(AOF) – Stellantis announces the appointment of Alexandre Sorel as General Manager of Stellantis Financial Services for Europe and South America, effective April 1, 2024. The new boss succeeds Remy Bayle, who takes over his retirement after 38 years of career within the group. A graduate of the Ecole Supérieure de Commerce de Reims, Alexandre Sorel has built a “remarkable” career in the automotive sector. Within the PSA Peugeot Citroën group since 1994, he held various positions in finance.
He was notably financial director in Belgium for the Peugeot and Citroën brands. In 2017 he became Managing Director of Opel Vauxhall Finance and in 2023 he took the reins of multi-brand Stellantis Bank in Germany, Austria and the UK.
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A French market in good shape
The French automobile market recorded its tenth consecutive month of growth in October 2023 with 152,383 registrations of new passenger vehicles (+22% year-on-year). It increased by 16.49% over the first 10 months of 2023, with 1.44 million registrations, almost as many as in 2022 (1.52 million) but much less than the level of 2019 (2.2 million ). However, the forecast indicators are not good because new orders fell by 13% at the end of September 2023. The slowdown in orders could be explained by inflation, the rise in interest rates, and more prudent management of their cash flow by companies (half of the market). If Stellantis (Peugeot, Citroën, Fiat, Opel, Jeep) remains the leader of the French market, with a market share greater than 28%, the Renault group (Renault, Dacia, Alpine) benefited from good performances in October 2023, with almost 31% additional new registrations over one year. The French group represents 24.6% of the private car market.