DIRS.INFO The most relevant business & tech news

☆ Agnellis' Exor eyes further healthcare investment for expansion
▼ + stars: | 2023-04-17 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions. It has already said its M&A activity would mainly focus on healthcare, luxury and technology businesses. Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said. NEW CHAIRMANExor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and soccer club Juventus (JUVE.MI). It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe.

☆ Exor picks Nohria as new chairman to succeed World Bank nominee Banga
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based Exor has proposed Nitin Nohria as its new non-executive chairman, it said in a statement as it presented its full-year results. It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021. The holding company's net asset value (NAV) amounted to 28.233 billion euros at the end of 2022, 9.1% lower then a year earlier. Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share. Exor said that in the first months of 2023 it had increased investments in its private funds strategies by 400 million euros and committed for a further 300 million euros.

☆ Stellantis' Portugal plant to produce large series fully battery electric compact vans
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Carmaker Stellantis NV (STLAM.MI) said on Friday its Portugal plant would become the first assembly plant in the country to produce large series fully battery electric compact vans by 2025. Stellantis's Mangualde Production Center, which has made over 1.5 million vehicles, will produce battery electric light commercial vehicles for Citroën, Fiat, OPEL and Peugeot, the company said in a statement. Stellantis, the world's third-largest automotive group by sales, planned to spend over 30 billion euros ($32.53 billion) through 2025 to electrify its vehicle lineup and boost its software content to catch up with rivals, including Tesla Inc (TSLA.O). Stellantis was created through the $52 billion merger of Fiat Chrysler and Peugeot maker PSA in 2021. ($1 = 0.9223 euros)Reporting by Chandni Shah and Maria Ponnezhath in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis invests 200 million euros to produce Fiat cars in Algeria
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: 1 min

Companies Stellantis NV FollowPARIS, March 19 (Reuters) - Carmaker Stellantis will spend more than 200 million euros ($213.32 million) to manufacture four Fiat models in Algeria, it said on Sunday. Construction of the plant will be completed by August with production of the the first Fiat 500 expected by the end of the year, it said. By 2026 the plant will have created nearly 2,000 local jobs and have production capacity of 90,000 vehicles a year. ($1 = 0.9376 euros)Reporting by Dominique Vidalon and Gilles Guillaume Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Fears of European industry exodus to U.S. may be overdone
▼ + stars: | 2023-03-03 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +6 min

However, the risks are offset not only by the substantial existing European incentives, but also other factors - such as proximity to European consumers - that many companies cite as critical in their decisions. Think tank Bruegel says EU support is already on a par with, or even larger than, IRA money. Moreover, well over half of the IRA support is for renewable energy production, with local content requirements playing a very limited role. Some executives say rather than providing more subsidies, Europe needs to simply improve the way they are given. The United States is not a panacea for European firms, not least due to questions about what approach the next U.S. administration might take.

LONDON, March 3 (Reuters) - The race for electric vehicle (EV) battery metals is heating up. Carmakers have already been busy tying up supplies of battery metals under direct off-take agreements with existing metals producers. Automakers' collective move into the mining sector has so far largely prioritised the lithium sector, where Western companies have been playing catch-up with Chinese investors. Lithium supply is struggling to scale up at the speed required to meet accelerating demand from battery-makers. Capital expenditure in the sector slumped, miners opting to return cash to shareholders rather than dig more big copper mines.

☆ ECB confronts a cold reality: companies are cashing in on inflation
▼ + stars: | 2023-03-02 | by ( Francesco Canepa | ) www.reuters.com time to read: +9 min

"It's clear that profit expansion has played a larger role in the European inflation story in the last six months or so," said Paul Donovan, chief economist at UBS Global Wealth Management. "The ECB has failed to justify what it's doing in the context of a more profit-focused inflation story." Instead, national accounts and earnings reports from listed companies are being used as proxies to paint the inflation picture. "The main story of the risks going forward is still that there's a looming wage-price spiral which should make the central bank even more aggressive in hiking interest rates." loadingloadingEven inside the ECB, labour representatives demanding higher pay for central bank staff have distanced themselves from what they described as the institution's "anti-worker bias".

