After a year 2025 described as the “most difficult” in its recent history, Stellantis is undergoing a profound reappraisal. Presenting the results of the Exor holding company, its chairman John Elkann made a lucid, almost brutal assessment of past strategic errors... and of the legacy left by the Carlos Tavares era.
A black year that forces us to rethink everything
The tone is set from the very first lines of the speech. John Elkann does not seek to minimize the situation:
«Stellantis [...] had its most difficult year, marked by a record loss and a sharp depreciation in its value.»
In the space of two years, the group went from an all-time record to a spectacular fall. In 2023, Stellantis posted sales of 189.5 billion euros and net profit of 18.6 billion. But by 2025, the reality was quite different: revenues had fallen to 153.5 billion euros, while the group recorded a colossal net loss of 22.3 billion.
For Elkann, this turnaround highlights an essential truth: even a giant like Stellantis is never safe from a brutal imbalance.
«This turnaround highlighted just how quickly the situation can change within a complex industrial company.»
The shadow of the Tavares strategy
Without ever directly naming Carlos Tavares, Elkann clearly points to certain structuring decisions taken under his tenure. In particular, he refers to a cost-cutting policy deemed too aggressive:
«A policy of drastic cost-cutting has limited the company's ability to deliver vehicles at the pace and to the quality standards our customers deserve.»
But the most striking criticism undoubtedly concerns electrification. Stellantis is said to have accelerated too quickly, without taking market realities into account:
«We also accelerated the transition to electrification faster than consumer demand ultimately warranted [...]. [...] In doing so, we strayed too far from our customers» preferences, and the ensuing adjustment was brutal."
A company relearning to listen
Following the departure of Carlos Tavares at the end of 2024, John Elkann acted as interim CEO for several months before the appointment of Antonio Filosa in the spring of 2025. A period during which the Chairman was personally involved in the field.
He recounts how he spent hundreds of hours traveling to factories to gain a concrete understanding of the problems. But beyond the numbers, it was a cultural change that seems to have left its mark. During a factory visit in Detroit, a phrase uttered by an employee sums up this turning point:
«We can finally talk openly about what's not working and how to fix it.»
This phrase, which struck John Elkann, reflects an internal change of direction: the end of an operation considered too vertical, where problems were sometimes hushed up, in favor of a more open environment.
2025, the year of the reset“
Faced with the scale of the difficulties, Stellantis embarked on an in-depth transformation. Elkann describes it as a “year of reckoning”. And this resulted in some heavy decisions, including exceptional charges of 25 billion euros:
«These difficult but necessary decisions are designed to challenge past assumptions and restore strategic flexibility.»
The objective is clear: to start afresh on a sound footing, with a strategy refocused on the fundamentals. Among the major changes, the Group is now emphasizing customers' freedom of choice between electric, hybrid and internal combustion engines:
«Putting customers» freedom of choice at the heart of company projects."
Antonio Filosa, the man of renewal
Since the beginning of 2026, Antonio Filosa has been officially leading the Group's turnaround. His profile, praised by Elkann, is based on in-depth knowledge of the company and a collaborative vision:
«Collaboration and responsibility are the foundations of sustainable progress.»
Under his leadership, Stellantis aims to return to its fundamentals: quality, engineering, production and proximity to the market. Despite the storm, John Elkann is optimistic about the future. The group now intends to move forward with more discipline and, above all, more listening. Electrification remains a key focus, but with a more pragmatic approach:
«I am convinced that Stellantis will turn things around. [...] This journey continues at a pace that must be driven by demand rather than directives.»
A phrase that perfectly sums up the group's new philosophy. After a period marked by radical choices that were sometimes out of touch with the market, Stellantis seems to be entering a more realistic phase. It remains to be seen whether this “reset” will be enough to restore lasting confidence... and boost the automotive giant's performance.
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Better late than never, but we wonder where John Elkann was when Carlos Tavares was making a mess of things?
If Carlos Tavares had wanted to sink Stellantis, he couldn't have done it any other way. An absolute disgrace, and he left with a compensation package of over 30 million euros. To thank him for all his disasters?
Already with Sergio Marchionne, he was the boss, and all his gradations! Sad reality
Diciamo che il concetto di fca era quello diiventare una delle più grosse aziende automobilistiche mondiali superiori ai 12 milioni di pezzi venduti all'anno e ha accettato di fondersi con Peugeot la fusione con Peugeot ha portato a inserire il tavares e usare meccanica tipo motore pull tech tipicamente Peugeot gruppo Citroen che hanno creato un casino di problemi
And yet, in the not-too-distant past, this same Carlos Tavares was praised for his exceptional results by both the management board and shareholders! Ditto with the forced switch to all-electric! Food for thought...
