Stellantis Chairman John Elkann Sounds Alarm on Auto Industry Risks

John Elkann, the Chairman of Stellantis, issued a stark warning on Tuesday about the potential risks facing the auto industry in both the US and Europe. He described the current situation as a "looming tragedy," primarily due to "painful tariffs and overly strict regulations" that could endanger jobs, innovation, and communities.

Call for Urgent Action

During his speech at the assembly in Amsterdam, Elkann emphasized that it's not too late for the US and Europe to take necessary actions to ensure an orderly transition. He expressed hope that institutions would step up to address these challenges.

Criticism of Current Policies

Elkann criticized the 25% US duty on vehicles and additional levies on steel, aluminum, and parts. In Europe, he pointed out that electrification targets are "disconnected from market reality," with governments withdrawing support measures and failing to develop necessary infrastructure.

Leadership Changes Ahead

Adding to the company's challenges, Elkann announced that a new CEO would be appointed by mid-2025 to replace Carlos Tavares, with key decisions already underway.