Stellantis, Italy Look to Past Merger's Promise as Production Goals Take Center Stage

 

The Italian government is not planning to buy a stake in Fiat-parent Stellantis, despite a spat over the company's commitment to Italy. Industry minister Adolfo Urso said that the prospect of Rome buying Stellantis shares was raised on February 1 amid a spat over the company's commitment to Italy. Both parties have made conciliatory remarks to ease tensions, and Stellantis Chairman John Elkann said in June that the company does not need the Italian state as a shareholder. The company, created in 2021 by the merger of France's Peugeot-maker PSA and Italian-American Fiat Chrysler, accounts for virtually all of Italy's car production. The French government owns 6% of Stellantis. Stellantis CEO Carlos Tavares reiterated a commitment with Rome to boost the carmaker's output in Italy to one million vehicles by the end of the decade.