☆ Stellantis invests $155 mln in Argentine copper mine
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

ROME, Feb 27 (Reuters) - Carmaker Stellantis said on Monday it had invested $155 million to buy a minority stake in a copper mine in Argentina as part of its global push to secure raw materials for electric vehicle batteries. The company acquired a 14.2% stake in McEwen Copper, a subsidiary of Canada's McEwen Mining (MUX.TO), which owns the Los Azules project in Argentina. The $155-million investment will make Stellantis the second-largest shareholder in McEwen Copper along with Rio Tinto (RIO.AX), it said in a statement. The group wants 100% of its European passenger car sales and 50% of its U.S. passenger car and light-duty truck sales to be battery electric vehicles by 2030. In recent months, Stellantis has struck a series of accords to procure raw materials for electric batteries, including last month's nickel sulphate supply deal with Finland's Terrafame.

☆ Stellantis tops forecasts in H2, launches 1.5 bln euro share buy-back
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

[1/3] The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 1, 2022. The company also announced a dividend of 4.2 billion euros ($4.48 billion), or 1.34 euros per share, on 2022 results, and said it would launch a share buyback program worth up to 1.5 billion euros to be performed by the end of this year. Adjusted earnings before interest and tax (EBIT) at the world's third largest auto maker by sales stood at 10.949 billion euros in the July to December period, topping analysts' expectations from a Reuters poll of 9.63 billion euros. Stellantis, which was created just over two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, said it had so far made cash synergies of 7.1 billion euros. That places it two years ahead of schedule in its target to reach annual cost savings of 5 billion euros.

☆ Jeep, Dodge maker Stellantis posts record annual profit, announces $4.47 billion shareholder payout
▼ + stars: | 2023-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

An engine undergoes assembly at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan. Carmaker Stellantis on Wednesday announced record full-year results, reporting a 26% rise in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales. Stellantis CEO Carlos Tavares said the results also demonstrated the effectiveness of the company's electrification strategy in Europe, with 288,000 battery and electric vehicle (BEV) sales in 2022 and 23 BEVs now on the market. This figure is expected to double to 47 models by the end of 2024, and Stellantis is targeting global BEV sales of 5 million by 2030. "We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024," Tavares said.

☆ Bumper merger savings help Stellantis profit top forecast
▼ + stars: | 2023-02-22 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

It will also pay a dividend of 4.2 billion euros on 2022 results, or 1.34 euros per share. Adjusted earnings before interest and tax (EBIT) came in at 10.95 billion euros for July-December, topping analysts' consensus estimate in a Reuters poll of 9.63 billion euros. It reiterated the same margin target for 2023, as well as one for positive cash flows. Increased industrial costs had an overall impact on the group's results last year of over 9 billion euros. "Challenges continue in securing capacity for (vehicle) outbound transportation: initially it was from plants to compounds and from compounds to dealers.

☆ Carmaker Stellantis upbeat about future of German brand Opel - magazine
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 1, 2022. REUTERS/Gonzalo FuentesBERLIN, Feb 19 (Reuters) - Franco-Italian carmaker Stellantis is upbeat about the outlook of its German subsidiary Opel which it believes will be able to keep operating as a separate brand, the company's Europe chief Uwe Hochgeschurtz told magazine Automobilwoche. "I'm happy with the brand and with its array of products," Hochgeschurtz was quoted as saying in the interview published on Sunday. Hochgeschurtz blamed Opel's loss of market share largely due to inadequate transport capacity to deliver the cars to sellers. "Given the lack of truck drivers, there is only limited transport capacity.

"The amount of energy BEVs need is so enormous that I see a strain on our grid that ultimately it can't fulfill." Daimler Truck will invest up to 15 billion euros ($16 billion) on fuel cells over the next decade, Daum said. Symbio, which supplies fuel cells for Stellantis vans, expects global fuel cell vehicle sales to reach 2 million units annually by 2030 and wants a 10% share. Both General Motors (GM) (GM.N) and Toyota (7203.T) are testing fuel cells for larger vehicles including semi-trucks and trains to build scale and lower costs. While Volkswagen is not currently investing in fuel cells, it has hundreds of patents around the technology.

