It may come as a surprise this morning to hear that two struggling automotive conglomerates – Stellantis and Jaguar Land Rover – are eager to link up their product development efforts, specifically in the US. The two automakers announced today they have signed a non-binding memorandum of understanding to collaborate and "create synergies across product and technology development, leveraging the companies' complementary strengths." Those strengths are not readily apparent right now, as JLR reported an after-tax loss of $325 million for the last fiscal year, which is chump change compared to the $26 billion net loss for Stellantis in 2025. Can these two automakers help each other out of the trough? At first glance, JLR could benefit from this arrangement more immediately than Stellantis. JLR has no vehicle assembly plants in the US, and each imported Jaguar or Land Rover face tariffs of at least 10%, or 25% in the case of the Land Rover Defender built in Slovakia. Excess Capacity That JLR Could Use Meanwhile, Stellantis has several manufacturing plants with excess capacity in Michigan and Ohio that might be useful for building Land Rover SUVs and mitigating current supply-chain headwinds. The Jaguar brand has essentially purged its US portfolio, so it's not likely in need of manufacturing capacity as it prepares to reveal the production version later this year of the Type 01 four-door luxury GT, which will be built in the UK. Stellantis Lost $26.2 Billion In 2025, Yet Sounds Optimistic The plan to rebuild has Hemi engines, more Jeeps and Rams, and lots of Dodge Chargers. Beyond pulling some revenue from Land Rover for potentially handling contract assembly in the US, it's difficult to see how Stellantis benefits from a partnership with JLR, which mainly has a retail and marketing presence in the US. Perhaps Stellantis