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Delivering affordable electric vehicles (EVs) has become a priority for car makers worldwide as the shift to cleaner driving has come with high prices, due largely to battery costs. In 2022, Chinese car makers had a 9% share of Europe's EV market, nearly double the previous year's figure, according to forecasts by consultancy Inovev. Tavares said Western car makers needed to use "the same weapons" as their Chinese rivals, sourcing parts in lower cost countries and striking partnerships with battery suppliers that offer the best combination of energy, cost and weight. Once-dominant Western automakers are also striving to regain ground in China itself, the world's largest car market, after losing share to local manufacturers. Mercedes-Benz (MBGn.DE) said on Thursday it was sticking to its strategy and would not engage in a price war to "buy" market share in China.

Persons: France's, Thierry Pieton, Luca de Meo, Tesla, Carlos Tavares, Tavares, Mercedes, Ola Kaellenius, Kaellenius, Victoria Waldersee, Silvia Aloisi, Mark Potter Organizations: Western, France's Renault, Finance, Renault, SAIC, Inovev, Jato, Tesla, Peugeot, Fiat, Benz, Mercedes, Thomson Locations: Europe, U.S, Western, China, Berlin

☆ Stellantis tops forecasts, looks to cost cuts to keep margins strong
▼ + stars: | 2023-07-26 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

[1/2] A DS 4 automobile, produced by Stellantis, stands on display during its launch event in Paris, France, February 3, 2021. The world's third largest automaker by sales said its January-June adjusted earnings before interest and tax (EBIT) rose 11% to 14.1 billion euros ($15.6 billion), topping the 12.1 billion expected by analysts in a Reuters poll. Milan-listed shares in Stellantis were up 1.6% by 0725 GMT, outpacing a 0.15% rise in Italy's blue-chip index (.FTMIB). He argued that the Stellantis margin performance was still better than those of Tesla (TSLA.O) and GM (GM.N), which he said posted margins of 10.5% and 8.3% respectively. Its first-half EBIT margin fell 60 basis points to 17.5% in North America, the group's most profitable region.

Persons: Benoit Tessier, EBIT, Carlos Tavares, Stellantis, Alfa Romeo, Ram, Natalie Knight, Tesla, Giulio Piovaccari, Gilles Guillaume, Federico Maccioni, Jason Neely, Keith Weir Organizations: REUTERS, Milan, GM, Fiat, Peugeot, Jeep, Thomson Locations: Paris, France, MILAN, Stellantis, North America, China, Europe, Milan

☆ Jeep, Dodge maker Stellantis posts first-half revenue jump, confirms 2023 guidance
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Carmaker Stellantis on Wednesday posted a 12% year-on-year jump in net revenues and 37% spike in net profit for the first half of 2023, boosted by higher shipments. The manufacturer of Jeep, Dodge, Peugeot and other brands recorded second-quarter net revenues of 98.4 billion euros ($108.8 billion) and a net profit of 10.9 billion euros. The company confirmed its 2023 guidance while raising its growth outlook in Europe and the Middle East & Africa from 5% to 7%. Global battery electric vehicle (BEV) and low emission vehicle (LEV) sales were up 24% and 28% year-on-year to 169,000 units and 315,000 units, respectively. "It takes a united effort and open mindset across all our employees to embark on our no-compromise transformation journey while protecting the Company from external challenges."

Persons: Carmaker Stellantis, BEV, Stellantis, Carlos Tavares Organizations: Dodge, Peugeot, Fiat Chrysler, France's PSA Group, Global Locations: Europe, East, Africa, American

☆ Stellantis, Samsung SDI set plan to build second US battery plant
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +3 min

Stellantis said the second U.S. battery plant will be the sixth to support the company's goals. "The second plant will accelerate our market penetration into the U.S.," Samsung SDI CEO Yoon-ho Choi said in the statement. In May 2022, Stellantis and Samsung SDI said they would invest more than $2.5 billion to build their first joint battery plant, to open in the first quarter of 2025 in Kokomo, Indiana. Stellantis is also building a joint-venture battery plant in Windsor, Ontario, in Canada with South Korea's LG Energy Solution (373220.KS). Samsung SDI shares extended gains after Monday's announcement, rising to as much as 4.1% versus a 0.8% increase in the benchmark KOSPI (.KS11).

