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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
France charges Peugeot with consumer fraud in diesel emissions probe
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
(Reuters) - Stellantis said on Wednesday a French court has charged its Peugeot unit with consumer fraud in a far-reaching diesel emissions probe, ordering the company to provide 30 million euros ($36 million) in guarantees for potential payouts. FILE PHOTO: The logo of French car manufacturer Peugeot is seen at Brussels Motor Show, Belgium January 9, 2020. The Peugeot investigation focuses on older diesel vehicles sold in France between 2009 and 2015 and stems from a wider probe French authorities launched in 2017 over alleged emissions test cheating by diesel vehicle manufacturers. Several European carmarkers have come under scrutiny since the Volkswagen “dieselgate” scandal which erupted in 2015 over test cheating in the United States. A French court on Tuesday charged carmaker Renault with alleged deception and test manipulation of some of its older diesel vehicles.
Persons: Stellantis, Francois Lenoir, Peugeot, , carmaker Organizations: Reuters, Peugeot, REUTERS, Citroen, FCA Italy, Fiat Chrysler, French PSA Group, Volkswagen, carmaker Renault, Renault, U.S Locations: Brussels, Belgium, Paris, France, United States
Vigna will join Ferrari on Sept. 1, and will replace Acting CEO John Elkann, who will stay on as chairman. A subnuclear physics graduate of the University of Pisa, Vigna has been with STMicroelectronics since 1995. Among his credits, Vigna helped developed the gyro system that allows smartphones to change their displays when turned sideways. The late Sergio Marchionne, then chief executive of Fiat Chrysler Automobiles, stepped in to guide Ferrari’s spin-off and October 2015 initial public offering. Even conventionally powered Ferrari products will continue to use more electronics for their infotainment systems, advanced safety gear and drivetrain controls.
Persons: Benedetto Vigna, Ferrari, John Elkann, , ’ Ferrari, ” Jefferies, Philippe Houchois, Vigna, , Luca Di Montezemolo, Sergio Marchionne, Marchionne, Louis Camilleri, Elkann, Lamborghini, Pietro Solidoro Organizations: Ferrari, University of Pisa, Fiat Chrysler Automobiles, Fiat Chrysler, France’s PSA Group, Formula, Bestinver Locations: Covid,
Stellantis discussing conditions with Rome to build gigafactory in Italy - source
  + stars: | 2021-06-01 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Gonzalo Fuentes/File PhotoStellantis (STLA.MI), is discussing conditions with Rome to build a gigafactory in Italy as part of the carmaker's plan to support its expansion into electric mobility, a source close to the matter said on Tuesday. These conditions will have to be studied with Italian authorities," the source said, adding that nothing had yet been decided. In its 205 billion euro ($251 billion) recovery plan, Italy will spend almost 24 billion euros on the transition to cleaner energy and sustainable mobility. As part of this, Rome plans to invest one billion euros to enhance its battery, and solar and wind power industries. "An exchange took place on the principle of the coverage of Stellantis needs in batteries, and given the group produces numerous vehicles in Italy, there would be a shared interest in discussing the conditions of a gigafactory in Italy," the source said.
Persons: Gonzalo Fuentes, Stellantis, Carlos Tavares, John Elkann, Giancarlo Giorgetti Organizations: REUTERS, Fiat Chrysler, Peugeot, PSA, Thomson Locations: Saint, Yvelines, Paris, France, Rome, Italy, Stellantis, Europe, United States, Germany, TotalEnergies
Prostate cancer is the second leading cause of cancer deaths in men in the United States, after lung cancer, according to the American Cancer Society. The new technique uses a tracer molecule that seeks out a protein found on most prostate cancer cells called prostate-specific membrane antigen, or PSMA. The new approval will be the first such tracer for advanced prostate cancer commercially available nationwide. While Wei and other prostate cancer experts agreed that the imaging would give them more information about metastatic cancer, it remains unclear what they should do with the information. The new imaging is unable to determine which kinds of prostate cancer cells are likely to be more dangerous, Raghavan said.
