Five years after its $52 billion merger forming Stellantis, the automaker’s performance has disappointed investors, with U.S. shares down about 43% and Italian-listed shares off roughly 40%.

The company, created from Fiat Chrysler and PSA, initially saw stock gains of up to 74% in March 2024, but weak financial results and costly electric vehicle investments hurt momentum.

New CEO Antonio Filosa, who succeeded Carlos Tavares last summer, is executing a turnaround plan focused on boosting Jeep and Ram sales in the U.S. and repairing relationships with dealers, suppliers, and unions.

Filosa is also revising product plans, including reducing prices and deprioritizing some electrified vehicles, while keeping the company’s large brand portfolio intact, CNBC has reported.

Investors are awaiting a clearer strategy, with a company-wide meeting planned this month to outline execution, capital markets plans, and culture initiatives.