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☆ G.M. and Stellantis Paid $364 Million in Fuel Economy Fines
▼ + stars: | 2023-06-02 | by ( Neal E. Boudette | ) www.nytimes.com time to read: +1 min

General Motors and Stellantis paid a combined $363.8 million in penalties for failing to meet federal fuel-economy standards for cars and trucks they produced in previous years, according to federal government documents posted on Friday. paid $128.2 million for failing to meet the targets with the light trucks it sold in 2018 and 2019, according to documents published on the National Highway Traffic Safety Administration’s website. Stellantis, the company created when Fiat Chrysler merged with the French automaker Peugeot, paid $235.6 million for cars it sold in 2016 and 2017. paid its fine in December, the documents showed, and Stellantis made payments in December and May. The penalties were levied under the corporate average fuel-economy standards that the safety agency oversees.

Persons: Stellantis, G.M Organizations: Motors, Fiat Chrysler, French, Peugeot, Reuters

☆ Stellantis will need one or two additional U.S. battery plants - Tavares
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

BILLY-BERCLAU, France, May 30 (Reuters) - Stellantis (STLAM.MI) will need one or even two additional large factories for electric vehicles batteries in the United States to reach its output targets, the company's chief executive, Carlos Tavares, said on Tuesday. Speaking to journalists at the inauguration of a so-called gigafactory in northern France, Tavares said the Franco-Italian carmaker would need more similar plants in North America, where it already announced plans for two sites. The U.S. Inflation Reduction Act had created "very favourable" investment conditions in the country, Tavares added. Stellantis, whose brands include Fiat and Peugeot, is targeting a global battery production capacity of battery cells equivalent to 400 gigawatt-hours (GWh) by 2030. Reporting by Gilles Guillaume, writing by Tassilo Hummel, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

☆ An Automaker Has a Stark Warning for the U.K. Car Industry
▼ + stars: | 2023-05-18 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

A distress flare has gone up from the beleaguered British car manufacturing industry. The company implied that it might shut down its two plants in Britain, where it employs more than 5,000 people. manufacturing becomes uncompetitive and unsustainable, operations will close,” the company warned in a five-page document published this week. These words resonated across the country on Wednesday, partly because Stellantis plans to play an important role in the electrification of the British auto industry. Stellantis is already the largest producer in Britain of the popular Vauxhall commercial vans.

☆ Stellantis warns UK risks exodus of EV production under post-Brexit rules
▼ + stars: | 2023-05-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Stellantis manufactures Vauxhall, Fiat, Opel and other vehicles across two plants in the U.K., employing more than 5,000 people. It plans to move both toward majority and then 100% EV production as it rolls out electrification across its brands. "If the cost of EV manufacturing in the U.K. becomes uncompetitive and unsustainable, operations will close," it said, citing previous decisions by BMW Group to relocate electric Mini production to China, and investments by Honda in EV production in the U.S. following the closure of its U.K. site. However, they will become progressively stricter in the coming years, rising to 45% and then 65% in terms of required domestic production. The company warned the U.K. does not have a sufficient supply of the materials needed to support vehicle battery production.

☆ Stellantis: Brexit deal must change or UK car factories will close
▼ + stars: | 2023-05-17 | by ( ) edition.cnn.com time to read: +3 min

British car factories will be forced to close with the loss of thousands of jobs if the government does not renegotiate its Brexit trade deal immediately, automaker Stellantis warned on Wednesday. “If the cost of EV manufacturing in the UK becomes uncompetitive and unsustainable, operations will close,” Stellantis said in a submission to a House of Commons committee examining the prospects for Britain’s electric vehicle industry. It’s 800,000 jobs in the UK, which is basically those jobs associated with the car industry,” said Palmer, who is also chairman of European battery manufacturer InoBat. Britain has drawn electric vehicle investment from Nissan (NSANF) and Ford (F), while other big players are still weighing up where to invest. Stellantis had announced a 100 million pound ($126 million) electric vehicle investment in its Ellesmere Port site in 2021.

