Stellantis CEO Defends Strategy Amid Financial Turmoil

Despite current operational challenges, Stellantis CEO Carlos Tavares remains confident in the automaker's overall strategy. His recent visit to a key hub in France comes after the company revised its financial outlook for 2024, predicting higher than expected cash burn. Other European carmakers, like Volkswagen, BMW, and Mercedes, have also reduced profit outlooks due to EV demand challenges and increased competition.

Stellantis CEO Carlos Tavares has reiterated his confidence in the automaker's strategy, despite facing significant operational challenges.

During a visit to a major hub in eastern France, Tavares appeared publicly for the first time since the company announced a downgrade to its 2024 financial outlook, anticipating greater cash burn.

Volkswagen, BMW, and Mercedes have similarly adjusted their profit forecasts amid dwindling demand for electric vehicles and intensifying competition from Chinese manufacturers.

(With inputs from agencies.)