Former Stellantis CEO Says A Massive Corporate Divorce Could Be Coming

Carlos Tavares has been out as CEO of Stellantis for about a year, but that hasn’t stopped him from commenting on the global conglomerate he played a key role in creating. His new book, titled *Un pilote dans la tempête* (“A Pilot in the Storm”), gives a clear indication of his perspective on the company’s future.

In the book, Tavares suggests that a Stellantis break-up could be on the horizon. As reported by Bloomberg, he expressed concern that “the three-way balance between Italy, France and the US will break.” According to Tavares, the group’s survival as a standalone company will depend on management focusing on unity “every day,” especially given the risk of being pulled in multiple directions.

Tavares speculates on a possible scenario where a Chinese manufacturer might one day bid for the European business, while the Americans reclaim the North American operations. For those who remember Chrysler’s ownership by Cerberus Capital Management prior to its 2009 bankruptcy, the prospect of restored U.S. ownership of Chrysler, Jeep, Dodge, and Ram might seem jaded. Still, given Stellantis’ current struggles, some form of restructuring may be necessary.

Let’s take a brief look back. After bankruptcy, Chrysler was ultimately merged with Fiat. The late Sergio Marchionne was the architect of this deal; he took the new company public and also spun off Ferrari in its own wildly successful IPO. However, Marchionne passed away before completing his life’s work.

In 2021, the next step in mergers and acquisitions saw the creation of Stellantis. Carlos Tavares oversaw this adventure. Having studied under Carlos Ghosn—the engineer behind the Renault-Nissan alliance—Tavares was probably the last empire builder in the business courageous enough to take on such a colossal task.

Today, however, Stellantis is facing serious challenges that continue to frustrate John Elkann, the billionaire Fiat scion who controls its destiny. Elkann is eager to exit the situation, but Stellantis keeps pulling him back in.

It seems Tavares is using his book not only to rehabilitate his own reputation but also to stir the pot. He reportedly casts himself as a defender of the French segments of the Stellantis giant—namely the PSA Group, which he took over in 2014. He established strong credibility as a visionary dealmaker after acquiring Opel from General Motors in 2017 and significantly improving a division that GM had struggled to fix for decades.

Regarding the potential break-up of Stellantis, the business case for a Chinese player acquiring the French and Italian operations is plausible. However, such a move would likely face considerable resistance in Europe. On the other hand, the idea of Chrysler returning to full American ownership sounds appealing but comes with complications. The U.S. auto industry is currently in a chaotic phase, marked by tariffs and a slowdown in electric vehicle adoption. This could lead to a replay of a nightmare scenario: private equity ownership, aggressive cost-cutting, and eventual brand sell-offs—potentially to Chinese buyers. Jeep alone could be worth billions.

From the outset, Stellantis always seemed somewhat preposterous—too big, too unruly, with too many competing national agendas. Time has only confirmed early concerns about the deal.

The big takeaway is that the era of automotive Caesars, at least in the West, is over. Carlos Tavares was likely the last of his kind—and he seems determined to make sure everyone knows it.
https://www.jalopnik.com/2005720/former-stellantis-ceo-says-massive-corporate-divorce-coming/

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