6 months ago
48
Rumours of a merger between Stellantis and Renault are "pure speculation", Stellantis CEO Carlos Tavares said on Thursday when he visited one of the French-Italian carmaker's hubs in eastern France.
Speaking at an event in Paris, Renault CEO Luca de Meo declined to comment on what he described as "rumours".
Italian newspaper Il Sole 24 Ore reported this week that talk of a tie-up has become more persistent, with economies of scale seen as a possible solution to managing the intense competition faced by traditional carmakers.
Stellantis on Monday cut its 2024 profit forecast and warned it will burn through more cash than expected as it tries to revive its US business.
Shares in Europe's No 2 carmaker have tumbled more than 55% since March, the worst performance among European autos stocks, slashing €47bn (about R906,518,600,000) off the company's valuation.
Speculation about a Stellantis and Renault tie-up also arose early this year, with an Italian media report that the French government, which is Renault's largest shareholder and also has a stake in Stellantis, was studying plans for a merger between the two groups.
Tavares and De Meo are attending the Paris Motor Show opening on October 14.
Asked what he would discuss with Tavares at the event, De Meo replied: "I will greet him, as always".
