Stellantis leadership has dismissed rumors of a potential consolidation with French automaker Renault following a media report claiming France’s government was weighing a merger between the two companies.
Stellantis chairman John Elkann noted there was (quote) “No plan under consideration regarding merger operations with other manufacturers.” The comments arrive shortly after the postponement of Renault’s efforts to take its EV subsidiary, Ampere, public. Stellantis has poised itself as the French manufacturer’s primary rival since its own creation from the 2021 Fiat-Chrysler merger.
Rumors of Renault’s eventual acquisition have been underway since the automaker pulled out of Russia in the wake of the Ukrainian invasion in early 2022. The country represented the company’s second-largest market, behind only France. However, analysts remain uncertain that a merger between Stellantis and Renault would be possible, given French anti-monopoly laws.
That has not stopped Stellantis CEO Carlos Tavares from poaching top executives from Renault in recent years. Tavares has also expressed openness to the question of consolidation, although not expressly with his company’s French competitor. “In this world, which is totally Darwinian, the guys who are able to protect their numbers” are the ones ready for merging, he commented in late January. “As long as you see my numbers being at the appropriate level, then you can conclude that I’m ready for any kind of consolidation.