☆ Change Brexit deal or watch factories close, carmaker Stellantis warns
▼ + stars: | 2023-05-16 | by ( Kate Holton | ) www.reuters.com time to read: +3 min

May 16 (Reuters) - British car factories will be forced to close with the loss of thousands of jobs if the government does not renegotiate its Brexit deal immediately, automaker Stellantis (STLAM.MI) warned on Wednesday. "Manufacturers will not continue to invest and (instead will) relocate manufacturing operations outside of UK, as seen with previously established UK manufacturers such as Ford and Mini." Under the trade deal agreed when Britain left the bloc, 45% of the value of an electric vehicle must come from Britain or the EU from 2024 to avoid tariffs. "If you don't have a battery capability in the UK, then those car manufacturers will move to mainland Europe." Britain has drawn electric vehicle investment from Nissan and Ford, while other big players are still weighing up where to invest.

☆ Stellantis says UK needs to change Brexit deal -BBC
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

Companies Stellantis NV FollowMay 16 (Reuters) - Stellantis (STLAM.MI), one of the world's biggest automakers, has said that UK needs to renegotiate parts of its Brexit deal or risk losing parts of its car industry, the BBC reported on Tuesday. The carmaker urged the government to reach an agreement with the European Union about keeping the current rules till 2027, or else "trade between the UK and EU would be subject to 10% tariffs," BBC quoted Stellantis as saying. Stellantis said its UK investments were based on meeting the strict terms of the post-Brexit free trade deal, citing a submission to a Commons inquiry into electric car production, said the report without mentioning when the statements were made. Under the trade deal, starting 2024, 45% of the value of EVs should originate in the EU or UK to qualify for trade without tariffs, the BBC said. Stellantis' submission says that uncompetitive electric vehicle costs will mean "manufacturers will not continue to invest" and will "relocate manufacturing operations outside of the UK", the report said.

Stellantis shares were down 2.1% by 0720 GMT, the worst performers within Italy's blue-chip index (.FTMIB). Jefferies analysts said in a note that while revenues were improving, the inventory situation was to be monitored. CHIP FULFILMENTIn the first quarter, Stellantis' net revenue rose to 47.2 billion euros ($52 billion), topping analyst expectations of 45.5 billion euros in a Reuters poll, while consolidated shipments were up 7% to around 1.48 million units. "A better fulfilment of semiconductor orders is slowly but surely improving our capacity to produce vehicles," Palmer said. Sales of battery electric vehicles (BEV) rose 22% in the first quarter, Stellantis said, adding it would add nine new BEV models this year.

☆ Jeep, Dodge maker Stellantis posts first-quarter revenue jump as chip supply eases
▼ + stars: | 2023-05-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Attendees view vehicles at the Jeep booth during opening day of the 2023 New York International Auto Show (NYIAS) in New York, on Wednesday, April 7, 2023. Carmaker Stellantis on Wednesday posted a 14% annual rise in first-quarter net revenues as an easing of semiconductor supply chain pressures boosted shipments. The Dutch-headquartered company, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France's PSA Group, recorded first-quarter net revenues of 47.2 billion euros ($52 billion). The manufacturer of Jeep, Dodge, Peugeot and other brands said consolidated shipments increased 7% from the first quarter of 2022 to 1.48 million, as a result of "improvement in semiconductor order fulfilment." "Our global footprint and diverse product portfolio means we are well-positioned to continue delivering strong financial performance throughout the year," Chief Financial Officer Richard Palmer said in a statement.

☆ Keshub Mahindra, Billionaire Indian Industrialist, Dies at 99
▼ + stars: | 2023-05-01 | by ( Daniel E. Slotnik | ) www.nytimes.com time to read: +1 min

Keshub Mahindra, an Indian industrialist who built a family steel and automotive business into a vast multinational conglomerate, but whose reputation was marred by his conviction for negligence in a poison gas leak that killed thousands of people in Bhopal in 1984, died on April 12. His company, Mahindra Group, confirmed his death in a statement but did not specify where he died. Under Mr. Mahindra’s leadership, the company expanded rapidly from its core businesses of steel trading and building Willys jeeps to become a conglomerate with businesses in more than 20 industries, including cloud and network technology, hospitality, renewable energy, logistics, financial services and real estate. He made international partnerships with companies like Peugeot, British Telecom and Mitsubishi, helping those companies build businesses in India while taking Mahindra global. He did not neglect Mahindra’s core business as he expanded, and in time the company became a leading automobile manufacturer in India, known for SUVs, and a global purveyor of tractors.

