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A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. REUTERS/Gonzalo Fuentes/File PhotoMILAN, June 15 (Reuters) - Stellantis will produce four medium-segment electric vehicles at its Melfi plant in southern Italy from 2024, the UILM union said on Tuesday, after workers' representatives met with the carmaker at Italy's industry ministry. Future production will be based on a single enhanced production line that will merge the two existing lines, the union said in a statement. Stellantis, the world's fourth largest carmaker, was not immediately available for comment. Reporting by Giulio Piovaccari; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.
Persons: Gonzalo Fuentes, MILAN, Stellantis, Giulio Piovaccari, Agnieszka Flak Organizations: REUTERS, Thomson Locations: Saint, Yvelines, Paris, France, Melfi, Italy
REUTERS/Gonzalo Fuentes/File PhotoMILAN, June 15 (Reuters) - Stellantis (STLA.MI) will produce four medium-segment electric vehicles, of different brands, at its Melfi plant in southern Italy from 2024, the UILM union said on Tuesday. "Stellantis announced that Melfi would be the first plant in Italy to get new models, based on post-2022 business plan," UILM said in a statement after workers' representatives met with the carmaker at Italy's industry ministry in Rome. Stellantis Chief Executive Carlos Tavares has said the group would present its business plan late this year or in early 2022. Italy's Industry minister, Giancarlo Giorgetti, however, said in a separate statement after the meeting that Stellantis had yet to decide where it would build its third electric battery plant in Europe. The company is holding talks on this with Rome, as Italy is one of its main production hubs in Europe.
Persons: Gonzalo Fuentes, MILAN, Stellantis, Melfi, UILM, Rocco Palombella, Carlos Tavares, Giancarlo Giorgetti, Giulio Piovaccari, Agnieszka Flak Organizations: REUTERS, Fiat Chrysler, France's PSA, Stellantis, Italy's Industry, Thomson Locations: Saint, Yvelines, Paris, France, Melfi, Italy, Europe, Rome, Germany, United States
General view of Ferrari's restaurant 'Cavallino' run by Michelin-starred chef Massimo Bottura in Maranello, Italy, June 8, 2021. The restaurant, closed in 2019 by previous owners, is now a cornerstone of Ferrari's new brand enhancement strategy, aimed at offering affluent customers and new clients more than just supercars. The Cavallino is not the first restaurant Bottura has launched in collaboration with a luxury brand. "I am thinking about my grandmother, brought from the moon after two years, and then let into the kitchen of the Cavallino," Bottura said. "It's the essence of a restaurant, we have to take care of people, of travellers, people who want to spend some time in a restaurant and enjoy," Bottura said.
Persons: Massimo Bottura, Guglielmo Mangiapane, Enzo Ferrari, Il, Armani, Rocco Iannone, Bottura, India Mahdavi, Gucci Organizations: Michelin, REUTERS, Ferrari, Reuters, Thomson Locations: Maranello, Italy, French, Florence, Beverly Hills, Modena
Models present outfits from luxury carmaker Ferrari's first internally-designed fashion collection for women and men as the first step of its rebooted brand extension strategy, in Maranello, Italy, June 13, 2021. REUTERS/Remo CasilliFerrari (RACE.MI) on Sunday rolled out its first in-house fashion collection, offering fans of the Ferrari brand and its supercars a touch of "couture" within a contemporary clothing range. The launch marks a major step in Ferrari's new brand strategy, one of its biggest investments outside the car business, which the company wants to account for around 10% of the profits in 7-10 years. read moreFerrari's plans to extend its brand also include a new restaurant in hometown Maranello in northern Italy with Michelin-starred chef Massimo Bottura. Boari said Ferrari's luxury collection would be later expanded to include accessories.
