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Home Business

Stellantis CEO’s profit push costs market share and core customers

David Ijaseun by David Ijaseun
December 2, 2024
in Business, Cars/SUVs
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Stellantis CEO

Stellantis CEO

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Rising car prices have cost Stellantis core customers in Europe, highlighting struggles for the automotive giant under former CEO Carlos Tavares. Stellantis, known for brands like Fiat, Peugeot, and Jeep, has seen its market share in Europe shrink by a third since 2021.

Inflation-hit consumers like 24-year-old Elena Aragon are opting for more affordable alternatives. Aragon, an air traffic controller instructor in Spain, chose a Hyundai i20 over Stellantis models, citing the better price and features. “I paid €17,000, with great discounts, for features I couldn’t find in Stellantis cars,” she said.

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Price Hikes and Shrinking Share

In September, the average retail price of a Stellantis vehicle in Europe’s 14 largest markets hit €40,000, surpassing competitors like Renault and Mitsubishi, which average under €29,000. Stellantis shares have plummeted over 40% this year, further denting investor confidence.

Dealers are critical of Stellantis’ strategy. “Low-price models are disappearing,” said Alberto Di Tanno, founder of Intergea dealership group. For instance, the Lancia Ypsilon, once priced at €17,000, now starts at €25,000.

Rival Advantage

Asian automakers have capitalized on Stellantis’ struggles. Brands like China’s MG and BYD offer competitively priced models, gaining traction in Europe. AlixPartners projects Chinese automakers could capture 12% of Europe’s market by 2030, up from 5% today.

Even Stellantis’ iconic Fiat 500, now sold only as an electric model, has seen sales drop due to its €29,000 price tag. “Customers still perceive these brands as mass-market, but the prices don’t match,” said Felipe Munoz, senior analyst at JATO Dynamics.

Leadership Shake-Up

Following a profit warning and sales slump, Tavares abruptly resigned on Sunday. The company named John Elkann, head of top investor EXOR, as interim leader while planning 20 new model launches to regain market share.

Stellantis’ ambitious pricing strategy, aimed at double-digit profit margins, has backfired. Erin Keating of Cox Automotive noted, “He chased profits but forgot his core customer. Jeep models that sold for $35,000 in 2019 now cost over $60,000.”

Stellantis now faces the challenge of balancing profitability with accessibility in a competitive market reshaped by inflation and shifting consumer preferences.

Read more on Stellantis’ 25% sales plunge dragged European car market down in September

Tags: HeadlineStellantis

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