That Elkann is such a knucklehead, I'm sorry to say! Until proven otherwise, he's the real boss and he's the one who imposed CT! In short, he's the one who should get out first and then all the minions he's appointed! But he's only interested in making money, and yes, last year wasn't any good, so it's everyone else's fault...
Indeed, all the (bad) decisions taken by Carlos Tavares had to be validated by the Group's Board of Directors, and therefore also by Elkann. What hypocrisy!
No, he didn't impose Tavares, that was the deal for the merger. Moreover, it seems to me that the two didn't like each other and that Elkann was behind the ousting of the Portuguese boss.
Technical question, if anyone can answer it: would it be possible to divest John Elkann of the presidency of Stellantis?
Because, as you've read above, but also everywhere else and for years, it was he who wanted this frantic race for profits, and who sold off a non-negligible part of FCA... From the point of view of a change of policy, focused on the long term, this could be a desirable option.
Se non mi sbaglio tavares è stato inserito nel momento che c'è stata la fusione tra fca del gruppo Peugeot la webcam è stato nominato presidente mattavares veniva da Peugeot
«Technical question, if anyone can answer it: would it be possible to divest John Elkann of the Stellantis presidency?»
That would be difficult, since Elkann has twice the voting rights of the Peugeot family and the French state combined. Not to mention that Robert Peugeot is in favor of the status quo.
It's been almost a year and a half since Tavares left.
There are improvements at Fiat and Citroën and Opel, but on the product plan that was under development in 2023-24.
No improvement at Maserati.
Alfa, on the other hand, is doing better thanks to Junior ... But we'll have to wait and see if the brand really grows.
Lancia is still very average, but here too, the future is important!
LA mia era una famiglia,di meccanici,ed ho sempre avuto ,fiat,e per vendere,bisogna mettere pezzi migliori nella tipo,per non fargli cambiare,il reggispinta e la frizione.a trentamila km.LA panda,deve fare prodotti anche a metano ed a gas,come negli altri tipi di auto,allora si vende.,Le fiat devono durare come
Le toiota e per non sbagliare fate ordinare,prima di farle le auto a gas e metano..Leauto che hanno un motore termico ed elettrico,devono fare almeno50/80 km.a elettrico.
Bravo elkan, si è accorto che c'era qualcosa che non andava, ci ha messo un po’, ma alla fine è uscito dal toroore Marchionne aveva fatto il punto e il tabarro ha distrutto tutto.
Buongiorno dal mio punto di vista avrebbe dovuto rimanere com'era prima FCA e non fare l'accordo o mettersi insieme con Peugeot e Citroen lasciare l'industria in Italia e la produzione ,abbiamo fatto la storia con la fiat e questa alleanza vi sta portando alla fine con puretech
Binjoyr, One of Stellantis' biggest problems is the Pur tech engines used indiscriminately in almost all the group's brands. Alfa Romeo, Fiat, Opel, Chrysler and Jeep all made engines before joining Stellantis. I wonder if anyone in this group would consider using one or more of these engines, technically overhauled if necessary, to meet consumers' needs for reliability and confidence over the next 20 years? Mr. Chairman?
Meglio tardi che mai! Elkann & C in questi anni sono riusciti a rovinare tutti i marchi, travestendo una 208 da Lancia Ypsilon, la C3 da Panda, e addirittura in Alfa Romeo, Junior. Che fine hanno fatto i designer e gli ingegneri Italiani che tanto hanno insegnato al mondo come pensare e realizzare automobili?
Sono state anche le normative europee a confondere i CEO, entro il 2035 tutto avrebbe dovuto essere elettrificato, ragion per cui tutte le aziende europee, chi più e chi meno, hanno commesso errori...
The top management are responsible inc Elkann as their actions collectively led to this disaster. Imagine this, they replace their biggest seller the Fiat 500 petrol with an electric version that no one wanted. Where was the market research? They also treat customers poorly and suffered many issues inc the Puretech engine fiasco. Being an industrial giant is great when it works but let's be reminded how quickly it can unravel with just a few poor decisions.
The world is run by idiots in every sphere it seems. When Tevares posted record profits, they praised him now that things went south they demonize his actions. It doesn't take a genius to figure out cost cutting isn't a business strategy, and has been proven countless times to end in disaster.
Didn't Elkann know Tevares was going to cause a disaster or he just didn't care because of all the billions he was making. Either he's a fool or just greedy.