Italian Government Has No Plans To Buy Stellantis Stake

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The Italian government does not have any plans to buy a stake in Stellantis, despite the nation’s industry minister Adolfo Urso recently claiming that it was a possibility.

Stellantis has conflicted with the Italian government for quite some time as its local production figures fall and it pushes for subsidies and policy support, like those it received in the U.S. to keep a Jeep factory open in Illinois. Italy industry minister Adolfo Urso raised the idea of the government buying a stake in Stellantis on February 1 but during a recent interview, confirmed such a move is not on the agenda.

“Today (…) it is obvious that this is off the agenda,” he said, Reuters reports. “It is clear that if the company were to say ‘we absolutely need an Italian public shareholding’ then a debate, a confrontation, would take place, but it is not on today’s agenda.”

Italian Prime Minister Giorgia Meloni has previously described the merger between Fiat Chrysler Automobiles and PSA that created Stellantis “actually disguised a French takeover,” alleging that the group is putting France’s interest over Italy’s. This sentiment hasn’t been helped by the fact that the French government owns a 6% stake in Stellantis.

Read: Stellantis To Start Building Electric Drive Modules In Hungary

Late last week, Stellantis chief executive Carlos Tavares reiterated a commitment with the Italian government, stating the brand will boost local production to 1 million vehicles by the end of the decade, a significant increase from the 750,000 it built locally last year. Tavares added the marque will need all of its Italian plants to achieve this goal.

Interestingly, industry minister Urso also stated last week that the government is trying to attract another major carmaker to Italy but Tavares doesn’t appear fond of the idea, stating “if we invite more Chinese carmakers to produce in Europe, do you think it’s going to help?”