Persons: Remo Casilli Ferrari, Massimo Bottura, Armani, Rocco Iannone, Iannone, Ferrari, it's, Nicola Boari, Boari, Benedetto Vigna Organizations: REUTERS, Sunday, Ferrari, Michelin, Thomson Locations: Maranello, Italy, Calabria, Milan, Rome, Los Angeles, Miami, China
Ferrari (RACE.MI) is racing through the gears to bring its Prancing Horse brand to the catwalk and fine dining in an attempt to woo wealthy customers beyond its faithful fans. Ferrari is far from the first luxury car brand to venture into lifestyle businesses. "Ferrari is one of the strongest brands in the world and definitely the strongest brand in the luxury industry," said Massimo Pizzo of Brand Finance, a brand valuation consultancy. read moreCamilleri said Ferrari's brand spin-offs were too stretched and planned to cut about half of the carmaker's licence agreements and trim some 30% of its product categories. Analysts said it would take time for Ferrari's new brand strategy to succeed, while some were cautious about its potential contribution to profitability.
Persons: Armani, Rocco Iannone, Massimo Bottura, Enzo Ferrari, Nicola Boari, Davidson, France's, Gucci, Ferrari, Massimo Pizzo, Louis Camilleri, Benedetto Vigna, Camilleri, Susy, Italy's Agnelli, Christian Louboutin, Xia, France's Hermes, Italy's Prada, Pal Zileri, Enzo, Michael Schumacher's, Bottura Organizations: One, Michelin, Reuters, Ferrari, Lamborghini, Bentley, Brand Finance, Swiss, UBS, Formula, HK, Gabbana, Il, Thomson Locations: Maranello, Italian, Florence, Beverly Hills, Italy
Italian sports car maker Ferrari is launching a luxury fashion collection Sunday. It is also reopening a restaurant in its home town in Italy, headed up by a Michelin-starred chef. "Ferrari is one of the strongest brands in the world and definitely the strongest brand in the luxury industry," said Massimo Pizzo of Brand Finance, a brand valuation consultancy. Camilleri said Ferrari's brand spin-offs were too stretched and planned to cut about half of the carmaker's license agreements and trim some 30% of its product categories. Analysts said it would take time for Ferrari's new brand strategy to succeed, while some were cautious about its potential contribution to profitability.
Persons: Gucci, Prada, Armani, Rocco Iannone, Massimo Bottura, Enzo Ferrari, Nicola Boari, Lamborghini, Davidson, France's LVMH, Kering's Gucci, Ferrari, Massimo Pizzo, Ferrari's, Louis Camilleri, Benedetto Vigna, Camilleri, Susy, Italy's Prada Organizations: Ferrari, Michelin, One, Reuters, Bentley, Brand Finance, Swiss, UBS, Dolce, Gabbana Locations: Italy, Maranello, Italian, Florence, Beverly Hills
REUTERS/Gonzalo Fuentes/File PhotoItaly aims to spur total investments of more than one billion euros ($1.22 billion) to build an electric car battery factory with car maker Stellantis (STLA.MI) expected to play a leading role, three government sources told Reuters. But it is confident this could trigger further investments from industrial and financial partners to bring the total to more than one billion euros, the sources said. The document targets some 1.8 billion euros in funding by that date though one ministry source said this was unlikely. Stellantis, the world's fourth largest carmaker, currently has two gigafactory projects in Europe, in France and in Germany, with overall investments of 5 billion euros. read more"There's a lot of competition... we'll have to offer a strong strategy and a credible team," the ministry source said.
