The Stellantis car producing company thanked President Donald Trump for the one -month pause in import tariffs from Mexico and Canada and said he shares the goal of manufacturing more in the US.
Automotive Stellantis said Thursday that he shares the objective of the US president, Donald Trump, to manufacture more vehicles in the United States, while thanking him for the granting of a exemption from a month of tariffs to Canada and Mexico.
“We thank President Trump for the decision,” Stellantis said in a statement, after the White House reported Wednesday that Trump would exempt the automotive from his 25 % tariffs to the two countries for a month, as long as they comply with the existing free trade standards.
“We share the president's goal to build more American cars and create durable American jobs. We are looking forward to working with him and his team,” Stellantis said in a statement.
Their actions, which are quoted in Milan, rose 3.4 % in the first European operations. Earlier this week, the shares reached 10.84 euros, its minimum since Stellantis was created in early 2021 from the fusion of Fiat Chrysler and PSA, owner of Peugeot.
The company, which at the beginning of Trump's presidency in January had announced investments in its operations in the United States, said firmly “its determination to allow the US automotive sector to prosper.”
In addition to its US plants, Stellantis operates facilities in Mexico and Canada. The company imports from Mexico and Canada about 40 % of the vehicles it sells in the United States, according to analysts' estimates.
The fall in sales and the increase in inventories in the United States, traditionally the most profitable market in Stellantis, cost the group a drop in operational profit of 64 % and an expense of 6,000 million euros (6.5 billion dollars) last year.
The group is currently directed by President John Elkann, while Stellantis seeks a new executive president after the bad results caused the departure of Carlos Tavares in December.
Elkann is heir to the Italian family Agnelli, who is the largest Stellantis investor through his investment holding holder exor met with Trump in Washington when the US president began his mandate.