Stellantis Achieves Goal of Reducing U.S. Inventory by 100,000 Units

By Nora Eckert and Kalea Hall

DETROIT (Reuters) – Automaker Stellantis achieved its goal of reducing its 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 automaker's North American operations since last October, detailed efforts to turn around a declining regional business following the abrupt departure of former CEO Carlos Tavares.

He said the company had made a “very big improvement” in reducing bloated inventory at dealerships by offering huge discounts to consumers. “It cost us dearly, but it was necessary,” he added.

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

Tavares resigned Dec. 1, nearly 18 months before the end of his contract, amid growing concerns from suppliers, auto dealers, shareholders and the automaker's board of directors about its North American strategy.

Until the board chooses 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 considered a leading candidate to become the next CEO.

Tavares' aggressive pricing strategy has contributed to rising inventories and falling sales in North America, traditionally the automaker's source of profits.

Filosa said the next CEO will need to be agile to navigate various challenges, including uncertain demand for electric vehicles and considerable technological challenges. Automakers could be flexible to meet changing consumer demand with platforms to produce electric, hybrid and fuel-powered vehicles, he said.

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

(Reporting by Nora Eckert; editing by Bill Berkrot)

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