Five years after the merger that created Stellantis, the world's fourth-largest automaker is down 43% from its peak and scrambling to execute a turnaround that Wall Street increasingly doubts will succeed.

The numbers tell a brutal story. The company formed from the 2021 merger of Fiat Chrysler and PSA Group promised $6 billion in annual synergies. Instead, it's bleeding market share in key segments while struggling to navigate the EV transition.

This was supposed to be the merger that proved scale still matters in automotive. Former CEO Carlos Tavares, ousted in late 2024, built his reputation on brutal cost-cutting. The problem? You can't cut your way to growth in an industry being fundamentally transformed.

Stellantis owns iconic brands - Jeep, Ram, Dodge, Peugeot, Alfa Romeo. But iconic doesn't pay the bills when your product pipeline lags Tesla, BYD, and increasingly, Hyundai-Kia in electric vehicles. The company's EV offerings have been late, overpriced, or both.

The turnaround plan focuses on cutting inventory, reducing incentives, and improving quality. That's the playbook from 2015, not 2026. Where's the software strategy? Where's the battery supply chain? Where's the answer to Chinese EV makers producing vehicles at half the cost?

Investors who believed in merger synergies just learned an expensive lesson. In a disrupted industry, combining two struggling legacy players doesn't create strength - it creates a bigger target.

Cui bono? Not shareholders. Not dealers stuck with aging inventory. Maybe the consultants who structured the deal.

The five-year anniversary isn't a celebration. It's a warning about mega-mergers in industries facing existential technology shifts.