Persons: Michael Morris, Morris, Thomas Hope, Xiao Wei, Wei, Justin Gregg, Derek Raghavan, Raghavan Organizations: Drug Administration, American Cancer Society, Memorial Sloan Kettering Cancer Center, FDA, University of California, UCSF's Department of Radiology, Biomedical Imaging, PSA, Dana, Farber Cancer Institute, Anderson Cancer Center, Levine Cancer Institute, NBC, Twitter, Facebook Locations: United States, New York City, California, Los Angeles, San Francisco, UCSF's Department, Boston, Houston, Charlotte , North Carolina
PARIS/SEOUL (Reuters) - Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. While Hyundai did not specifically address a Reuters query on its plans for combustion engine models, it said in an email on Thursday that it was accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs. Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10% share of the global EV market. “Hyundai has stopped developing new powertrains for internal combustion engine cars,” one of the people said. The group will finalise its strategy to switch to all electric models within the next six months, one source said.
Persons: Brendan McDermid, China’s Geely Organizations: Hyundai Motor, South Korean, Reuters, Hyundai Kona, New York Auto, REUTERS, Hyundai, Hyundai Motor Group, Hyundai Motor Co, Kia Corp, Genesis, “ Hyundai, PSA Group, Fiat Chrysler, Daimler, Volvo, Ford Motor Co, Kia, Apple Locations: PARIS, SEOUL, Manhattan, New York City , New York, U.S, , United States, Europe, China
REUTERS/Brendan McDermid/File PhotoHyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. While Hyundai did not specifically address a Reuters query on its plans for combustion engine models, it said in an email on Thursday that it was accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs. Hyundai Motor Group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS) and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10% share of the global EV market. "Hyundai has stopped developing new powertrains for internal combustion engine cars," one of the people said. The group will finalise its strategy to switch to all electric models within the next six months, one source said.
Persons: Brendan McDermid, China's Geely Organizations: Hyundai Kona, New York Auto, REUTERS, South Korean, Reuters, Hyundai, Hyundai Motor Group, Hyundai Motor, Kia Corp, PSA Group, Fiat Chrysler, Daimler, Volvo, Ford Motor, Kia, Apple, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Europe, China
UPDATE 1-Second-hand car group Aramis prepares for Paris market debut
  + stars: | 2021-05-26 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
The company is 70% owned by Stellantis , the carmaker formed by the merger of France’s PSA and Italian-American group Fiat Chrysler. German used-car trading platform AUTO1 listed in Frankfurt earlier this year, raising 1 billion euros in an operation that valued the group at about 7.9 billion euros at its debut. “We operate in a huge market which is switching online,” said Nicolas Chartier, who will head the group post the IPO as chairman and chief executive. Stellantis, one of Aramis’ suppliers of used cars, will not sell down shares in the IPO, the company said. Aramis is aiming for organic revenues of 1.25 billion euros in the year ended 30 September 2021, it said, up from 1.1 billion euros in 2020.
Persons: Aramis, , Nicolas Chartier Organizations: Aramis, Stellantis, France’s PSA, Fiat Chrysler, Holding Locations: PARIS, Paris, France, American, Frankfurt, Britain, Spain, Belgium, Europe
French second-hand car group Aramis takes first step towards IPO
  + stars: | 2021-05-26 | by ( Reuters Staff | ) www.reuters.com sentiment -0.62   time to read: +1 min
PARIS, May 26 (Reuters) - France’s Aramis Group, which specialises in selling second hand cars online, said on Wednesday its had taken a first step towards an initial public offering (IPO) in Paris this year following a boom in used vehicle sales and as it looks to grow across Europe. The firm - which is 70% owned by Stellantis , the carmaker formed by the merger of France’s PSA and Italian-American group Fiat Chrysler - said its registration document had been approved by the French financial markets authority (AMF). “(This) constitutes the first step of its contemplated IPO on the regulated market of Euronext Paris”, Aramis said. “The completion of the IPO is subject to the approval of the prospectus relating to the offering by the AMF, as well as favorable market conditions”, it added. Aramis also said Stellantis will maintain a majority ownership after the IPO.