Persons: Gonzalo Fuentes, Stellantis, Roberto Cingolani Organizations: REUTERS, Reuters, Funds, Fiat Chrysler, PSA, Energy, ACC, Thomson Locations: Saint, Yvelines, Paris, France, Italy, Brussels, Rome, Europe, Germany, United States, Spain
Ferrari turns to tech industry for its electric era leader
  + stars: | 2021-06-09 | by ( Giulio Piovaccari | ) www.reuters.com + 0.00   time to read: +4 min
MILAN (Reuters) - Ferrari has turned to technology industry veteran Benedetto Vigna to drive the luxury sports car maker known for its roaring, high-octane engines into a new era of silent, electric powertrains. “A semis guy who did his thesis on quantum quarks and has hundreds of patents to his name ... running Ferrari? ELECTRIC DEADLINEDuring his temporary tenure at Ferrari, Elkann has accelerated its electric plans after a more cautious stance by Camilleri. Shortly before departing, Camilleri said he did not expect Ferrari to be 50% electric in his lifetime and it would never be fully electric. Ferrari, which already sells hybrid vehicles, has promised to deliver its first electric car by 2025.
Persons: Ferrari, Benedetto Vigna, ” Morgan Stanley, ” Ferrari, Louis Camilleri, John Elkann, Agnelli, Morgan Stanley, Elkann, Camilleri, Pietro Solidoro Organizations: MILAN, ST, Franco, Ferrari, ST’s, Sensors Locations: Italian
Ferrari turns to tech for an electric era chief
  + stars: | 2021-06-09 | by ( Giulio Piovaccari | ) www.reuters.com + 0.00   time to read: +4 min
Benedetto Vigna, who has been appointed the CEO of Ferrari on June 9, 2021, poses in this undated handout photo. Ferrari/Handout via REUTERSFerrari (RACE.MI) has turned to technology industry veteran Benedetto Vigna to drive the luxury sports car maker known for its roaring, high-octane engines into a new era of silent, electric powertrains. read moreVigna's appointment shows Ferrari's development strategy remains firmly anchored in making cutting-edge, high-end cars in an electric future, rather than repositioning itself towards pure luxury. ELECTRIC DEADLINEFerrari, which already offers hybrid models, has promised to deliver its first electric car by 2025. Vigna, however, faces several challenges on top of leading the automaker into an era of electric mobility.
Persons: Benedetto Vigna, Louis Camilleri, John Elkann, Agnelli, Pietro Solidoro, Bestinver, Solidoro, Elkann, Ferrari, Camilleri Organizations: Ferrari, REUTERS Ferrari, Apple, Wednesday, ST's, Sensors, Formula One, Thomson Locations: Italian, Formula
MILAN (Reuters) -Carmaker Stellantis will completely restructure its European dealers network as it seeks to adapt to changes in the industry brought by electrification, including a boom in online sales, and achieve promised post-merger synergies. FILE PHOTO: A DS 4 automobile, produced by Stellantis, stands on display during its launch event in Paris, France, February 3, 2021. Stellantis will end all current sales and service contracts with European dealers for its 14 brands, with effect from June 2023, it said in a statement seen by Reuters on Thursday. It was however unclear whether the process would bring to a reduction of Stellantis’ network in Europe. Stellantis said the decision was also taken in anticipation of upcoming regulatory changes in the industry.
Persons: Benoit Tessier, Stellantis, Carlos Tavares, carmaker, Dodge, CECRA Organizations: MILAN, REUTERS, Fiat Chrysler, Peugeot, PSA, Reuters, Maserati, Austrian Supreme Locations: Paris, France, Europe, United States, Austrian
Stellantis to detail Foxconn strategic partnership on Tuesday
  + stars: | 2021-05-17 | by ( Giulio Piovaccari | ) www.reuters.com sentiment -0.98   time to read: +2 min
Carmaker Stellantis (STLA.MI) and Foxconn (2317.TW) said they plan to announce a strategic partnership on Tuesday, adding to a string of such deals by the Taiwanese iPhone (AAPL.O) assembler. Taiwan's Foxconn and China's Zhejiang Geely Holding Group said in January they were joining forces to provide contract manufacturing for automakers including electric vehicle maker Faraday Future. REUTERS/Ann WangFoxconn will also help build electric sport-utility vehicles in 2022 for Chinese startup Byton. Stellantis and Foxconn will hold a call on Tuesday to present the partnership, with Stellantis Chief Executive Carlos Tavares and Foxconn Chairman Young Liu among others, they said in a joint statement, without providing further details. Stellantis shares were up 1.5% at 1500 GMT, compared with a 0.5% rise for Milan bourse blue chip index (.FTMIB).
