Key Points

• After months of the company’s poor U.S. performance, the CEO of Stellantis N.V. (NYSE: STLA) has been fired.
• Weak U.S. sales and a failure in the electric vehicle sector cost him his job.

After months of the company’s poor U.S. performance, the CEO of Chrysler, Jeep, Dodge, and Ram parent Stellantis N.V. (NYSE: STLA) has been fired. He leaves the company immediately. Stellantis will seek a replacement, which means the board probably did not think anyone inside was qualified. That speaks volumes about what the board thinks of the manufactured senior management bench.

Carlos Tavares has been chief executive officer since January 2021 and was scheduled to stay for another year. The company, the fourth largest car manufacturer globally, also owns Peugeot, Opel, and Fiat. It was founded in January 2021 and is based in Italy.

What Happened?

While slow Europe sales have hurt Stellantis, weak U.S. sales and a failure in the electric vehicle (EV) sector cost the CEO his job.

Stellantis saw U.S. sales drop 20% in the third quarter year over year to 305,294. This was when rivals GM and Ford posted improved sales, although each struggled with EV sales.

U.S. Jeep sales were down a modest 6% in the third quarter to 144,963. Ram sales were off 19% to 108,925. The full-sized pickup brand competes with Ford’s F-150 and Chevy’s Silverado, among the best-selling brands in America.

Sales of Dodge’s muscle car division dropped 43% to 26,559, and those of Chrysler’s minivan division declined by 47% to 22,482.

In a sign of its troubles in the United States, Stellantis recently delayed the electric version of the Ram. It did, however, say it would have EV models of the Dodge and Chrysler models. However, Tesla has 50% of the U.S. EV market. Ford, GM, and Hyundai/Kia are well ahead of the Stellantis brands in terms of sales.

This Car Brand Earned a Stunning 88/100 on Safety and Customer Satisfaction

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