Persons: Carlos Tavares, Stellantis, Ram, Alfa Romeo, Yoon, Choi, Ben Klayman, Heekyong Yang, Christopher Cushing Organizations: Samsung SDI, North, Peugeot, Jeep, Citroen, Opel, Samsung, South Korea's LG Energy, General Motors, United Auto Workers union, Stellantis, GM, Ford, Thomson Locations: Korean, U.S, Europe, Kokomo , Indiana, Indiana, Windsor , Ontario, Canada, Detroit, Seoul

☆ New EV battery plant fuels labor tensions as UAW strike looms deadline
▼ + stars: | 2023-07-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Stellantis and Samsung SDI announced plans Monday for another EV battery plant joint venture to open in 2027. Four major EV battery plants have opened in recent years and 19 more are planned with Monday’s announcement, according to the UAW. An aerial view of the Stellantis and Samsung Battery Plant construction site in Kokomo, Indiana. Those talks will have to be focused on the wages and benefits for the current UAW members. By comparison, UAW members with top seniority at a Big Three factory get $32.32 an hour, plus an annual bonus and profit sharing.

Persons: New York CNN — Stellantis, Shawn Fain, Stellantis, BEV, Kent Nishimura, ”, it’s, Fain, He’s, “, ” Stellantis Organizations: New, New York CNN, Samsung SDI, United Auto Workers, Stellantis, Jeep, Dodge, Chrysler, General Motors, Ford, UAW, don’t, GM, Fiat Chrysler, PSA Group, Peugeot, Opel, Vauxhall, Samsung Battery, Los Angeles Times, Samsung, Big, LG, SK, CNN, ICE Locations: New York, United States, Europe, Kokomo , Indiana, Warren Ohio, Korean, Kokomo

☆ Stellantis and Samsung SDI set plan to build second U.S. battery plant
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: +1 min

French-Italian automaker Stellantis and South Korean battery maker Samsung SDI on Monday said they plan to open a second joint-venture plant in the U.S. to build electric vehicle batteries, with a target to start production in 2027. The companies said the transaction still needs to be finalized, and where the plant will be located is under review. Also, how much will be invested at the site and how many people it will employ will be announced later. In 2021, Stellantis said it planned to pump $35 billion into EV production and software globally through 2025. Stellantis said the second U.S. battery plant will be the sixth to support the company's goals.

Persons: Carlos Tavares, Stellantis, Ram, Alfa Romeo Organizations: FCA, Technology Center, Stellantis, Samsung SDI, North, Peugeot, Jeep, Citroen, Opel Locations: Stellantis, Auburn Hills , Michigan, Korean, U.S, Europe

☆ Western businesses must find a way to work with China-Stellantis CEO
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Companies Stellantis NV FollowMILAN, July 5 (Reuters) - The head of carmaker Stellantis (STLAM.MI) said Beijing's decision to restrict exports of two metals widely used in semiconductors and electric vehicles should not push Western companies to reduce their exposure to China. "It's not realistic nor it is in the interest of Western companies," Tavares said. However it does work with a number of Chinese companies, including ones using gallium and germanium for products the carmaker is buying from them, Tavares said. Its first application will be for new Peugeot 3008 SUV, whose production will start this year at Sochaux facility in France. With the STLA Medium "we're really entering the race," Tavares told reporters, underlining the company's ambition in electric cars.

Persons: carmaker, Carlos Tavares, Tavares, Giulio Piovaccari, Gilles Guillaume, Keith Weir Organizations: Monday, European Union, Peugeot, Sochaux, Thomson Locations: China, France, Italy, Germany, North America

☆ Stellantis unveils new platform underpinning move to electric vehicles
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

It has plans to move all its future products onto four new BEV platforms, STLA Small, Medium, Large and Frame, starting with STLA Medium from Europe this year. The STLA Medium platform will support several propulsion configurations; in full electric configuration it will feature a standard range of over 500 kilometres, which can be raised to up to 700 kilometres with a 'performance pack'. "BEV is the focus of the design of this platform," Tavares said. Stellantis said it currently offered 26 models in the market segments which will be served by the STLA Medium platform. Aimed at the mid-sized cars, the STLA Medium platform will be the base for up to two million Stellantis vehicles a year, built in several plants across the world, the Italian-French group said in a statement.