Persons: Carmaker Stellantis, Hai, Taiwan's, Ann Wang Foxconn, Carlos Tavares, Young Liu Organizations: Fiat Chrysler, Hai Precision Industry, France's Peugeot, PSA, Zhejiang Geely Holding, Faraday, REUTERS, Stellantis, Milan bourse, Thomson Locations: Stellantis, China, Zhejiang, Taipei, Taiwan, U.S, Milan
Confident Prysmian nears new U.S. high-voltage cable deal
  + stars: | 2021-05-13 | by ( Giulio Piovaccari | ) www.reuters.com + 0.97   time to read: +2 min
Valerio Battista said Prysmian, the world’s largest cable maker, was “not far” from striking a deal on the U.S. project, which would be similar to one it has already signed in Germany. Prysmian said its adjusted core earnings (EBITDA) rose 8.1% to 213 million euros in the first quarter, slightly above a company-provided analyst consensus of 202 million euros. Battista said Prysmian was increasingly confident it would achieve full-year targets, although it was too soon to raise forecasts. The company had forecast an adjusted EBITDA of between 870-940 million euros this year and free cash flow generation of 300 million euros, plus or minus 20%. Chief Financial Officer Francesco Facchini told analysts he was confident Prysmian could deliver free cash flow at the very high end of guidance.
Persons: Valerio Battista, Prysmian, , ” Battista, Battista, Joe Biden’s, Francesco Facchini Organizations: MILAN, U.S . Locations: U.S, Italian, Germany
MILAN (Reuters) -Stellantis expects a global semiconductor chip shortage will take a bigger bite out of production in the second quarter and warned the disruption to the auto industry could last into 2022. Slideshow ( 2 images )Chip shortages cut around 11% of Stellantis’ planned production in the first quarter. Ford Motor Co warned last week the shortage could halve its production in the second quarter. Stellantis said its first quarter revenues rose 14% to 37 billion euros ($44.5 billion) on a pro-forma basis. That compares with analyst expectations of 34.9 billion euros, according to a Reuters poll.
Persons: Massimo Pinca, Stellantis, Richard Palmer, , Palmer, ” Palmer Organizations: MILAN, Stellantis, Fiat Chrysler, Peugeot, PSA, REUTERS, American Fiat Chrysler, France’s PSA, Citi, Ford Motor, Cherokee Locations: Milan, Paris, Turin, Italy, American
MILAN (Reuters) -Higher prices and robust consumer demand will help Stellantis deliver a strong performance this year, despite a worsening global shortage of semiconductor chips this quarter, the world’s fourth-biggest carmaker said on Wednesday. The higher prices paid by American consumers added about $1.5 billion to Stellantis’ first-quarter revenues. Total revenues rose 14% to 37 billion euros ($44.5 billion) in January-March on a pro-forma basis, beating analysts’ mean forecast of 34.9 billion euros in a Reuters poll. Chip shortages cut around 11% of Stellantis’ planned production in the first quarter. Slideshow ( 3 images )Palmer told reporters the shortage was currently affecting eight of Stellantis’ 44 assembly plants.
Persons: Stellantis, Richard Palmer, Tesla, , Palmer, Stellantis ’, ” Palmer Organizations: MILAN, Tesla, American Fiat Chrysler, France’s PSA, Citi, Ford Motor, Cherokee Locations: Europe, Stellantis, American
MILAN (Reuters) -Ferrari pushed back its profit target for next year after delaying investments and some deliveries in the pandemic, but stuck to its timetable for a first electric car by 2025. Slideshow ( 2 images )The luxury carmaker famed for its ‘Cavallino Rampante’, or ‘Prancing Horse’, badge had predicted adjusted core earnings of 1.8-2.0 billion euros ($2.2-$2.4 billion) in 2022. “This has raised concerns that the COVID-19 impact on the company could be greater than expected,” he said. Morgan Stanley analysts said the delayed guidance did not change Ferrari’s long term challenges, such as the industry shift towards electric vehicles. It “leaves plenty of room for new management to discuss the potential beyond 2023 including an expanded model range,” they said.