☆ Carmaker Stellantis to open software development hub in Poland
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Companies Stellantis NV FollowMILAN, Feb 15 (Reuters) - Stellantis (STLAM.MI) said on Wednesday it will open a new software development hub near a manufacturing plant in Poland, staffing it with up to 300 people in the south-western city of Gliwice. The facility will add "software development resources to existing Stellantis technical operations in Europe," the carmaker said. The company already operates software development hubs in countries including Italy, France, Germany, United States, India and Brazil. Stellantis said it aimed to generate 20 billion euros ($21.36 billion) in incremental annual revenues by 2030 through its software-driven strategy. ($1 = 0.9363 euros)Reporting by Angelo Amante; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Carmaker Stellantis strikes nickel sulphate supply deal with Terrafame
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

PARIS, Jan 18 (Reuters) - Carmaker Stellantis (STLA.MI) and Finnish company Terrafame announced on Wednesday that they had struck a deal whereby Terrafame will supply Stellantis with nickel sulphate over a five-year period, starting from 2025 onwards. "This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack needs,” Stellantis Chief Executive Carlos Tavares said in a statement. The carmaker said the agreement with Terrafame "willcover a significant portion of the needs for sustainable regionally sourced nickel." Last week, Stellantis struck a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite, the latest in a series of accords for the procurement of raw materials for electric batteries. Reporting by Sudip Kar-Gupta and Alvise Armellini, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Agnelli warns of Premier League dominance as he quits Juventus
▼ + stars: | 2023-01-18 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +4 min

SummarySummary Companies Agnelli warns Premier League will marginalise rivalsStepping down from Juventus and two other board rolesNew Juventus board faces legal battle over accountsTURIN, Italy, Jan 18 (Reuters) - Outgoing Juventus <JUVE.MI> Chairman Andrea Agnelli, who could face trial over the club's accounting, signed off on Wednesday with a plea for reform of European soccer to counteract the power of the English Premier League. As well as leaving Juventus, Agnelli also said he would step down from his board roles at carmaker Stellantis (STLA.MI) and Exor (EXOR.AS), the Agnelli family holding company which controls the football club. Prosecutors in Turin have requested that Agnelli, 11 other people and the club stand trial over allegations of false accounting. "I believed and still believe that European soccer needs structural reforms to tackle the future," he said. Andrea Agnelli retains his role as board member at Giovanni Agnelli B.V., Exor's controlling shareholder, which groups all descendants of Fiat founder Giovanni Agnelli.

☆ Carmaker Stellantis seals batteries material deal with Element 25
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 9 (Reuters) - Carmaker Stellantis (STLA.MI) has signed a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite for batteries for its electric vehicles (EVs), the two companies said on Monday. Based on the five-year binding agreement announced on Monday, Element 25 will supply Stellantis with high-purity manganese sulphate monohydrate to be used in battery packs. Element 25 will source the material from its Butcherbird project in Western Australia and plans to construct a processing facility in the United States. Stellantis, meanwhile, will make an equity investment in Element 25, the two companies added in a statement. "Our commitment to a carbon net-zero future includes creation of a smart supply chain to ensure we meet our customers' desire for EVs," Stellantis CEO Carlos Tavares said.

☆ Carmaker Stellantis creates new data services business
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +2 min

Companies Stellantis NV FollowJan 5 (Reuters) - Carmaker Stellantis (STLA.MI) said on Thursday it was establishing a new business unit to help expand its data services business, part of its plans to boost revenue from software-related activities over the next decade. The new unit, called Mobilisights, will license data to a wide range of customers including rival carmakers, drawing on Stellantis' connected vehicles, which are expected to total 34 million by 2030, up from around 12 million now. It is the second of seven new value-added business units planned by Stellantis, whose brands include Fiat, Peugeot and Jeep. The first was the Circular Economy business, aiming to make more use of recycled material in production. Overall, Stellantis is aiming to double revenue to 300 billion euros a year by 2030, at the same time as keeping profit margins high.

☆ Stellantis to reorganise European dealer network from July 2023
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 24 (Reuters) - Franco-Italian carmaker Stellantis (STLA.MI) said on Thursday it would reorganise its European dealers' network in July next year, starting from Austria, Belgium, Luxembourg and the Netherlands. As part of its efforts to cut costs and support investment for electrification, Stellantis last year said it would end all current sales and services contracts with European dealers for all of its 14 brands, from June 2023. Uwe Hochgeschurtz, Stellantis' chief operating officer for the 'Enlarged Europe' area, said the group aimed to promote a "sustainable" distribution model and all stakeholders would benefit. Stellantis said it ran a comparative economic simulation showing that, under the new planned distribution model, dealers would enjoy "at least equivalent profitability" and reduced exposure to risks. A spokesman for the company said Stellantis' light commercial vehicle brands would enter the new distribution structure from Jan. 1, 2024.

