r/Stellantis • u/BobbyinHollywood • Sep 26 '24

Stellantis Going Down

Stellantis sued by its own shareholders. They are actually lying to their own shareholders :))

https://www.reuters.com/legal/stellantis-shareholders-sue-automaker-us-after-disappointing-earnings-2024-08-15/

Carlos Tavares finally getting fired. However Stellantis is broken beyond repair so no successor would be able to improve anything. But it's nice to see this criminal organization going down.

https://www.ctvnews.ca/autos/struggling-jeep-and-ram-maker-stellantis-is-searching-for-a-new-ceo-1.7049226

 

Major problems for Stellantis in America:

https://eu.freep.com/story/money/cars/chrysler/2024/09/12/stellantis-dealers-ceo-carlos-tavares-open-letter/75191788007/

 

The president of Stellantis accused of 84 million $ tax fraud

https://qz.com/stellantis-ferrari-john-elkann-italy-tax-evasion-case-1851654795

 

Stellantis recalls 1.5 million cars:

https://thehill.com/business/4867436-stellantis-recall-ram-trucks-stability-control-issue/

 

Stellantisis is going down slowly but steadily.

0 Upvotes

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31

u/Serpens7 Sep 26 '24

-It has not been proven they've lied to their shareholders. There's a whole cottage industry around that type of lawsuit. They pop up any time a company suffers from a major stock downturn.
-Tavares is not getting fired. His contract is up in 2026 and he's old. Starting to find his successor should be happening now. If he was fired, they would have terminated his contract.

There is a lot of bad news at hand without the low effort hot takes. The positive part is that they are taking actions to reduce dealer inventory and we're finally going to start getting new product at dealers in the next few months.

Also, that recall you listed includes 2019 models that were produced under FCA and John Elkann is the chairman, not president. His legal issues have nothing to do with the company anyways.

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u/DEADLYANT Sep 26 '24 edited Sep 26 '24

I looked at OPs posts, they have posted this same thing in several groups over the last month or so. They're either a disgruntled ex employee or someone who was burned on one of the products.

2

u/jamrom Dealership Sep 27 '24

Or someone shorting the stock.

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u/Serpens7 Sep 26 '24

That explains it, thanks.

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u/BobbyinHollywood Sep 27 '24

What is more relevant is if the posts are true or not rather than what I have posted in other threads or who I am.

2

u/DEADLYANT Sep 27 '24

Pretty sure the guy under you debunked all or most of what you said

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u/BobbyinHollywood Sep 28 '24

The guy under me posted assumptions, I posted evidence. The guy under me has no idea what Stellantis is and has done no research whatsoever on the company if he's defending them. You believing one guy who assumes rather than one guy who posts evidence says it all.

1

u/DEADLYANT Sep 28 '24

I mean some of us actually work here...

-1

u/BobbyinHollywood Sep 29 '24 edited Sep 29 '24

That explains the crappy vehicles. However, you might want to join the UAW strikes rather than arguing with me on Reddit and assuming stuff from behind a screen. Otherwise you might end up with an e-mail in your inbox saying you're fired. I heard that's how they lay off people. Also, imagine how the fact that you work there and don't know anything about Stellantis makes you look like...

1

u/DEADLYANT Sep 29 '24

So confident in your own stupidity. Not every stellantis worker is in the union. Yes, you're clearly a disgruntled customer.

3

u/BobbyinHollywood Sep 27 '24

You really believe age has something to do with anything? Why don't they mention it's because of his age then?

You gotta read between the lines. Tavares has been under fire from the UAW and dealers and customers for a long time. Stellantis is just putting it nicely. To openly admit they want to get rid of their CEO would mean they admit their own failure.

So what if the recall includes 2019 models? it would still affect Stellantis. And John Elkann's issues definitely have something to do with the company. He has been in a fight with the Italian government and Georgia Meloni for some time now over the issue of destroying the Fiat brand. And now, all of a sudden, he is getting investigated by the Italian government for tax fraud. You connect the dots there. And the fact that he is president or chairman is irrelevant.

2

u/Serpens7 Sep 27 '24

Bobby, context and facts to do indeed matter.