Persons: John Elkann, Elkann, , , Italy’s Agnelli, Morgan Stanley, Ferrari, Louis Camilleri Organizations: MILAN, Ferrari Locations: Milan
Stellantis examining line closure at Italy's Melfi car plant - union
  + stars: | 2021-03-25 | by ( Giulio Piovaccari | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, March 3, 2021. REUTERS/Pascal RossignolMILAN (Reuters) - Stellantis is studying a plan which would involve closing one of two production lines at its Melfi car plant in southern Italy, the head of the FIM CISL union told Reuters. Jeep’s Renegade and Compass models and the Fiat 500X compact SUV are produced at Melfi, which is considered the most efficient Stellantis plant in Italy, but could be moved to a single production line. Closing a Melfi line could mark a first step by Chief Executive Carlos Tavares to tackle excess capacity in Italy. “Once you have reduced production capacity at one site, it’s very difficult to gain it back”.
Persons: Pascal Rossignol MILAN, Melfi, Carlos Tavares, Ferdinando Uliano, Stellantis, Tavares, , ” Uliano Organizations: REUTERS, FIM, Reuters, Jeep’s, Fiat, Fiat Chrysler, France Peugeot, PSA Locations: Hordain, France, Melfi, Italy
Stellantis weighs closing production line at Italy's Melfi plant - union
  + stars: | 2021-03-25 | by ( Giulio Piovaccari | ) www.reuters.com sentiment -1.00   time to read: +2 min
MILAN (Reuters) - Stellantis is considering whether to close one of two production lines at its Melfi car plant in southern Italy, the head of the FIM CISL union told Reuters. Closing a line at Melfi could mark a first step by CEO Carlos Tavares to tackle excess capacity in Italy. All plants producing fewer than 250,000 vehicles per year saw their capacity cut from two production lines to one to maximise capacity at the remaining line. “Once you have reduced production capacity at one site, it’s very difficult to gain it back”. Elsewhere in Italy, Turin’s Mirafiori has two lines, while all of Stellantis’ other sites in the country have one.
Persons: Carlos Tavares, Stellantis, Tavares ’ “, Ferdinando Uliano, Tavares, ” Uliano, , Turin’s Mirafiori Organizations: MILAN, FIM, Reuters, Fiat, France’s PSA Group, American Fiat Chrysler, PSA, Peugeot, Opel, Vauxhall, General Motors Co, Unions Locations: Melfi, Italy, American, France, Rennes, Poissy, Mulhouse, Europe, Turin
UPDATE 1-Italy's Poste Italiane to buy 51% of China's Sengi Express
  + stars: | 2021-01-20 | by ( Reuters Staff | ) www.reuters.com sentiment -0.52   time to read: +1 min
(Adds details)MILAN, Jan 20 (Reuters) - Italy’s Poste Italiane said on Wednesday it had agreed to buy a 51% stake in Chinese cross-border logistics company Sengi Express from Hong Kong-based Cloud Seven Holding Ltd. The acquisition aims to boost the postal group’s international business to consumer parcel business, to take advantage of increasing online sales, Poste said in a statement. “For the first time, a foreign company will be part of the Poste Italiane Group, contributing to the consolidated results of the group,” the group said. Sengi Express, which reported a pro-forma turnover of around 80 million euros ($97 million) in 2020, offers logistics services to Chinese e-commerce companies selling in Italy, the statement added. ($1 = 0.8247 euros) (Reporting by Giulia Segreti and Elisa Anzolin, editing by Giulio Piovaccari and Louise Heavens)
Persons: Jan, Poste, Giulia Segreti, Elisa Anzolin, Giulio Piovaccari, Louise Heavens Organizations: Sengi, Seven Holding, Poste Italiane Locations: MILAN, Hong Kong, Italy
Stellantis sees 80% of merger savings within four years
  + stars: | 2021-01-19 | by ( Nick Carey | Gilles Guillaume | Giulio Piovaccari | ) www.reuters.com sentiment -0.59   time to read: +2 min
