Stellantis Korea appointed former Renault Korea Managing Director Bang Sil as the new chief executive officer (CEO) on February 1st.

Ambition is to increase sales by strengthening the brand and restoring customer trust with the new management policy. Stellantis Korea held the '2024 Stellantis Korea New CEO Media Meeting' at a restaurant in Seongbuk-gu, Seoul on 1st April and announced its plans for 2024.

This media meeting was the first official event of the new CEO Bang Sil and was prepared to share the direction of Stellantis Korea.

Bang Sil said, "Stellantis Korea's big goal this year is to restore customer trust and strengthen the brand," and further added, "We will move strategically to improve the overall structure from marketing to sales policy and after-sales service."

He then expressed his ambition, saying, "We will strive to create a brand that satisfies the thirst for diverse options in the domestic automobile market, where brand polarisation is deepening," and "We will further expand the proportion of customers switching from domestic brands."

On this day, Stellantis Korea shared a specific policy to lay a solid foundation by reviewing and strengthening its business in all aspects, including sales, after-sales service (A/S), product portfolio, and marketing strategy, with the core goal of restoring customer trust and strengthening the brand.

CEO Bang selected 'stabilisation of price policy' as the top priority. Bang said, "We will implement a consistent pricing policy. This does not mean that we will not compete for discounts, but we will avoid regular discount promotions and maintain price stability to not only coexist with dealers, but also raise brand value so that customers can buy with confidence."

They also proposed a plan to attract consumers by developing feasible financial products. Stellantis Korea plans to reduce customer burden and increase satisfaction in the era of high interest rates by providing customised financial products for each model through a partnership with Woori Financial Capital concluded in March.

In addition to pricing policy, 'service quality' was emphasised as the most important factor in gaining customer trust. Bang said, "We will avoid unconditionally expanding the service centre and create synergy between the Stellantis brands so that customers can easily access them and dealers can operate efficiently."

Stellantis Korea is focusing on increasing customer contact points with the Stellantis Brand House strategy introduced in 2023, and plans to open two Stellantis Brand House showrooms in Wonju and Gwangju and one integrated service centre in Wonju in 2024. Afterwards, a total of 9 showrooms and 10 service centres are planned to be converted into Stellantis brand houses by 2026.

In addition, "in preparation for the full-scale transition to electrification, we will focus on expanding electric vehicle A/S infrastructure and expanding maintenance expertise," said Bang Sil.

CEO Bang said, "Electric vehicle repair centres are divided into levels 1 to 3 depending on processing capacity, and the E-Expert centre is level 2, where electric vehicle specialist technicians are stationed and equipped with special tools necessary for electric vehicle repair. We will gradually expand to level 3 'E-Repair', which is responsible for battery life management," he explained.

"To this end, we plan to build infrastructure dedicated to electric vehicles by continuing to invest in nurturing electric vehicle technicians, including recently signing an industry-academia cooperation with Seoyoung University to train electric vehicle specialists, he added further.

Bang also said, "The most important part in strengthening the brand is product.'" He said, "We are planning a model portfolio that can well show the identities of both brands."

The Jeep brand's first pure electric vehicle, Avenger, is scheduled to be introduced in the second half of 2024, and Peugeot is adding the '308 Mild Hybrid (MHEV)' model in response to the demand for introduction of various powertrains.

In the long term, it also presented a blueprint to build a 'star model system' centred on the Peugeot 408 and Jeep Wrangler as the two major axes of Stellantis.

Bang Sil cited "more than 20 years of experience covering both imported and domestic cars" as the reason why Stellantis Korea chose him as the head of the company to lead this change. CEO Bang Sil, who has extensive experience in the marketing field, established a relationship with Volkswagen Korea in the early 2000s, and after Dieselgate, he worked as an executive at Renault Korea.

Bang also emphasised, "We view Stellantis Korea's current situation as a time of challenge and opportunity. We will begin the journey of change from this point on by restoring trust."

"The ambition is to strive to create a brand that satisfies the thirst for diverse options in the domestic automobile market, where brand polarisation is deepening, and to further expand the proportion of customers switching from domestic brands. To achieve this, communication is important to form a close bond with customers and strengthen loyalty."

Jeep plans to share its brand value as an authentic SUV with customers who desire freedom and adventure through various customer experience marketing in 2024.

In addition, it emphasises the power of Peugeot, one of the first imported car brands to enter the domestic market, and uses this year's Paris Olympics as an opportunity to strengthen the brand, increasing brand loyalty and expanding contact points with customers.

Bang said, "Rather than focusing on expanding sales this year, we will focus on making our encounters with customers a memorable experience." He further added, "Consumers' tastes are becoming more segmented and diversified, so I think there is an opportunity, and Stellantis' with these two attractive brands, we will take a step closer to not only imported car customers but also domestic car customers," he said.