Persons: BEV, Carlos Tavares, Stellantis, Tavares, Ram, Alfa Romeo, Giulio Piovaccari, Keith Weir Organizations: MILAN, Wednesday, Fiat Chrysler, Peugeot, PSA, Citroen, Opel, Thomson Locations: Europe, France, Italy, Germany, North America, Italian

☆ Stellantis signs deal with Kuniko for supply of battery materials
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

MILAN, June 30 (Reuters) - Stellantis (STLAM.MI) has signed an offtake and equity investment agreement with Australia-listed Kuniko (KNI.AX), the latest of a string of deals aiming to give the carmaker stable supply of key materials for vehicle batteries. The funds provided by Stellantis will help support Kuniko's brownfield and greenfield battery metals exploration projects in Norway, which include nickel, cobalt and copper. Stellantis' Chief Purchasing and Supply Chain Officer Maxime Picat said the world's third largest carmaker by sales was on an "aggressive path" to securing raw materials needed to meet its electrification targets. "With Kuniko, we are adding another lever to support our European battery needs with a local and environmentally conscious solution from its Norwegian projects," he said. The completion of the offtake agreement and of the share subscription with Kuniko are subject to conditions, including regulatory approvals, the two companies said.

Persons: Stellantis, Maxime Picat, McEwen, Giulio Piovaccari, Gavin Jones Organizations: MILAN, Purchasing, Fiat Chrysler, Peugeot, PSA, Vulcan Energy, Resources, Thomson Locations: Australia, Franco, Italian, Norway

☆ Anglo-French deal could create Europe’s biggest lithium producer
▼ + stars: | 2023-06-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A French minerals company is buying a British startup in a tie-up that could produce enough lithium carbonate to power 500,000 electric vehicles a year. That year is important as Britain is set to ban the sale of new petrol and diesel vehicles in 2030, forcing manufacturers to switch to electric vehicles. The combination of the new facility and an existing one in France “would make Imerys the largest integrated lithium producer in Europe, representing more than 20% of the announced European lithium output by 2030,” the company said. They will require that 45% of the value of electric vehicles traded between Britain and the European Union are sourced from one of the two regions in order to avoid costly tariffs. The deposit of lithium being developed there is set to be the largest in the country, according to Imerys.

Persons: that’s, Imerys, France “ Organizations: Hong Kong CNN, European, Peugeot, Fiat, Industry Locations: Hong Kong, Paris, British, Cornwall, England, Britain, France, Europe, European Union, English

☆ Stellantis aims to relieve 'charging anxiety' with new service for EV users
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

"We look forward to discussing more of that soon," Ricardo Stamatti, senior vice president of the new Charging & Energy Business Unit, said. "The margin on energy (used for charging points) itself is fairly rich," he said. "But ultimately charging is going to be more than energy, it's going to be about what people do while charging (...), think of advertising, retail, media consumption". The Free2move Charge "ecosystem" will offer other services for private customers of Stellantis brands including support for home charging facility installation, and for businesses. It will also allow access to a network of public charging points "through partners" in North America, Europe, and other regions to be announced later, Stellantis said.

Persons: Ricardo Stamatti, Stellantis, Ram, Stamatti, Giulio Piovaccari, Keith Weir, Susan Fenton Organizations: Energy, Ford, General Motors, Energy Business Unit, Jeep, Peugeot, Fiat, Opel, Investments, Thomson Locations: Europe, MILAN, North America

FALLING STARWhen Odey set up Odey Asset Management, it was in the afterglow of then British Prime Minister Margaret Thatcher's deregulation of the stock market in London's 1986 "Big Bang". Privately educated at the elite Harrow school, Odey left Oxford University and began his career in traditional asset management before launching Odey Asset Management. But fund performance at Odey Asset Management has been a rollercoaster, with Odey renowned for taking risks. He liked to say leverage was like a drug - once you experienced it, you could never live without it, one hedge fund manager said. Lawmakers on Britain's Treasury Select Committee have written to the FCA to question the regulator's supervision of Odey Asset Management and Odey.