☆ TikTok is looking more and more like a record label. It’s annoyed many in the music industry.
▼ + stars: | 2023-04-21 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

Allbirds is one of the brands I'm looking at. TikTok is looking more and more like a record label. When TikTok launched SoundOn, a song-distribution and artist-services platform, some in the industry wondered whether it was trying to muscle its way into record labels' territory. TikTok is now looking to hire people who will "identify, sign, and develop new artists" as well as "design live show and merchandise strategies for artists globally." Get a front-row seat to TikTok's transformation into a record label here.

☆ Automaker Stellantis hires ex-Adidas, grocery executive as CFO
▼ + stars: | 2023-04-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Stellantis on Wednesday said it has hired the chief financial officer from global grocery company Ahold Delhaize to replace CFO Richard Palmer, who plans to leave the company at the end of June. Palmer will be succeeded by Natalie Knight, who has served as CFO at the Netherlands-based food retailer since early 2020. The automaker did not release details regarding why Palmer, who served as CFO through two major global mergers, is leaving the company. The resulting automaker then merged with French company PSA Groupe in 2021, forming Stellantis. Stellantis said Knight will be based at the company's U.S. headquarters in Auburn Hills, Michigan, "with extensive travel to Europe and the other regions."

☆ Maserati's going electric while simultaneously reconnecting to its gas-powered past
▼ + stars: | 2023-04-19 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

Next year, Maserati will reveal a fully electric sedan for which they will be no gas-powered version at all. So does Ferrari, Maserati’s sister brand until a few years ago when it was spun off under its own stock symbol. The Maserati Grecale SUV has an aggressive driving feel. Now that the spinoff of Ferrari has left Maserati the company’s only ultra-luxury brand, Grasso feels more is expected, he said. “We can only be at ease when Maserati’s profitability is above Stellantis’s profitability,” he said.

☆ Lack of electric vans opens door for Chinese, other EV makers
▼ + stars: | 2023-04-13 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

[1/3] Tristan Thomas, CEO of Packfleet, demonstrates charging an electric van made by Chinese brand Maxus at the fully-electric package delivery firm's headquarters in London, Britain, October 27, 2022. Packfleet grew tenfold in 2022 and CEO Tristan Thomas said most of the company's 53-vehicle fleet are Maxus vans. SAIC said it sold 18,000 mostly electric Maxus brand vehicles in Western Europe and Scandinavia last year, including buses and pickup trucks. Fleet manager Sean Clifton has 50 additional Ford vans and 20 Maxus vans on order, but will need more soon as Asda electrifies its 1,300 delivery vans. There is no difference in delays for conventional and electric vans at Renault, said commercial vehicle marketing director John Cleworth.

☆ Amid risk of stalling in EV race, Spain's rebooted aid scheme gets warm reception
▼ + stars: | 2023-04-11 | by ( Joan Faus | ) www.reuters.com time to read: +6 min

Madrid will launch a new, more flexible version of the PERTE scheme around July, worth 2 billion euros ($2.2 billion) after last year's initial funding round flopped, with only 27% of an earmarked 2.9 billion euros allocated. Stellantis already manufactures EVs in Spain and received 67 million euros from the first PERTE, but could request more funds to boost production. Griffiths said using the EU funds is "essential" for Spain's future as some investments would otherwise be non-viable. Unlike Germany, Europe's leading car producer, Spain lacks a domestic manufacturer to champion the EV cause. In last year's PERTE round, VW-SEAT received the highest payout, of 357 million euros, but had hoped for more.

☆ 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.

