Finance
Stellantis says well positioned to adapt to Trump's policy changes
Published by Global Banking and Finance Review
Posted on January 21, 2025
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Published by Global Banking and Finance Review
Posted on January 21, 2025
By Giulio Piovaccari
MILAN (Reuters) -Stellantis Chairman John Elkann has spent four days in Washington meeting with incoming U.S. President Donald Trump and several top administration officials, two people familiar with the matter told Reuters on Tuesday.
The talks underscore the efforts of business leaders, such as Elkann, to build ties with the new U.S. administration while Trump threatens to disrupt the status quo with major economic and trade policy changes.
Elkann met Trump twice during his stay in Washington, one of the sources said.
Trump did not immediately introduce tariffs as he took office on Monday, but said he was thinking about imposing a 25% duty on imports from Canada and Mexico on Feb. 1. Stellantis makes some of the models it sells in the U.S in those two countries.
In his inauguration speech, Trump also took aim at electric vehicles, revoking a 2021 executive order signed by his predecessor Joe Biden that sought to ensure half of all new vehicles sold in the United States by 2030 were electric.
Elkann, who is currently steering Chrysler and Jeep parent Stellantis while the automaker looks for a new CEO, was among global top executives who were invited to the inauguration ceremony.
However, after the talks with Trump and his entourage, he flew back to Italy, missing the inauguration, to welcome seven-times world champion Lewis Hamilton as the new Ferrari Formula One driver.
Elkann, the scion of Italy's Agnelli family, also chairs Ferrari and is the CEO of Exor, his family's investment company.
'WELL POSITIONED' FOR TRUMP
Stellantis, part of Detroit's so-called Big Three automakers through its ownership of Chrysler, operates several plants in the United States and on Tuesday said it considered itself well positioned to adapt to changes that may come under Trump.
"Trump's clear focus on policies that support a robust and competitive manufacturing base in the United States is hugely positive," it said in a statement. "We look forward to working with him on the crucial objectives of strengthening our industry and the nation's economy."
Stellantis operates two assembly plants in Mexico: Saltillo, which makes Ram pick-ups and vans, and Toluca, for the Jeep Compass mid-sized SUV. It also owns two assembly plants in Ontario, Canada: in Windsor, where it makes Chrysler models, and Brampton, currently under retooling and scheduled to resume production in 2025 with a new Jeep model.
The company imports from Mexico and Canada around 40% of the vehicles it sells in the U.S., analysts at Banca Akros said in a note on Tuesday.
(Reporting by Giulio Piovaccari, editing by Alvise Armellini, Bernadette Baum and Tomasz Janowski)