(Reuters) - Stellantis, the carmaker forged from the merger of Fiat Chrylser and Peugeot-owner PSA, is “very confident” of delivering its planned 5 billion euros ($6.1 billion) of synergies, including 80% within four years, its new chief executive said on Tuesday. FILE PHOTO: Carlos Tavares, chief executive officer of PSA Group, speaks during the annual results news conference at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2020. In his first press conference as Stellantis CEO, Tavares also said he had created a task force to find out “what went wrong” for both Fiat Chrysler (FCA) and PSA in China. The merger, completed on Saturday, has created the world’s fourth-biggest carmaker to help make the switch to the new era of electrification. Tavares said the task force, consisting of Stellantis’ top five executives, would work on solutions for a come-back there.
Persons: Carlos Tavares, Benoit Tessier, Carlos Tavares’s, Stellantis, Tavares, ” Tavares, , Ram Organizations: Reuters, Fiat Chrylser, Peugeot, PSA Group, REUTERS, New York, Fiat Chrysler, FCA, PSA, Fiat, Maserati, Dodge, Citroen, Opel, DS Locations: Rueil, Paris, France, China, PSA’s, Europe
In his first press conference as Stellantis CEO, Tavares also said he had created a task force to find out “what went wrong” for both Fiat Chrysler (FCA) and PSA in China. Both PSA and FCA fared poorly in China, the world’s largest car market. Tavares said the task force, consisting of Stellantis’ top five executives, would work on solutions for a come-back there. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s traditionally Europe-focused Peugeot, Citroen, Opel and DS. Stellantis will launch 10 new electrified vehicle models in 2021, he added.
Persons: Carlos Tavares, Benoit Tessier, Carlos Tavares’s, Tavares, ” Tavares, Stellantis, Ram Organizations: Reuters, Fiat Chrysler, Peugeot, PSA Group, REUTERS, New York, FCA, PSA, Fiat, Maserati, Dodge, Citroen, Opel, DS Locations: Rueil, Paris, France, China, Ellesmere Port, Britain, PSA’s, Europe
FILE PHOTO: Carlos Tavares, chief executive officer of PSA Group, speaks during the annual results news conference at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2020. Tavares said the task force of Stellantis’ top five executives would work on solutions for a comeback there. Stellantis will have 14 brands, from FCA’s Fiat, Maserati and U.S.-focused Jeep, Dodge and Ram to PSA’s traditionally Europe-focused Peugeot, Citroen, Opel and DS. Tavares, who was previously PSA’s CEO, said all 14 brands would be given the opportunity “to rebound” and invest in new products as the group focuses on profitable growth. “All brands and all plants will be given a chance,” he said in an interview with German daily FAZ.
Persons: Carlos Tavares, Benoit Tessier, Tavares ’, ” Tavares, Tavares, Stellantis, Ram, Organizations: Reuters, Fiat Chrysler, Peugeot, PSA Group, REUTERS, New York, FCA, PSA, Fiat, Maserati, Dodge, Citroen, Opel, DS, La Repubblica Locations: Rueil, Paris, France, China, Britain, Ellesmere Port, PSA’s, Europe
Carmaker Stellantis shares star in European debut
  + stars: | 2021-01-18 | by ( Giulio Piovaccari | ) www.reuters.com + 0.00   time to read: +2 min
MILAN (Reuters) - Stellantis, the carmaker created by combining Fiat Chrysler and Peugeot-owner PSA, enjoyed a positive start on Monday, its shares rising 8% on their European market debut and valuing the business at around 42 billion euros ($51 billion). Fiat Chrysler (FCA) and PSA have said Stellantis can cut costs by more than 5 billion euros a year without plant closures. Milan-listed shares of Stellantis started trading at 12.758 euros and at 1330 GMT were up 8.1% at of 13.59 euros. Over the weekend, PSA shares were exchanged into new FCA shares. All FCA shares were then renamed as Stellantis.
