business

J. Edward Moreno

12/2/24

Stellantis stock slumps after CEO departure

Jeep maker Stellantis’ stock price slid more than 7% Monday morning after its CEO, Carlos Tavares, announced his resignation Sunday evening.

The Dutch carmaker’s stock is now at its lowest point since October 2022. Tavares had been CEO since January 2021, after he led the merger of Fiat Chrysler Automobiles and France’s PSA Group, creating a new company under the name Stellantis. Before the merger, he was CEO of PSA Group.

Stellantis — which makes Jeep, Dodge, and Maserati vehicles, among others — has faced slumping sales and profits, largely driven by plummeting sales in North America. In its most recent quarter, it reported sales of $12.5 billion in North America, down from almost $20 billion in 2020.

The company said in September that it would reduce shipments in North America by more than 200,000 vehicles in the second half of 2024 compared to 2023. Part of the sales slump has been attributed to its vehicles being pricier than its competitors’.

In August, Stellantis announced plans to cut up to 2,450 jobs in a Detroit-area assembly plant.

Board Accepts Carlos Tavares’ Resignation as Chief Executive Officer

Stellantis CEO

Stellantis — which makes Jeep, Dodge, and Maserati vehicles, among others — has faced slumping sales and profits, largely driven by plummeting sales in North America. In its most recent quarter, it reported sales of $12.5 billion in North America, down from almost $20 billion in 2020.

The company said in September that it would reduce shipments in North America by more than 200,000 vehicles in the second half of 2024 compared to 2023. Part of the sales slump has been attributed to its vehicles being pricier than its competitors’.

In August, Stellantis announced plans to cut up to 2,450 jobs in a Detroit-area assembly plant.

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Amazon is testing adding GM electric vans to its EV delivery fleet dominated by Rivian

Rivian may have some competition in its electric delivery van division: Bloomberg reports that Amazon is testing a small number of GM’s BrightDrop vans for its fleet.

According to Amazon, the test currently only includes a dozen of the vehicles. Amazon’s fleet also contains EVs from Ford, Stellantis, and Mercedes-Benz.

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

Chris Stokel-Walker19h

Claire Yubin Oh

Shake Shack is launching a French onion soup... burger

The fast-casual chain will be hoping premium upsells can fatten up its profit margins.

Shake Shack French onion soup burger

business

9/11/25

Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

Ford Issues Recalls On Some Of Its Mach-E Mustangs And Aviators

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