Stellantis and Renault dismiss merger rumors, but

Executives at Stellantis and Renault have firmly dismissed reports that the two car-making giants could merge to form a new automotive superpower, dismissing the claims as pure speculation.

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Earlier this year, rumors of a possible merger between Stellantis and Renault were largely driven by reports in Italian media. A recent report in First Online said the goal of such a merger would be to create a new European auto giant, one capable of replacing Toyota as the world’s largest automaker.

The report also suggested the combined entity could overtake Volkswagen Group to become Europe’s leading carmaker. There is also speculation that French President Emmanuel Macron is also in favor of the idea, favoring a strategic alliance between the two brands to support the European automotive industry.

READ: Rumored merger with Renault not happening, Stellantis boss says

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However, CEO Carlos Tavares recently described the reports as “pure speculation” while speaking to members of the media during a visit to one of Stellantis’ factories in eastern France. Separately, Renault CEO Luca de Meo dismissed the comments as “rumors” while speaking at a company event in Paris.

The French government has a vested interest in the future of Stellantis and the Renault brand. It owns 15% of Renault and 6.1% of Stellantis. Additionally, Macron is said to be keen on Renault boss Luca de Meo leading the new supergroup. First Online adds that Stellantis chairman John Elkann supports the plan.

It is worth noting that Italian media speculated that it was not just Stellantis and Renault that merged to create the “Airbus” of the automotive industry. BMW recently joined the ranks as a potential third-party partner and could bring its expertise in high-end electric vehicles, some sources said. Executives from the three brands are likely to meet at the Paris Motor Show, which opens next week.

Both Tavares and de Meo plan to attend the biennial show in the French capital. When Reuters asked De Meo what he might discuss with Tavares at the event, the Renault CEO nonchalantly replied: “I’ll say hello to him as usual.”

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