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Automotive Industry
Stellantis CEO Carlos Tavares said reports of a potential tie-up were 'speculation,' while Renault CEO Luca de Meo called them 'rumors.' The French government holds a share in each company.
Reports of a potential merger between Stellantis and Renault Group are "pure speculation," Stellantis CEO Carlos Tavares said on 3 October on a visit to one of the group’s factories in eastern France.
Speaking at a Renault event in Paris on the same day, Renault CEO Luca de Meo declined to comment on what he described as "rumors."
An Italian newspaper, Il Sole 24 Ore, reported this week that talk of a tie-up has become more persistent, with economies of scale seen as a possible solution to managing the intense competition faced by traditional automakers.
Stellantis this week cut its 2024 profit forecast and warned it will burn through more cash than expected as it tries to revive its U.S. business.
Stellantis' shares have fallen by more than 55 percent since March, the worst performance among European autos stocks, slashing €47 bn ($52 billion) off the company's valuation.
Speculation about a Stellantis and Renault tie-up arose early this year, with an Italian media report that the French government was studying plans for a merger between the two groups. The government is Renault's largest shareholder along with Nissan, and also has a stake in Stellantis.
Tavares and De Meo are both attending the Paris auto show opening on 14 October. Asked what he would discuss with Tavares at the event, De Meo replied: "I will greet him, as always."