Ohio senator-elect pushes for Stellantis to return Jeep, Ram, Dodge, and Chrysler to US control

Investing.com -- Ohio Senator Bernie Moreno, who will take his seat in the US Senate in January, is advocating for a major shift in automotive policy. He is pushing for Stellantis NV (NYSE:STLA ) to spin off Jeep, Ram, Dodge, and Chrysler, believing that these brands have been poorly handled by European interests and should be returned to American ownership.

Moreno expressed his views on Wednesday while traveling around his home state in a Jeep Grand Wagoneer sport utility vehicle. He voiced his concerns about the management of these brands, particularly under the stewardship of John Elkann, a member of the Agnelli dynasty of Italian industrialists who helped form Stellantis in early 2021.

Stellantis was formed by merging PSA Group and Fiat (BIT:STLAM ) Chrysler, a move orchestrated by Elkann and the French Peugeot (OTC:PUGOY ) family. Elkann, who serves as the company's chairman, is currently looking for a new CEO following the departure of former CEO Carlos Tavares earlier this month. Tavares' tenure was marked by strained relationships with US dealers, factory workers, and executives.

In response to Moreno's comments, Stellantis issued a statement to Bloomberg News, emphasizing the importance of the American brands to the company's strategy. The company stated that Chrysler, Dodge, Jeep, and Ram, with their nearly century-long history in the US, are vital to Stellantis' plans for the future. The company expressed its commitment to continue building Stellantis as a leading automotive company, in collaboration with its partners and stakeholders.

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Source: Investing.com