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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Finance

    Posted By Global Banking and Finance Review

    Posted on January 11, 2025

    Featured image for article about Finance

    By Nora Eckert and Kalea Hall

    DETROIT (Reuters) -Automaker Stellantis achieved its goal of cutting U.S. inventories by more than 100,000 vehicles late last year, its North American chief said on Friday at the Detroit Auto Show.

    Antonio Filosa, who has led the carmaker's North American operations since last October, detailed efforts to turn around a slumping regional business in the wake of former CEO Carlos Tavares' abrupt departure.

    He said the company had made a "very big improvement" in working down bloated inventories on dealer lots by offering huge discounts to consumers. "That cost us a lot, but was needed," he added.

    In September, Stellantis publicly targeted dealer inventory of no more than 330,000 vehicles by year end.

    Tavares resigned on Dec. 1, almost 18 months before his contract was set to end, amid growing concern from suppliers, auto dealers, shareholders and the automaker's board about its North American strategy.

    Until the board picks a new CEO, an interim executive committee led by board Chairman John Elkann is running the automaker, which has 14 brands including Jeep and Ram in the United States and Fiat and Peugeot in Europe.

    Filosa is seen as a leading candidate to become the next CEO.

    Tavares' aggressive pricing strategy contributed to rising inventories and plummeting sales in North America, traditionally the automaker's profit powerhouse.

    Filosa said the next CEO will have to be nimble to address a variety of challenges, including uncertain EV demand and steep technological challenges. Automakers could be flexible in responding to shifting consumer demand with platforms to produce EVs, hybrids and fuel-powered vehicles, he said.

    Stellantis and other U.S. automakers could face serious new challenges if U.S. President-elect Donald Trump makes good on threats to impose 25% tariffs on imports from Mexico and Canada. The carmaker produces some of its popular Jeep and Ram vehicles in Mexico and imports them into the United States.

    (Reporting by Nora Eckert; Editing by Bill Berkrot)

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