synopsis

The two companies had dismissed the rumors of a potential merger in October as well, Reuters noted.

Chrysler parent Stellantis NV’s (STLA) chairman John Elkann on Thursday denied rumors of the automaker merging with French carmaker Renault, Reuters reported on Thursday.

Elkann said at the FT Future of the Car Summit in London that the two automakers are not discussing any merger. He was speaking in a panel discussion with Renault CEO Luca de Meo, the report noted.

The two companies had dismissed the rumors of a potential merger in October as well, the report noted.

The rumors emerged in October following Stellantis’ financial struggles amid intensifying competition in the auto sector. Similar rumors also emerged in early 2024.

Stellantis is already the result of the 2021 merger of Fiat-Chrysler (FCA) and the French automotive company PSA. The company owns 14 brands, including Jeep, Citroen, Fiat, and Peugeot.

The company is currently on the lookout for a new CEO after its previous CEO, Carlos Tavares, stepped down in December. Chairman Elkann is currently leading the company and the search for a new permanent CEO is expected to conclude within the first half of 2025, Stellantis said in April.

For the first quarter (Q1), Stellantis reported net revenues of €35.8 billion ($40.66 billion), down 14% compared to Q1 2024 and below Wall Street expectations. While the drop was primarily due to lower shipment volumes, adverse regional mix and price normalization also impacted revenues, the company said.

The company suspended its full-year financial guidance in April, citing tariff-related uncertainties.

STLA stock is down by 16% this year and by about 54% over the past 12 months.

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