Persons: Crispin Odey, Odey, Banks, Robert Sears, CIOs, Don Steinbrugge, Margaret Thatcher's, Egerton Capital, Marshall Wace, Winton, Kwasi Kwarteng, Maiya Keidan, Nell Mackenzie, Iain Withers, Lawrence White, Dhara Ranasinghe, Elisa Martinuzzi, Alex Richardson Organizations: TORONTO, Reuters, Odey Asset Management, FT, Tortoise Media, Odey, Management, Britain's Financial, Authority, Generation Partners, Odey's, HSBC, Inc, Wall Street, Agecroft Partners, British, Harrow, Oxford University, Conservative Party, Barclays, Peugeot, Hong Kong, Lawmakers, FCA, Thomson Locations: LONDON, City, London, Toronto

☆ Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoMILAN, June 20 (Reuters) - Carmaker Stellantis (STLAM.MI) and iPhone assembler Foxconn (2317.TW) have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new 'STLA Brain' electronic and software architecture, Foxconn and other customers, the two companies said in a statement. The deal, for which no financial details were provided, follows a preliminary agreement that Stellantis and Foxconn signed in December 2021 to partner in semiconductors for the automotive industry. Separately, Stellantis and Foxconn already have the Mobile Drive joint venture to develop in-car and connected-car technologies for the auto industry.

Persons: Gonzalo Fuentes, MILAN, Foxconn, Stellantis, Ned Curic, SiliconAuto, Giulio Piovaccari, Keith Weir Organizations: REUTERS, Fiat, Peugeot, Thomson Locations: Velizy, Villacoublay, Paris, France, Netherlands

☆ Analyst says this automaker could be next in line for a Tesla supercharger deal
▼ + stars: | 2023-06-20 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

TSLA GM,F 1M line General Motors also struck a similar deal with Tesla earlier this month. "By opening the charging infrastructure, that alleviates the main concern in the U.S., which is range anxiety. The de facto plug standard Narayan also said that such collaborations with Tesla could set a new standard in the automobile industry. Analysts have also suggested that any costs incurred by the carmakers for transitioning to Tesla's North American Charging Standard (NACS) plug standard will likely be immaterial, given the stakes. Since Nov. 2021, Tesla has opened its supercharger network in Europe, Australia, and China to non-Tesla vehicles.

Persons: Tesla, Tom Narayan, Ford, they're, Narayan, it's, Alex Vrabel, Mercedes Organizations: Chrysler, Peugeot, Maserati, RBC, Ford, General Motors, Detroit, GM, Motors, Tesla, CNBC, Toyota, Honda Civic, of, Global, BMW, Volkswagen Locations: U.S, United States, Europe, Australia, China

☆ Macron to meet Elon Musk in Paris to talk Tesla investment
▼ + stars: | 2023-06-14 | by ( Michel Rose | ) www.reuters.com time to read: +3 min

[1/2] A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. "I'm going (into that meeting) with an agenda," Macron told reporters as he visited the VivaTech summit in Paris, France's biggest tech fair, which Musk will visit on Friday. Asked specifically whether he was hoping to secure a Tesla gigafactory, Macron said: "It's up to the company to look at these different issues in Europe. Earlier today, the French minister for digital affairs Jean-Noel Barrot told CNBC: "It will be great to have a Tesla factory in France. France previously tried to convince Musk to build a gigafactory in the country, but he chose Germany for his only such plant in Europe so far.

Persons: Annegret, Emmanuel Macron, Elon Musk, Tesla, Macron, Stellantis, Jean, Noel Barrot, Bruno Le Maire, Musk, Michel Rose, Akash Sriram, Silvia Aloisi, David Gregorio Our Organizations: REUTERS, Tesla, Reuters, Peugeot, Mercedes, Benz, CNBC, Finance, Thomson Locations: Gruenheide, Berlin, Germany, France, Spain, Paris, Europe, Bengaluru

☆ With talk of a Tesla Gigafactory coming to France, Elon Musk heads to the country's biggest tech event
▼ + stars: | 2023-06-08 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

The tech billionaire has said Tesla is hoping to make a major investment in the country. Next week, Musk has a chance to tackle both. Musk getting on stage with the chairman of Publicis at Vivatech should help Twitter's cause here, unless the tech billionaire says the wrong thing. After that gathering, Musk said Tesla was looking to make a significant investment in the country. By the way, Insider advertising reporter Lara O'Reilly will be at Vivatech too next week.

Persons: Elon Musk, Tesla, Elon, Musk, He's, Maurice Lévy, Linda Yaccarino, WPP's GroupM, Emmanuel Macron, Lara O'Reilly Organizations: Tesla, Twitter, The New York Times, Times, