Stellantis CEO faces scrutiny from Italian lawmakers over financial challenges and management changes

Stellantis CEO Carlos Tavares faced tough questions from Italian lawmakers on Friday regarding the company's strategy amid financial struggles. This follows a management shakeup aimed at boosting sales and a profit warning predicting a negative cash flow of up to $11.2 billion. Lawmakers expressed concern over Stellantis' declining production in Italy, which has dropped nearly 70% over 17 years. Tavares highlighted high energy costs in Italy and called for state incentives to support electric vehicle purchases, but faced criticism for lacking specific plans for the future. In the recent management changes, Stellantis appointed Doug Ostermann as the new chief financial officer. The company is also seeking a successor for Tavares, whose contract is set to expire in 2026.