8.7 C
London
Friday, November 8, 2024

Will Renault and Stellantis Merger? Official Statement Arrived

Date:

Related stories

Public Transport Faces Disruption as Warning Strikes for Collective Bargaining Are Announced

Ongoing strikes in the public transport and metal industries...

Celebrating 30 Years of Almost a Family: Top 5 Most Loved Episodes on Radio 1

"Fascht e Familie," a beloved Swiss sitcom, has captivated...

Post-Election Predictions: Fed’s Next Move on Interest Rates

The Federal Reserve is set to meet amid uncertain...

ifo Employment Barometer: Analyzing the Impact of Economic Downturn on the Labor Market

Current economic challenges are impacting the labor market, with...

Ukraine’s Concerns Ahead of the 2024 US Election: Implications for Kyiv

The 2024 US election holds significant implications for Ukraine,...
- Advertisement -

Allegations of the merger between Renault and Stellantis came to the fore again with the statements of the CEOs.

Recently Stellantis and Renault Rumors about a potential merger between the two companies were on the agenda. However, the CEOs of the two companies flatly and firmly rejected these allegations. Stellantis CEO Carlos TavaresIn his statement during a factory visit on October 3, merger speculations “totally unfounded” he emphasized. Speaking at an event in Paris the same day, Renault CEO Luca de Meo also declined to comment on the issue and described the allegations as “gossip”.

merger rumors The source came from the Italian newspaper Il Sole 24 Ore. According to the newspaper, intense competition in the automotive industry creates the necessity of such collaborations. In particular, he stated that the difficulties faced by traditional automobile manufacturers could trigger this search.

What will be the agenda of Tavares and De Meo?

Stellantis additionally announced this week that it lowered its profit forecast for 2024 and will spend more cash than expected in the US market. Its shares have fallen more than 55 percent since March. European automotive stocks showed the worst performance among them. The company’s total valuation decreased by 47 billion euros during this period. french governmentIn addition to being the largest shareholder of Renault, it also has a share in Stellantis.

Tavares and De Meo will meet at the auto show to be held in Paris on October 14. De Meo stated that he would greet Tavares at the event. Merger of Renault and Stellantis about the allegations are officially denied However, the uncertainties created by the dynamics and competitive environment in the automotive industry cause such rumors to remain on the agenda. We will follow the developments closely.

RELATED NEWS

Design of Renault 4 E-Tech Shared

RELATED NEWS

Nissan Announces That It Will Buy Back Its 5% Shares from Renault, Its Long-time Partner

Source :
https://europe.autonews.com/automakers/stellantis-ceo-carlos-tavares-dismisses-talk-renault-merger


source site-33

Latest stories