Persons: Ram, , John Elkann, Carlos Tavares, ” Tavares, Stellantis, Tavares, Intesa, Monica Bosio, ” Bosio Organizations: MILAN, Fiat Chrysler, Peugeot, Fiat, Maserati, Dodge, Citroen, Opel, Italiana, FCA, PSA, Fiat Chrysler’s Locations: PSA’s, Europe, Milan, Paris, New York
They first announced plans to merge in October 2019, to create a group with annual sales of around 8.1 million vehicles. “The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today,” the two automakers said in a statement. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE’s bell with Chairman John Elkann. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. “It will be a step by step process, also to allow the market to better appreciate every single move.
Persons: MILAN, Jan, Carlos Tavares, Tavares, John Elkann, Marco Santino, Oliver Wyman, , ” Santino, Mike Manley, Stellantis Organizations: Fiat Chrysler, PSA, Toyota, Volkswagen, Peugeot S.A, Fiat Chrysler Automobiles N.V, Paris, FCA Locations: Stellantis, Milan, New York, China
FILE PHOTO: The logo of Stellantis is seen in this image provided on November 9, 2020. “The merger between Peugeot S.A. and Fiat Chrysler Automobiles N.V. that will lead the path to the creation of Stellantis N.V. became effective today,” the two automakers said in a statement. Tavares will hold his first press conference as Stellantis CEO on Tuesday, after ringing NYSE’s bell with Chairman John Elkann. Like all global automakers, Stellantis needs to invest billions in the years ahead to transform its vehicle range for the electric era. “It will be a step by step process, also to allow the market to better appreciate every single move.
Persons: Carlos Tavares, Tavares, John Elkann, Marco Santino, Oliver Wyman, , ” Santino, Mike Manley, Stellantis Organizations: MILAN, Fiat Chrysler, PSA, Toyota, Volkswagen, Communication, Handout, REUTERS, Peugeot S.A, Fiat Chrysler Automobiles N.V, Paris, FCA Locations: Stellantis, Milan, New York, China
HONG KONG/BEIJING/MILAN (Reuters) - CNH Industrial has revived talks to sell the bulk of Italian truck group Iveco to Chinese automaker FAW Group, three people with knowledge of the matter told Reuters. CNH, which is controlled by Exor, the holding company of Italy’s Agnelli family, also held talks with Chinese industrial conglomerate Shandong Heavy Industry Group late last year, said two of the sources. A spokesman for CNH Industrial - whose new CEO, Scott W. Wine, took office this week - confirmed that the group is in preliminary discussions with FAW Jiefang over its Iveco business without disclosing further details. RIVAL BIDSOne of the sources added that Shandong Heavy Industry offered at least 3.5 billion euros but has been outbid by FAW. Separately, Iveco is in talks to jointly develop autonomous truck technologies with Chinese startup Plus, which has a tie-up with Jiefang, one of the sources said.
Persons: CNH, FAW’s, Italy’s Agnelli, Scott W Organizations: Iveco, FAW Group, Reuters, FAW, Exor, Shandong Heavy Industry Group, CNH, FAW Jiefang, Shandong Heavy Industry, Volkswagen AG, Toyota Motor, Daimler, Volvo Group, SAIC Motor Locations: HONG KONG, BEIJING, MILAN, Changchun, China, Shandong
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