Persons: Aramis, Stellantis, Benoit Van Overstraeten, Dominique Vidalon Organizations: PARIS, Stellantis, France’s PSA, Fiat Chrysler, Euronext Paris ”, AMF Locations: Paris, Europe, American
GM improves rating in annual supplier relations study
  + stars: | 2021-05-24 | by ( Reuters Staff | ) www.reuters.com + 0.89   time to read: +2 min
(bit.ly/3fzOYhF)The annual survey measures trust and communication suppliers have with customers, something that translates to better pricing, and supplier willingness to invest in and share new technologies with automakers. “Typically, a crisis is not the time to improve established relations.”GM Vice President of global purchasing Shilpan Amin said in a separate statement the survey results show the company’s efforts to strengthen supplier ties. “This provides many important benefits, including stronger business results for both GM and the supply base, along with supplier willingness to invest in new technology,” he said. FCA finished last behind Nissan Motor Co, which saw a 21-point improvement to 211. The annual survey was conducted from mid-February to mid-April, drawing responses from 728 salespeople at 479 suppliers that represent about half of the six automakers’ annual purchases, Plante Moran said.
Persons: Plante, Dave Andrea, Shilpan Amin, , Plante Moran Organizations: General Motors Co, Toyota Motor Corp, Honda Motor, GM, Ford Motor Co, Fiat Chrysler, FCA, France’s PSA, Nissan Motor Co, Tesla Locations: DETROIT, U.S
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
"Obviously, everything is different because of the pandemic restrictions," George Condon, the White House correspondent for National Journal, said. "I've been covering the White House full time since 1982, and there's been nothing to compare with today's restrictions." COVID-19 has required a new approach to an old standard of White House reporting, said April Ryan, the White House correspondent and Washington bureau chief for TheGrio. The White House pays for COVID-19 tests for reporters who are part of White House press pools and have assigned seats in the press briefing room. Instead, the White House bills us $170 each for testing at the White House Conference Center, though the White House will accept certain other test results that are cheaper.
Persons: Joe Biden, George Condon, there's, Trump, Biden, Ted Johnson, , Tina Sfondeles, they'd, Jen Psaki, Weeks, Nicole Gaudiano's, Nicole, Tina, Word, Vivek Murthy, Eisenhower, Nicole Gaudiano, Condon, Read, There's, That's, Johnson, He's, Donald Trump, Obama, Ryan, White, Sfondeles, he'd, Slack, we're Organizations: CDC, White, Centers for Disease Control, House, White House, National Journal, Service, PSA, TheGrio, COVID, White House Conference Center, CVS, DC, Google, Correspondents, Association Locations: Washington , DC, Lafayette, Washington
Stellantis, Foxconn to form car technology JV focused on connectivity
  + stars: | 2021-05-18 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
Slideshow ( 4 images )MILAN (Reuters) -Carmaker Stellantis and iPhone assembler Foxconn said on Tuesday they plan to create a joint venture to supply in-car and connected-car technologies across the auto industry. The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands, focused on infotainment, telematics and cloud service platform development. The software developed will include artificial intelligence-based applications, 5G communication, upgraded over-the-air services, e-commerce opportunities and smart cockpit integrations, they added. Finalisation of that deal was delayed by merger talks between Fiat Chrysler and France’s Peugeot maker PSA, which led to the creation of Stellantis, the world’s fourth-largest carmaker, at the start of this year. Milan-listed shares in Stellantis were up 1.5% by 1013 GMT, slightly outperforming Milan’s blue-chip index.
