at the luxury market 10 years ago. The car, which retailed in North America at US$70,000, had everything luxury car buyers wanted – except a luxury badge. Prospects who typically bought BMWs or Audis didn’t see the Phaeton’s VW marque as luxe enough, and loyal VW buyers couldn’t afford it.
Stellantis Car Dodge Value Crisis Price Jeep Carlos Tavares Maserati Peugeot
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.
Big-D and AHA celebrate Week of Giving to fight heart diseaseCanada's construction news
Read more »
Program that helps identify heart disease in those under 55 comes to VictoriaThe Study to Avoid Cardiovascular Events in B.C. program, or SAVE BC, is now in Victoria thanks to a $320,000 donation by a local couple.
Read more »
Comfort and All-Canadian Cuisine in the Heart of CalgaryKLEIN / HARRIS greets guests in its welcoming space with delicious dishes, expert-crafted cocktails and great deals.
Read more »
My Wallet Might Hate You, But Your Heart Wants These 21 Random FindsThese one-trick products are proof that sometimes, the simplest solutions are the most brilliant.
Read more »
‘Honour them’: Eagle Heart Centre provides shoes in honour of truth and reconciliationWhat initially began as a way to recognize and remember those impacted by residential schools by placing shoes around the property as a memorial has evolved into something more.
Read more »
Dame Maggie Smith Was A Rebel At Heart, Former Theatre Usher Candidly Shares 70's AnecdoteMaggie Smith allegedly got into a fight with theater director Sir John Gielgud after going off-script in a 1975 production of Noël Coward's 'Private Lives'.
Read more »