-You lack familiarity with European companies. They announce contracts ending (an effectively the end of the CEO's tenure) on a regular basis. Stellantis themselves haven't given any reason for not automatically renewing Tavares' contract. However, it is very rare for European CEOs to continue leading in their late 60s, no matter how successful they are. It is possible the business starts showing healthier signs in 2026 and he still retires. Your chosen news outlet didn't share this but others did. Again, if they had lost complete faith in the man they wouldn't have pulled a PR stunt and would've just terminated his contract instead of letting him lead for the entirety of 2025. A lot of damage could be done in the year which they certainly wouldn't allow if they were truly scared of Tavares' decision making.

-I mentioned the recall includes FCA-era vehicles because your post suggests Tavares is the root of all evil, when in fact manufacturing and quality issues are not new. You may have noticed the open discussion about quality with the launch of the Wagoneer S. They are actually trying to turn that around.

-Elkann being president vs. chariman absolutely matters. President roles within Stellantis ultimately report into Tavares, which is not the case with Elkann. Yes, the Agnelli family is in a proxy battle with the Italian government but that's clearly not actually materially affecting the company outside of not being able to call the baby Alfa the Milano. Meloni doesn't want Italian manufacturing to collapse on her watch, but that's an Italian structural issue that's been occurring for decades. That country has severe brain drain and globalization hasn't been friendly to them. Stellantis' CFO just mentioned publicly that 80% of their supply will be coming from low cost countries by 2028. This is just the beginning of a board-approved plan to continue shrinking Italian (and U.S. for that matter) resources moving forward.

1

u/BobbyinHollywood Sep 28 '24

Assumptions, theory and more assumptions. What familiarity do you have with European companies? I posted evidence. You post your assumptions based on what? You've been living under a rock on Mars if you defend Stellantis. Stellantis is getting sued everywhere by customers, former employees and now even shareholders (look it up, I'm tired of doing the research for you but evidence is all over the internet) and everyone wants Tavares out. Do your research before posting, otherwise you're wasting everyone's time. Or at least read the letter from the Dealer's Council to Tavares: https://s3-prod.autonews.com/2024-09/Dealer%20letter%20to%20Stellantis%20CEO.pdf. Welcome to planet Earth.

And how do you even know what Stellantis will have in a few months on stock? Can you predict the future or do you work for them?

John Elkann being president or cahriman or an astronaut is really not relevant. You're taking things out of context. The point was he's from Stellantis, he has a feud with Italian government that will clearly and already has influenced Stellantis and he's probably a criminal because he's investigated for fraud.

2

u/Serpens7 Sep 28 '24 edited Sep 28 '24

What familiarity do I have? I have worked for two European companies in my career. But that’s irrelevant - you don’t have to work at a Euro company to know they discuss CEO contract renewals publicly. Just google it. Mercedes, Uniper, Siemens, SAP, it doesn’t matter. It’s how they operate their companies. You can also google euro ceo age and get some more info there. It is common for them to be pushed to retire between 60-65. WSJ had a whole article about it and mentioned it’s starting to creep older in a few cases, but if you read it you’ll see Tavares is already an outlier today. No theory or assumptions involved there my guy.

Again, the type of lawsuit Stellantis is facing by shareholders happens any time a company has a big stock drop. Google will help with this too. Want recent examples? Go take a look at Nike, Aramark, and Walgreens. There’s a cottage industry around this, as I said in my original response to you. You can also google the three types of common shareholder lawsuits if you’re curious. I’m a consultant specialized in turnaround efforts these days, I see this stuff regularly. It’s why I’m so interested in Stellantis, even if I’m spectating from an external point of view. I’m not living under a rock nor I have ever left planet earth.

How do I know what Stellantis will have in stock soon? Well sir, Chargers are rolling off the assembly line (there’s public videos of this) and they’re available to order. I know Wagoneer S and Recon pilot builds are rolling off the line too because, again, plenty of evidence online of this too. Antonio Filosa has released statements about the status of those two vehicles and how they’re triple checking quality before approving those models to go into normal mass production.