☆ Ford and GM follow Tesla's lead and wade into China price war by offering big discounts to boost sales, report says
▼ + stars: | 2023-03-19 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Ford and GM are among dozens of carmakers offering deep discounts on cars in China to boost sales. Tesla was among the first to slash its prices after China ended its electric vehicle subsidies. Tesla was one of the first carmakers to cut prices in the US and Europe as well as China. In January it cut US prices of the Model 3 sedan by 14% and Model Y by 20%. It then lowered prices this month on the Model S sedan by $5,000 and its Model X by $10,000.

☆ Stellantis in talks to assemble electric cars in Spain, Cinco Dias reports
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

MADRID, March 13 (Reuters) - Stellantis (STLAM.MI) is in talks with the Spanish government regarding the production of small electric vehicles in the country, newspaper Cinco Dias reported on Monday citing unidentified sources at the Industry Ministry and the carmaker. The company is negotiating with the government conditions of state aid to be granted to the project, the newspaper said. A ministry spokesperson was not immediately able to comment and Stellantis did not immediately respond to a request for comment. Stellantis has plants in the cities of Madrid, Vigo and Zaragoza where it assembles Opel, Citroen and Peugeot cars. Reporting by Inti Landauro; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis to invest $155 million in U.S. to produce new electric drive modules
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

Companies Stellantis NV FollowMILAN, Feb 28 (Reuters) - Stellantis (STLAM.MI) said on Tuesday it will invest a total of $155 million in three plants located in Kokomo, Indiana, to produce new electric drive modules (EDM) that will be fitted in electric vehicles which the carmaker will assemble in North America. "With the investment, more than 265 jobs will be retained across all three plants," it said. Stellantis aims to have battery electric vehicles (BEV) account for 50% of its sales in the U.S. by 2030. Stellantis was created through the $52 billion merger of Fiat Chrysler and Peugeot maker PSA in 2021. Reporting by Giulio Piovaccari; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ 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, unions agree 2,000 voluntary job cuts in Italy this year
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

MILAN, Feb 27 (Reuters) - Stellantis (STLAM.MI) and unions signed an agreement to cut up to 2,000 workers from the carmaker's Italian operations this year through voluntary redundancies, workers' representatives said on Monday. The redundancies amount to more than 4% of Stellantis' current workforce in Italy of around 47,000 people, FIM, UILM, Fismic, Uglm and Aqcfr unions said in a joint statement. Incentives will vary based on seniority and proximity to retirement age, the unions added. Proposed packages will be smaller for younger workers, while office workers will also be offered relocation schemes, unions said. The deal adds to at least two previous accords Stellantis and unions signed last year for more than 2,500 voluntary layoffs in Italy.

☆ Stellantis CEO Tavares' 2022 pay fell 14% to $15.7 million
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - Stellantis (STLAM.MI) CEO Carlos Tavares' 2022 pay fell 14% to 14.9 million euros ($15.71 million), the maker of Fiat, Ram and Peugeot vehicles said in a filing on Friday. Tavares did not receive a retention bonus in 2022, compared with a bonus of about 2 million euros in 2021, the filing showed. Over 90% of Tavares' pay came from variable components after the company posted industrial free cash flows of 10.8 billion euros last year, well above the maximum target of 8.1 billion euros. Stellantis also achieved cash synergies of 7.1 billion euros during the period, far exceeding the 5 billion euros by 2024 target. Last year, Tavares' compensation of around 17.4 million euros drew an angry response from some trade unions, which urged politicians to take measures to cap executive salaries.

☆ Stellantis CEO Tavares' 2022 pay fell 14% to $15.7 mln
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

Stellantis said it had achieved cash synergies of 7.1 billion euros last year, far exceeding the 5 billion euros by 2024 target it had set at the time of the merger. Stellantis's adjusted second-half earnings before interest and tax (EBIT) grew 17% to 10.95 billion euros, topping a consensus estimate of 9.63 billion euros in a Reuters poll of analysts. The margin on adjusted EBIT was 12% in the second half, down from 14.1% in the first six months of the year. It reiterated the same margin target for 2023, as well as one for positive cash flows. ($1 = 0.9393 euros)Reporting by Giulio Piovaccari; Editing Jan Harvey, Mark Potter and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

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