Stellantis, the parent company of Jeep, Ram, Dodge, and several others is searching for a new CEO to replace Carlos Tavares. The company is considering a leadership change after Taveres’ contract expires in 2026. The move comes as Stellantis looks to revamp brand sales in the US, its biggest profit market, as it falls behind rivals.
Stellantis Chairman John Elkann confirmed to Bloomberg News on Monday that the company is indeed searching for a new CEO. The company added that the decision is a regular part of its succession planning.
Sources familiar with the matter said the chairman is unhappy with performance in North America, where sales have slipped.
Stellantis’ US sales crashed 21% in Q2 after falling 10% in the first three months of 2024. Ram (-26%) and Dodge (-16%) sales are both down by double-digits this year, while Jeep (-9%) and Chrysler (-9%) are also down significantly compared to last year. Total US brand sales are down 16% through the first half of 2024.
Several Stellantis brands, including Jeep, Ram, and Dodge, are launching their first EVs in the US later this year, which will be key to turning around slumping sales.
The company confirmed earlier this month that its Sterling Heights Assembly Plant (SHAP) will be the first Stellantis pant to build an all-electric vehicle, the Ram 1500 REV electric pickup, due out later this year.
Jeep and Ram owner Stellantis looks for a new CEO
Jeep will begin delivering its first EV, the Wagoneer S, later this year. It will be built at its Warren Truck Assembly Plant. Jeep will follow it up with plans to launch a Wrangler-inspired Recon EV next year and a new mainstream electric crossover. The company also confirmed it will introduce a Renegade EV for under $25,000.
Meanwhile, Dodge opened orders for its first electric muscle car, the 2024 Charger Daytona R/T, last week. The electric muscle car starts at $59,995, while the high-performance Scat Pack model costs $73,190.
As part of its Dare Forward 2030, Stellantis aims for 50% of US passenger and light-duty truck sales to be electric by 2030.
Stellantis CFO Natalie Knight said fixing issues, including falling profits, bloated inventory, and slumping sales in the US, will be the “top priority” going into the end of the year. The company’s board of directors is set to meet in the US starting on October 9 to devise a plan to revamp brand sales in the region.
A Stellantis spokesperson said it was “normal” to start succession planning given the importance of the CEO position. The spokesperson added that despite its search, Tavares could still remain at the helm.
Source: Bloomberg News
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Executives from TravelCenters America (TA) and BP were joined by local elected officials at a ribbon cutting for the two companies’ first DC fast charging hub on I-95 in Jacksonville, Florida – the first of several such EV charging stations to come online.
Frequent road-trippers are no doubt familiar with TA’s red, white, and blue logo and probably think of the sites as safe, convenient stops in otherwise unfamiliar surroundings. The company hopes those positive associations will carry over as its customers continue to switch from gas to electric at a record pace in 2025 and beyond.
“Today marks a significant milestone in our journey to bring new forms of energy to our customers as we support their changing mobility needs, while leveraging the best of bp and TA,” explains Debi Boffa, CEO of TravelCenters of America. Boffa, however, was quick to – but TA is quick to point out that TA isn’ no’t leaving its ICE customers behind. “While this is significant, to our loyal customers and guests, rest assured TA will continue to provide the same safe and reliable fueling options it has offered for over 50 years, regardless of the type of fuel.”
The charging hub along the I-95 offers 12 DC fast charging ports offering up to 400kW of power for lickety-quick charging. While they’re at the TA, EV drivers can visit restrooms, shop at TA’s convenience store, or eat at fast food chains like Popeyes and Subway. Other TA centers offer wifi and pet-friendly amenities as well – making them ideal partners for BP as the two companies builds out their charging networks.
“As we expand our EV charging network in the US, I am thrilled to unveil our first of many hubs at TA locations,” offers Sujay Sharma, CEO of BP Pulse Americas. “These sites are strategically located across key highway corridors that provide our customers with en route charging when and where they need it most, while offering convenient amenities, like restaurants and restrooms.”
The new e2500-THL and TS electric Ultra Buggies from Toro offer construction and demo crews a carrying capacity of 2500 lbs. (on the TS model), six-and-a-half foot dump height (on the THL), nearly 13 cubic ft. of capacity, and hours of quiet, fume-free operation.
For their open-mindedness, those crews will be rewarded with machines powered by 7 kWh’s worth of Toro HyperCell lithium-ion battery. That’s good enough for up to eight hours of continuous operation, according to Toro – enough for two typical working shifts.
And, thanks to the Toro Ultra Buggies’ narrow, 31.5″ width, they can easily navigate man doors on inside jobs, as well, making them ideal for indoor demolition and construction jobs. A zero-turn radius and auto-return dump mechanism that ensures the tub automatically returns to the proper resting position make things easy for the operator, too.
Toro says that each of its small (for Toro) e2500 Ultra Buggy units can replace as many as five wheelbarrows on a given job site. Pricing is expected to start at about $32,000.
GM has deployed three of its HYDROTEC hydrogen gensets to the Los Angeles area as a way to help generate power for EV drivers and emergency vehicles recovering from the devastating effects of the recent wildfires.
“GM is extending targeted local support to our customers and employees who have been impacted by the California wildfires,” said Duncan Aldred, vice president global commercial growth strategies and operations. “We’re finding ways to help get people back on the road and using our resources to make a difference in the recovery in the weeks and months to come.”
The mobile charging station rollout is part of a broader response to the fires from GM that includes “planned” philanthropic contributions to nonprofits serving affected communities, employee giving campaigns to benefit the American Red Cross Los Angeles region and the California Fire Foundation, and a complimentary subscription to Crisis Assist Services, which enables customers with OnStar-equipped vehicles to get information about the fires, receive routing guidance, and access immediate emergency assistance from an OnStar advisor.
GM also says it’s providing customers with damaged or destroyed GM vehicles assistance toward the purchase or lease of a new GM vehicle, subject to certain terms and conditions, which may include certain qualifications and restrictions. The company will also help cover collision repair deductible costs for damage to GM vehicles incurred from the wildfires – again, subject to certain qualifications and restrictions.
Electrek’s Take
While it’s certainly commendable for GM to take steps in an effort to support wildfire victims, it feels like a company that made more than $19 billion in gross profits in 2023 (and over $20 billion in 2022; 2024 numbers aren’t out yet – but the company did well enough to spend more than $6 billion buying back its own stock) could have done better than announcing “planned” donations and asking its employees to pony up. By my math, GM shareholders could have given each of the 163,000 global employees the company had in 2023 a $36,000 one-time bonus in lieu of those stock buybacks.
That said, how many companies are doing nothing at all? Good on GM for trying, then – here’s hoping others step up, too.