Matteo Salvini, Italy’s deputy prime minister and minister of infrastructure and transport, has criticised the Agnelli family over car maker Stellantis’ problems, as the company continues to struggle with weaker sales and falling demand.
Italian deputy prime minister Matteo Salvini has said the Agnelli family should be held as responsible for Stellantis’ issues as the car company’s now ex-chief executive officer (CEO), Carlos Tavares. The latter abruptly resigned earlier this week, following Stellantis continuing to see disappointing sales and the announcement it was to close its Vauxhall plant in the UK.
The Agnelli family is Stellantis’ biggest shareholder and currently own about 14.2% of the auto manufacturer. The stake is owned through the Agnelli family company Exor, with the family also being the founder of Fiat.
Salvini was quoted in the Telegraph as saying that the car company’s woes were caused more because of its ownership, rather than because of the decisions Tavares took during his time as CEO.
This was mainly because Stellantis had depended significantly on Italian state handouts for several years, while at the same time making plans to move manufacturing facilities abroad, where costs were lower.
Stellantis has already halted production at a number of Italian plants several times this year, although it has promised not to make mass redundancies or close Italian factories. In late November, Reuters reported that the company would be pausing production at its Termoli plant as well, between 16 December and 22 December, during which workers are expected to be furloughed.
The car company was launched in 2021, following the merger of France’s PSA and Italy’s Fiat Chrysler. The company is now the owner of brands such as Dodge, Vauxhall, Citroën, Ram, Peugeot and Maserati, amongst several others.
Euronews has contacted Stellantis for comment.
Is Stellantis now more French than Italian?
Salvini also pointed out that Stellantis was hardly Italian anymore, despite having received billions of Italian funds over the last several years.
Italy’s prime minister, Giorgia Meloni, has also remarked that Stellantis is more French than Italian. She has also claimed that the actions of Agnelli family heir John Elkann have been straying from the Italian national interest. Meloni has also said she will be focusing on protecting Stellantis employees from redundancies.
Salvini, too, has criticised Elkann for refusing to address the Italian parliament, especially given the country’s high investment in the company. The deputy PM also hit out at Carlos Tavares, the ex-CEO of Stellantis, for what he described as wrongly manage the company.
Why has Carlos Tavares resigned from Stellantis?
One of the main reasons for Carlos Tavares’ surprise resignation on Sunday evening was because of the company continuing to see weaker sales, as it struggles with falling demand, especially in North America.
Stellantis also revealed that a difference of views with the board had contributed to Tavares resignation. Several US plant layoffs, in Detroit, Toledo and Sterling Heights, amongst others, also added to this, as did rising inventory levels.
The company has not yet revealed who will be taking over from Tavares, with John Elkann being named as interim CEO.
Recent speculation suggested Stellantis was eyeing up Apple’s outgoing chief financial officer (CFO), Luca Maestri, as its new CEO but Stellantis has denied the claims.
