全球第四大车企新CEO，艰难上岗

Core Viewpoint - Stellantis has appointed Antonio Filosa as the new CEO after a six-month vacancy, facing significant challenges in the automotive market, particularly in North America and South America [4][5]. Group 1: Leadership Transition - Antonio Filosa, previously COO of the Americas and Global Chief Quality Officer, will officially take over as CEO on June 23 [4]. - John Elkann, the chairman, has been acting as CEO during the transition and praised Filosa's leadership capabilities [5]. - Filosa will announce a new executive team and drive a restructuring of the company [6]. Group 2: Financial Performance - Stellantis reported a net revenue of €156.9 billion in 2024, a 17% decline year-over-year, and a net profit of €5.5 billion, down 70% [6]. - Adjusted operating profit fell to €8.6 billion, a 64% decrease, with the adjusted operating margin dropping from 12.8% to 5.5%, marking a record low [6]. Group 3: Market Challenges - The company is facing a significant decline in market share in the U.S., with a nearly 2% drop and increased dealer inventory [17]. - Stellantis's sales in the U.S. heavily rely on its factories in Mexico and Canada, and the company exported approximately 58,000 vehicles from Europe to the U.S. last year [24][26]. - The company’s industrial cash flow is projected to be negative €6 billion in 2024, compared to €12.9 billion in 2023 [26]. Group 4: Tariff Impact - The Trump administration's tariffs on imported vehicles are expected to reduce Stellantis's profits by 75%, with an estimated loss of $7.1 billion in earnings due to these tariffs [23][21]. - The tariffs have disrupted Stellantis's global operations and encouraged regionalization, complicating the company's supply chain [28]. Group 5: Relationship Management - Filosa is focused on repairing relationships with dealers, suppliers, and the United Auto Workers (UAW) union, which have been strained under previous leadership [30][32]. - The company is implementing price reductions and more aggressive incentives to manage U.S. inventory issues [31]. - Filosa has expressed confidence in reaching a consensus with the UAW, addressing complex issues such as factory closures and layoffs [32].