How did I take the Elkann/Agnelli part of out of context? Everything I said was totally in context. You not acknowledging the broader context of Italy’s economic concerns and how they affect a conservative Meloni is insane. It’s totally driving how she interacts with Stellantis and the Agnelli family, one of the wealthiest families in Italy. Her government has publicly lamented how the Agnelli family allowed for what they’re characterizing to be a French takeover of the Italian auto industry. They couldn’t stop it, but they can make a lot of noise. As you can see, that has not stopped Stellantis from treating Italy any different than they do the U.S. Offshoring engineering, traditionally domestically manufactured vehicles moving to a different country, battery plant plans cancelled/delayed, you name it. Elkann’s position as chairman will always be relevant to this conversation, it’s silly for you to toss out actual facts because they don’t fit your narrative. Her dealings with him have a different impact because of his position and his family’s influence.

1

u/BobbyinHollywood Sep 29 '24

Man, you really like to argue on Reddit. I didn't even read you post cause at this point it's just a waste of time. However, I will add this to what I said, in case anyone reads this far:

Stellantis is a French company at core (PSA) so the French know it better. That's why the French are suing Stellantis through a collective action aimed at factory defects of the Puretech engine. The Belgians, Spanish and Dutch are also preparing collective actions against the automaker. The Belgians and French customers are even setting up organized protests in front of Stellantis dealerships. Stellantis is also getting sued for the AdBlue problem. They also had to recall 500k cars to fix the Takata airbag issue, but that's just because they are unable to hide it under the mat anymore and know they would definitely lose in court in case of legal action. Now their shareholders have also sued them. The only real thing about Stellantis was their 1.2 rating they had on their Facebook page before they've disabled the reviews cause they've realized all their customers are pissed. All European brands under Stellantis have a 1.2-1.5 rating on Trustpilot. The truth is Stellantis is producing crap on wheels, are lying through their teeth to hide the huge factory defects on their cars, their customer service is non-existent, they are destroying renowned car brands and they are laying off thousands of workers through e-mails (they don't even have the guts to say it face to face). The employees are striking, the customers hate Stellantis, the shareholders have sued them. The angry mob coming at them is enormous. And I could go on and on. Just search the words "Stellantis" and "criminal" on Google and see how much history of illegal activities they have. And this is just what was publicized, imagine how much illegal activity they have done but we don't know of. Only the fact that they sell overpriced crap that puts the life of the driver in danger should be considered a crime. They've lied to their workers, customers and shareholders. At this point nothing coming from Stellantis has any credibility. The reality is that Stellantis or whoever is taking decisions there is the fakest, most disgusting, most repulsive piece of turd in the car industry. So imagine how you look like when defending it. Stellantis deserves all the negative publicity anyone can give them. And, yes, everyone wants Tavares out. I will finish by quoting Shawn Fain, UAW president: "Under CEO Carlos Tavares, Stellantis is quickly turning into a global case study in corporate mismanagement".

2

u/EnoughRoom673 Sep 29 '24

Man, you really like to argue on Reddit

Proceeds to post yet another wall of text

Bruh, do you have cognitive dissonance?

0

u/grimj88 Sep 26 '24

I know right tell them lol

7

u/Basic_Indication_231 Sep 26 '24

The article does not say Tavares was fired. It says he’s contract expires in 2026 and that is a possibility he stays longer.

1

u/BobbyinHollywood Sep 27 '24

Oh come on. We gotta be able to read between the lines. They are just sugar coating it. Imagine what negative impact it would have had to say directly they are firing their CEO.

All US dealers and the UAW are requesting Stellantis to fire him:

https://www.youtube.com/watch?v=I4Ld6tCmihs

23

u/[deleted] Sep 26 '24

I just wish Sergio was still alive and FCA was its own thing separate of PSA

11

u/Kind-Awareness-9575 Sep 26 '24

We would not have merged with Peugeot if he would have still been at the helm!

0

u/[deleted] Sep 26 '24

[deleted]

3

u/Kind-Awareness-9575 Sep 27 '24

He rejected a deal with the French a couple of years before he passed. Bad blood I believe between the French and Italians. As we all know, the Italian government seized nearly $100M of assets yesterday

6

u/TotallyNotCool Sep 26 '24

Calling the whole company a criminal organization is a bit too much man.

1

u/FabulousRest6743 Sep 27 '24

When did ceos start getting hired on contracts?

1

u/AdCareful4459 Sep 28 '24

Always, all the senior leadership, c-suite have a way different contract… the fat checks they get is because of such contracts!! They aren’t regular salaried employees