Persons: Hai Organizations: Fiat Chrysler, Hai Precision Industry, France’s Peugeot, PSA, Milan Locations: MILAN, Netherlands, Stellantis, China
Stellantis, Foxconn to form joint venture for connectivity solutions
  + stars: | 2021-05-18 | by ( ) www.cnbc.com sentiment -0.52   time to read: 1 min
Workers install a flag with the logo of Stellantis, the world's fourth-largest automaker which starts trading in Milan and Paris after Fiat Chrysler and Peugeot maker PSA finalised their merger, at the main entrance of FCA Mirafiori plant in Turin, Italy, January 18, 2021. Carmaker Stellantis and iPhone assembler Foxconn said on Tuesday they plan to create a joint venturethat will supply in-car and connected-car technologies. The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands. Mobile Drive will operate as an automotive supplier, and take part in tenders to provide software solutions and related hardware for Stellantis and other interested automakers, the companies said in a joint statement.
Persons: Carmaker Organizations: Fiat Chrysler, Peugeot, PSA, Mobile Locations: Milan, Paris, Turin, Italy, Netherlands
London (CNN Business) Foxconn is partnering with automaker Stellantis to develop technology for vehicle cockpits, in the latest sign of the iPhone maker's ambitions to grow in electric car manufacturing. The 50/50 joint venture, known as "Mobile Drive," brings together Foxconn's might in mobile software and consumer electronics with Stellantis' vehicle design and engineering expertise to create a user experience akin to using a smartphone. Mobile Drive will enable a "personalized and upgradable cockpit," with features such as biometric recognition, artificial intelligence, remote command and augmented reality, Stellantis chief software officer Yves Bonnefont said at a press conference. Stellantis was formed from the merger of Fiat Chrysler and France's PSA Group. While Foxconn will initially develop smart cockpit solutions for Stellantis brands, the plan is to sell the technology to other carmakers.
Persons: Foxconn, Stellantis, Yves Bonnefont, Ram, Alfa Organizations: London, CNN, Fiat Chrysler, France's PSA Group, Peugeot, Dodge, Alfa Romeo
Stellantis and Foxconn to announce strategic partnership on Tuesday
  + stars: | 2021-05-17 | by ( ) www.reuters.com sentiment -0.86   time to read: +1 min
REUTERS/Ann WangAutomaker Stellantis (STLA.MI) and iPhone (AAPL.O) assembler Foxconn (2317.TW) said on Monday they would announce a strategic partnership on Tuesday. Fiat Chrysler merged with France's Peugeot maker PSA at the beginning of the year to create Stellantis, the world's fourth-largest carmaker, to relaunch in China as one of its main goals. The two companies will hold a conference call on Tuesday to present the partnership, with Stellantis Chief Executive Carlos Tavares and Foxconn Chairman Young Liu among others, the groups said in a joint statement. In January Taiwan's Foxconn and China's Zhejiang Geely Holding Group [RIC:RIC:GEELY.UL] said they were joining hands to provide contract manufacturing for automakers. read moreThey have said they were in talks to provide contract manufacturing services to electric vehicle maker Faraday Future, while Foxconn will also help building electric sport-utility vehicles in 2022 for Chinese startup Byton.
Persons: Ann Wang, Stellantis, Hai, Carlos Tavares, Young Liu, Taiwan's Foxconn, Foxconn Organizations: REUTERS, Fiat Chrysler, Hai Precision Industry, France's Peugeot, PSA, Stellantis, Zhejiang Geely Holding, Faraday, Thomson Locations: Taipei, Taiwan, Stellantis, China, Zhejiang
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
REUTERS/Regis Duvignau//File Photo(Reuters) - Stellantis Chief Executive Carlos Tavares said on Thursday each of the automaker’s 14 car brands will receive funding over the next 10 years to prove themselves. “For the time being, we love them all and you cannot kill what you love,” Tavares said at an Automotive News conference in answer to a question whether the automaker needs so many brands. “We are giving a 10-year visibility for each brand CEO in terms of product planning and funding.”Stellantis was created from the merger of France’s PSA and Italian-American automaker Fiat Chrysler. Its brands include Peugeot, Citroen, Fiat, Chrysler, Jeep, Ram, Maserati, Alfa Romeo and others. “We are now negotiating and changing very many things at core,” he said.
