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In a recent statement, Stellantis (NYSE:STLA) Chairman John Elkann dismissed rumors of a potential merger with French automaker Renault (OTC:RNSDF).
What Happened: Elkann, on Monday, refuted the ongoing speculation about a merger between Stellantis and Renault, reported Reuters.
“There are no plans being studied regarding mergers of Stellantis with other manufacturers,” Elkann said in a statement,” Elkann said, adding that the focus is on executing its long-term business plan.
See Also: GM Chief Mary Barra Rewrites Roadmap: Plug-In Hybrids To Deliver Green Goals As EV Growth Slows
This response comes after the Italian daily Il Messaggero suggested that the French government, Renault’s major shareholder, was exploring a merger between the two groups.
Why It Matters: Stellantis’s denial of the merger plan comes at a time when the automotive industry faces significant challenges. Stellantis CEO Carlos Tavares recently cautioned against cost reductions, warning of potential acquisition risks. Tavares stressed the importance of maintaining profitability amidst price cuts in the industry.
On the other hand, Renault, amid a challenging stock market, postponed the IPO of its European EV and software arm, Ampere. The company decided to continue funding Ampere’s development until it reaches breakeven in 2025, citing its 2023 results as proof of its ability to generate sustainable cash flow for future operations.
Read Next: Rivian Beats Tesla, BMW In Customer Satisfaction: Elon Musk’s EV Giant Slips To 5th Position: Survey
Image via Shutterstock
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