Stellantis President and Exor CEO John Elkann spoke today to shareholders of the Dutch financial holding company controlled by the Italian Agnelli family: “Exor’s Net Asset Value (NAV) per share increased by 9%, underperforming the benchmark, the MSCI World Index, by 15.8 percentage points. The growth in our NAV per share this year was primarily driven by the excellent performance of our largest and most valuable company, Ferrari, which recorded a 35% increase.”
Elkann described 2024 as challenging: the company faced difficulties due to a combination of external and internal factors. Hence the very disappointing results. “We are now focusing on launching new cars, adapting plans to ensure that the right models arrive on the market at the right time, with appropriate engines. We are building a relationship of trust with all our stakeholders and strengthening the decision-making power of our regional teams, who are closer to customers and better understand what they want.”
Stellantis Chairman John Elkann satisfied with Leapmotor results and clarifies the future of the automotive group’s CEO
“Stellantis has invested in Leapmotor, with whom we have developed the Leapmotor International joint venture. It achieved excellent results in 2024, with revenue of over 4 billion euros (+90% compared to the previous year) and a gross margin of 8.4% (compared to 0.5% in 2023). Additionally, it reached profitability already in the fourth quarter, much earlier than forecasted. The Leapmotor International joint venture also had an excellent start last year, exporting almost 14,000 units abroad and opening 400 dealerships worldwide.”
For Ferrari, he continued, all 2024 objectives were exceeded, and 2025 looks equally exciting “with the arrival of Lewis Hamilton and the launch of the first fully electric Ferrari.” In March, Exor completed the sale of a portion of its stake in the Prancing Horse, for a value of approximately 3 billion. “Our support for Ferrari and our confidence in the company’s potential remain unchanged.”
CNH is facing a cyclical slowdown in both the agricultural and construction sectors, Elkann explained. In July 2024, Gerrit Marx (former Iveco CEO) was appointed as the new CEO. “Both the Stellantis and CNH cases show the role that Exor can play in its companies as the largest shareholder, with the aim of maintaining alignment between ownership, governance, and leadership. To build great companies, we firmly believe that great people are needed. While valuing leadership continuity, we support change when necessary. Exor wants to ensure it has the right people in the right roles.”
Inevitably, thoughts turn to Stellantis: the wait continues for the new CEO of the Euro-American Group, replacing former Tavares. Who will have to decide what to do with the brands, especially Italian ones, with uncertain performance: Alfa Romeo, Lancia (which recorded a 70% drop in sales in February in Europe), and Maserati need to be evaluated. In the letter to Exor shareholders, the CEO remembers the late Ratan Tata: “It is in difficult moments that one learns the most, so perhaps they should not be feared.”
Meanwhile, something is happening at Maserati. A comprehensive plan to relaunch the brand in crisis is urgently needed. To recover, the company has confirmed an investment of 11 million euros in the new Officine Fuoriserie in Modena. This will expand the customized vehicle program and strengthen the brand’s global presence. Uncertainties related to US tariffs remain, as explained by CEO Santo Ficili. At full capacity, the Officine will produce up to 24 cars per day, with over 110 highly specialized employees. “The inauguration represents an important investment for the Modena site and its people, showing the brand’s commitment to the local community and creating new growth opportunities,” explained Ficili.
The program provides two levels of customization: a catalog with the Corse and Futura collections, as well as the Bespoke world, which allows customers to create unique vehicles. The added value varies from 10-20% of the base price for the Grecale up to 50-100% for models like the GT2. “The Motor Valley is here, and Maserati will continue to represent Italian excellence in the world of luxury and high performance. 2025 will be the year of the Trident: a period of relaunch based on innovation and tradition,” concluded the CEO.
