Stellantis CEO Warns of Impending Impact on EV Industry

Stellantis CEO Carlos Tavares believes that the outcome of the 2024 presidential election in the US and parliamentary elections in Europe will significantly impact the speed of the automotive industry's transition to electrification. Tavares stated that Stellantis is prepared for the transition and that the only uncertainty lies in how quickly it will occur. The results of the elections could lead to a faster or slower ramp-up of electrification depending on whether progressive or populist candidates win. Tavares emphasized the importance of companies using profits from legacy businesses to fund future investments in electrification. Stellantis is currently profitable in both the US and Europe with its electrified vehicles, and Tavares stated that the company is well-positioned for the transition.