(Yicai) March 7 -- Stellantis has appointed Xin Tianshu, the chief executive of the European automaker's joint venture with Chinese electric vehicle startup Leapmotor, as the new chief operating officer of Stellantis China.

Xin has replaced Grégoire Olivier as the China COO, the Amsterdam-based owner of brands Chrysler, Peugeot, and Maserati announced today. Olivier has moved to a senior advisor role, spearheading the firm's China market strategy.

Stellantis was formed in January 2021 following the completion of the merger between Fiat Chrysler Automobiles and Groupe PSA to establish one of the world's largest automakers.

Xin has been deeply involved in the European company's partnership with Hangzhou-based Leapmotor, one of the nation's emerging rivals to Tesla. He will retain his position as CEO of Leapmotor International, a title he assumed in November 2023.

In October 2023, Stellantis invested about EUR1.5 billion (USD1.6 billion) to acquire around 20 percent of Leapmotor's equity, and the two companies formed a Stellantis-led joint venture to leverage the European company's sales channels and the Chinese startup's technology.

Before his CEO role, Xin served as a senior vice president responsible for planning and government affairs at Stellantis China. Prior to that, he held senior management positions at Fiat Chrysler Automobiles, automotive electronics supplier Visteon, and American information services firm IHS.

Stellantis initiated a new round of management changes late last year. In October, the firm promoted Douglas Ostermann, former chief operating officer in China, to group CFO. In December, Carlos Tavares resigned as CEO.

The company is grappling with reduced profitability. In 2024, net profit slumped 70 percent year-over-year to EUR5.5 billion, below analysts' expectations, while revenue fell 17 percent to EUR156.9 billion (USD170.4 billion), according to the annual report. The adjusted operating margin was 5.5 percent, significantly below the previous year's 12.8 percent.

Stellantis has been part of three JVs that produce combustion engine cars in China. However, it remains involved in only one of them, Dongfeng Peugeot Citroën Automobile, whose sales are declining. At its peak, Stellantis sold nearly one million vehicles annually in China, while the JV between Dongfeng Motor and Stellantis sold 68,000 vehicles in 2024.

Editor: Emmi Laine