Stellantis’ management sees better future returns in the U.S. and is reluctant to make significant additional investments in Europe, the people said. In North America, Stellantis is reaping some early benefits from investments in new models that are boosting demand for popular brands like Jeep and Ram trucks. Its business in Europe centres on a mass-market offering and faces a crowd of competitors, including Volkswagen AG, Renault SA and increasingly China’s BYD Co.