Chrysler heir wants to buy back the iconic Chrysler, Dodge brands from Stellantis

DETROIT, Mich. (WTVO) — The great-grandson of Chrysler founder Walter P. Chrysler has sent Stellantis a proposal to buy back the iconic American auto brand.

Frank B. Rhodes, Jr., who owns a small percentage of Stellantis, sent a proposal to CEO Carlos Tavares this week, saying he wants to acquire the Chrysler, Dodge, Plymouth and MOPAR brands.

“I have watched its downward spiral under the Stellantis ownership,” Rhodes said. “I cannot fully express the deep disappointment that I and all Chrysler current and former owners feel, for the lack of variety and innovation in the Chrysler and Dodge nameplates that we have been loyal to.”

“Furthermore, and to the disappointment of Chrysler employees you admitted last week your lack of understanding of the US market, shutting the Belvedere, IL Assembly Plant,” Rhodes continued. “It will not be possible for this plant to continue to receive and be eligible for
awards and commendations, if it never reopens. Its closing was a blow to the community in which started in the 1960’s and provided an attractive place to work Chicago area rural yet suburban setting.”

“My plan, in general terms, is to carve out and acquire the entire related Chrysler/Dodge/MOPAR operations, facilities and employees. After such acquisition, to create an aggressive design and renewal program for the Company by bringing on board new and additional forward-thinking
management, concept creators and enthusiasts recruiting them from inside the Company and tapping former personnel to commence an exciting Phoenix-like, Chrysler/Dodge rebirth,” Rhodes proposed.

Rhodes said he will bring his “rescue and reinvigoration” plan to the board of directors, with the intention of creating a new entity, called The New Chrysler/Dodge, LLC. His plan would include hybrid versions of classic models to bridge the gap between traditional internal combustion engines (ICE) and electric vehicles (EV).

Stellantis responded Friday, saying it was opposed to selling off the Chrysler and Dodge brands, and is focused on a long-term strategy integral to its move towards clean mobility.

“Stellantis acknowledges the interest in its North American brands and reaffirms the Company’s commitment to its entire portfolio of 14 powerful, iconic brands, which were each given a 10-year timeframe to build a profitable and sustainable business,” Stellantis stated. “Like the Jeep® and Ram brands, Chrysler and Dodge are at the forefront of Stellantis’ transformation to clean mobility, benefitting from the Group’s cutting-edge technology and scale. The Company is not pursuing splitting off any of its brands.”

Earlier this month, Stellantis confirmed it has delayed the reopening of the Belvidere Assembly Plant, citing “market conditions.”

In October 2022, Stellantis agreed to build a $3.2 billion battery plant in Belvidere and invest $1.5 billion to retool the factory for an all-new mid-sized truck, as part of a new union contract .

The union said it has filed grievances against the company, and said it may authorize a strike at assembly plants in Toledo, Ohio; Warren, Michigan; Sterling Heights, Michigan; Detroit, Michigan; and Kokomo, Indiana.

Earlier this year, the Biden administration announced a $334.8 million investment to convert Stellantis’ Belvidere Assembly Plant to build electric vehicles and components.

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