Persons: Carlos Tavares, Regis Duvignau, ” Tavares, ” Stellantis, Ram, Alfa Romeo, Tavares, , Stellantis Organizations: PSA Group, Paris Auto, REUTERS, Automotive, France’s PSA, Fiat Chrysler, Peugeot, Citroen, Fiat, Chrysler, Jeep, Maserati Locations: Paris, France, American, China
A global chip crisis is roiling the auto industry. But thanks to shortages of a tiny wafer of silicon, manufactured almost entirely in Asia, dealers are begging automakers for inventory. General Motors was more optimistic when it reported its own Q1 earnings last week, restating its full-year guidance of between a $10 billion to $11 billion profit despite the chip crisis drastically reducing production. The pandemic shut down auto factories, depleting inventories, and now just-in-time (sometimes also called "lean") manufacturing is struggling to catch up. Jura advocated bringing some chip production back to the US — not to restore that early 1990s mark of 37%, he said, but to have some margin for error in the system.
Persons: Ford, John Lawler, Mary Barra, GM —, , Mike Juran, carmakers, Ford Chip, Paul Jacobson, We'll, Barra, Ford's Lawler Organizations: Auto, Ford, General Motors, Wall Street, GM, FCA, PSA Group, microchips, Service Locations: Asia, Jura, Renesas, Detroit
Stellantis CEO says semiconductor crisis hitting carmakers “hard and strong”
  + stars: | 2021-05-12 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, May 5, 2021. REUTERS/Gonzalo FuentesA global crisis in microchip supply was hitting the automotive industry "hard and strong," Stellantis (STLA.MI) CEO said on Wednesday, and carmakers would have to completely rethink semiconductor supply chains. "The longer the chip crisis lasts, the harder it will be to sustain the auto industry's current business model," Stellantis boss Carlos Tavares told an FT web conference. "It's hard to sell a 30,000 euro battery electric car when people can buy the correspondent traditional model for half the price." "I don't think autonomous drive will ever take over completely, there will always be room for the pleasure of driving."
Persons: Gonzalo Fuentes, carmakers, Carlos Tavares, Tavares, Stellantis, Lancia Organizations: REUTERS, Stellantis, carmakers, Fiat Chrysler, Peugeot, PSA, Alfa Romeo, Thomson Locations: Velizy, Villacoublay, Paris, France
Mary Barra, the first female CEO of a major automaker, is leading GM into an all-electric future. Considered the best GM CEO in decades, her bet on electric vehicles could secure her legacy. For the 112-year-old automaker, electric vehicles were its destiny, and Barra was spending serious money — $27 billion — to ensure GM led the charge. She rolled up Holden, the unit that had been selling GM vehicles in Australia since 1931. It was also to free up money to support Barra's "zero, zero, zero" plan: zero crashes, zero congestion, zero emissions.
Persons: Mary Barra, Barra, Eero Saarinen, sanitizer, Motors, Mary, Bob Lutz, Alfred Sloan, Jonathan Ernst, Reuters Barra, Kenneth Feinberg, GM's, Dhivya Suryadevara, Holden, Barra's, Mark Reuss, Cruise, Tesla, Biden, David Muyres, Lutz, Bill Pugliano, We've, Reuss, Ford, Carlos Tavares, Jessica Caldwell, Gene Munster, Bolt, Stringer, Edmunds, Caldwell, Karl Brauer, I'm, they've, Brauer, she's Organizations: General Motors, Technical, World Health Organization, GM, Service, Reuters, GMC Barra, Opel, Vauxhall, France's PSA Group, South, LG, Orion Assembly, CES, Thomson Reuters, Johnson, Cadillac, GMC, Buick, Detroit, Fisker Inc, Fiat Chrysler Automobiles, PSA Group, Loup Ventures, Munster, Motors Locations: Barra, Warren , Michigan, China, Asia, Warren, , Europe, Australia, South Korea, Ohio, Tennessee, Michigan, Detroit, Hamtramck, Las Vegas, Streestscope, California
David Paul Morris | Bloomberg | Getty ImagesThe severity of the global chip shortage has gone up a notch over the last few weeks and it's now looking as though millions of people will be impacted. South Korean tech giant Samsung said last week that the chip shortage is hitting television and appliance production, while LG admitted the shortage is a risk. Stellantis, the world's fourth biggest car maker, said on Wednesday that the chip shortage had gotten worse in the last quarter. Some carmakers are now leaving out high-end features as a result of the chip shortage, according to a Bloomberg report on Thursday. An Enterprise spokesperson said the global chip shortage "has impacted new vehicle availability and deliveries across the industry at a time when demand is already high."
