“The current path of painful tariffs and excessive regulation puts the American and European automotive industries at risk,” stated John Elkann, heir to the Agnelli family and Chairman of the Board, during the opening of the automotive manufacturer’s general assembly.
The businessman remarked that such a development would be “a tragedy,” highlighting that the automotive industry serves as “a source of jobs, innovation, and strong communities.”
In the United States, Elkann criticized the 25% tariffs on vehicles and components, alongside additional charges on aluminum, steel, and components. In Europe, he targeted regulations aimed at reducing carbon dioxide emissions.
The chairman argued that Brussels has imposed an “unrealistic path to electrification, disconnected from market realities,” lamenting that some countries have withdrawn purchase incentives.
Nevertheless, he assured that “it is not too late for the U.S. and Europe to make the necessary decisions to ensure an orderly transition.”
Similarly, he expressed enthusiasm about the announcement made by U.S. President Donald Trump on Monday evening regarding the potential suspension of the 25% tariffs on automobiles and auto components.
During the opening, Elkann also mentioned that “2024 was not a good year for Stellantis.”
Stellantis, which encompasses 14 brands across Europe and America, including Fiat, Citroen, Peugeot, Opel, Chrysler, and Jeep, reported profits of 5.520 billion euros in 2024, compared to 18.625 billion euros the previous year.
Despite the lower-than-expected results, the 2024 financial statements were approved by 99.8% of the votes cast, a percentage that also endorsed the distribution of dividends.
