Stellantis facing challenges, John Elkann: “We must focus on hydrogen”

Francesco Armenio
John Elkann, Stellantis Chairman, isn’t worried about the Group’s situation, but stresses focusing on new technologies.
John Elkann

The first half of 2024 has proven quite challenging for Stellantis, with a significant decline in financial results: profits have decreased by 48%, while revenues have fallen by 14%. John Elkann, commenting on the Group’s situation to CNBC, emphasized: “We are facing both regulatory and technological changes. This scenario is stimulating, but it also entails greater volatility and more complex challenges.”

John Elkann is not worried about Stellantis’ situation but believes that focus should be on new technologies

Stellantis

The Chairman of Stellantis and Ferrari, while acknowledging the current difficulties, does not seem excessively alarmed and outlines the guidelines for the group’s future success: “For companies like ours, continuous renewal is crucial. The key is to remain current, without being limited by company history, but rather drawing inspiration from it. This approach allows us to create value for customers and for the communities in which we operate, which is fundamental to our success.”

Speaking of renewal in Stellantis, Elkann emphasizes the importance of sustainability as a central theme: “It is essential to aim to operate in a decarbonized environment and to face challenges such as, in our case, the development of vehicles with the lowest possible emissions. Moreover, we must explore new technologies, such as hydrogen.”

John Elkann also commented on Ferrari’s situation, highlighting the peculiarities of its business model: “Our approach is unique: we sell cars today that will be delivered to customers in about two years. This differentiates us significantly from other companies in the luxury sector, making our business more predictable.” He then added an important observation on geographical strategy: “We also have less exposure to the Chinese market, which has been the world’s largest luxury market. This characteristic further distinguishes us in the industry.”