☆ Stellantis to buy software developer aiMotive in autonomous driving push
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

MILAN, Nov 17 (Reuters) - Carmaker Stellantis (STLA.MI) said on Thursday it had agreed to buy aiMotive, a Hungary-based developer of advanced artificial intelligence and autonomous driving software, to advance its technology development efforts. No financial details of the transaction were disclosed. The acquisition enhances Stellantis' artificial intelligence and autonomous driving core technology, expands its global talent pool, and boosts the mid-term development of its all-new STLA AutoDrive platform, the company added in a statement. The deal also supports Stellantis' ambition to generate around 20 billion euros ($20.75 billion) in additional annual revenues by 2030 from software-enabled product offerings and subscriptions. ($1 = 0.9640 euros)Reporting by Agnieszka Flak, editing Federico MaccioniOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis strikes deal with Infineon to secure silicon carbide chips
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Nov 14 (Reuters) - Global carmaker Stellantis (STLA.MI) has signed a non-binding memorandum of understanding (MoU) with German chipmaker Infineon (IFXGn.DE) for a multi-year supply of silicon carbide semiconductors, Infineon said in a statement on Monday. According to the agreement, Infineon will reserve production capacity and supply the power semiconductors directly to Stellantis suppliers in the second half of the 2020s. Well over 1 billion euros' ($1.03 billion) worth of chips could be involved, said Infineon, adding that the chips would be meant for electric vehicles under the Stellantis brands. Chip shortages over the past couple of years have forced global automakers to scrap production plans for millions of cars. ($1 = 0.9696 euros)Reporting by Christina Amann; Writing by Miranda Murray; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Chrysler and Jeep parent Stellantis offering buyouts to some U.S. salaried employees
▼ + stars: | 2022-10-28 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

- Newly-created European carmaker Stellantis motored its way January 18, 2021 onto the Paris and Milan stock exchanges. Stellantis -- created by the merger of France's PSA and US-Italian rival Fiat Chrysler -- is the world's fourth-biggest automaker by volume. (Photo by JEFF KOWALSKY / AFP) (Photo by JEFF KOWALSKY/AFP via Getty Images)DETROIT – Jeep and Chrysler parent company Stellantis is offering buyouts to some of its 13,000 U.S. salaried employees, as the automaker attempts to cut jobs and realign its workforce for electric vehicles and software services. A Stellantis spokeswoman declined to say how many domestic salaried employees are eligible for the program, or whether the automaker has a target for how many workers it would like to take the packages. The automaker, which was formed by the merger of Fiat Chrysler and France-based Groupe PSA in January 2021, offered similar buyouts a year ago to pension-eligible employees.

☆ Stellantis expects semiconductor supply to be fixed by end of 2023
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

PARIS, Oct 18 (Reuters) - Carmaker Stellantis (STLA.MI) expects the shortage in the supplies of semiconductor chips to be fixed by the end of 2023 and inflation to be under control in one or two years, Chief Executive Carlos Tavares said on Tuesday. "By the end of 2023, semiconductor supply will be fixed," Tavares said at the Paris Car Show. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sudip Kar-Gupta Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis signs framework deal for Fiat vehicle production in Algeria
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 13 (Reuters) - Carmaker Stellantis said on Thursday it had signed a framework agreement with Algeria to develop activities of its Fiat brand in the county, including for local production of vehicles. The deal covers a project for the development in Algeria of industrial, after-sales and spare parts activities for Fiat, as well as the development of the automotive sector in the country, Stellantis said in a statement, after signing the agreement with the director of cooperation of Algeria's industry ministry. The world's fourth-largest carmaker, which houses brands including Peugeot, Citroen, Alfa Romeo, Jeep and Opel, did not provide further details about the activities it will start under the agreement. "The quality of the ongoing discussions makes us confident about the development prospects of the Fiat brand, which will be keen to meet the expectations of Algerian customers," Stellantis CEO Carlos Tavares said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Giulio Piovaccari; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis opens software hub in India to support digital strategy
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

MILAN, Oct 12 (Reuters) - Carmaker Stellantis (STLA.MI) said on Wednesday it had inaugurated a new software hub in Bengaluru, India, its second innovation centre in the country, focusing on cockpit and driver assistance technologies. Stellantis aims to generate 20 billion euros ($19.4 billion) in additional annual revenues by 2030 from its software-driven strategy. It will house laboratories including a next-generation acoustic one, developing specific audio signatures as well as premium audio experiences for Stellantis vehicle owners. read moreStellantis, the world's fourth largest carmaker, is present in the Indian market with its Jeep and Citroen brands. ($1 = 1.0305 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Giulio Piovaccari Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "carmaker Stellantis"

25 mentions found