Persons: David Paul Morris, Ben Suh, Samsung's, Koh Dong, there's, Russell Caldwell, Richard Palmer, Ram Trucks, Ram, Hertz, Patrick Armstrong, Infineon, Reinhard Ploss, CNBC's, Ploss Organizations: Devices Inc, Bloomberg, Getty, Samsung, LG, Financial Times, CNBC, The Washington Post, Auto, Ford, Volkswagen, Jaguar, Rover, Fiat Chrysler, Peugeot, PSA, Nissan, Renault, Hertz, Enterprise, Taiwan Semiconductor Manufacturing, Plurimi Investment, BMW, Tech Locations: San Francisco , California, U.S, Korean, Illinois, Garden, China, Rebel
That includes 17,000 employees in North America, a majority of whom work near Detroit, Shannon Dziuda, lead of human resources special projects for Stellantis North America, told CNBC. Under the plan, the company anticipates employees blending remote and in-office work to average 70% remote and 30% on-site, she said. It does not include hourly manufacturing workers or salaried employees who need to be physically present in labs or elsewhere to do their jobs. Following it, Dziuda said Stellantis will make modifications to work areas and offices to meet the expected needs of all employees operating on the new hybrid scheduling. About 15,000 people work at the North America headquarters and tech center, including 12,000 salaried employees.
Persons: Massimo Pinca, Shannon Dziuda, Dziuda, Stellantis Organizations: Fiat Chrysler, Peugeot, PSA, Reuters DETROIT, Stellantis North, CNBC, General Motors, Ford, GM, Employees, North America Locations: Milan, Paris, Turin, Italy, North America, Detroit, Stellantis North America, Auburn Hills , Michigan
The goal is to have a majority of the company's salaried employees work remotely most of the time. That includes 17,000 employees in North America, a majority of whom work near Detroit, Shannon Dziuda, lead of human resources special projects for Stellantis North America, told CNBC. Under the plan, the company anticipates employees blending remote and in-office work to average 70% remote and 30% on-site, she said. It does not include hourly manufacturing workers or salaried employees who need to be physically present in labs or elsewhere to do their jobs. About 15,000 people work at the North America headquarters and tech center, including 12,000 salaried employees.
Persons: Massimo Pinca, Shannon Dziuda, Dziuda, Stellantis Organizations: Fiat Chrysler, Peugeot, PSA, Reuters DETROIT, Stellantis North, CNBC, General Motors, Ford, GM, North America Locations: Milan, Paris, Turin, Italy, North America, Detroit, Stellantis North America, Auburn Hills , Michigan
"The loss of these regulatory credit revenues for Tesla is devastating and brings into question the future profitability of Tesla," Navellier's chief investment officer Louis Navellier said. Tesla's profitability in recent years has been driven by its sale of regulatory credits to automakers that hadn't hit their government imposed electric vehicle sales quotas. Now, one automaker is signalling that its reliance on Tesla's tax credits will come to an end later this year. Navellier chief investment officer Louis Navellier said in a note on Wednesday that the loss of EV regulatory credit sales for Tesla "is devastating and brings into question the future profitability of Tesla." As other automakers begin to ramp up the production of electric vehicles, Tesla's reliance on EV tax credit sales to boost profitability will likely dwindle.
Persons: Yasin Ozturk, Tesla, Louis Navellier, Stellantis, Navellier, Carlos Tavares, Tavares Organizations: Anadolu Agency, Getty, Tesla, Fiat Chrysler Automotive, France's PSA Locations: Le
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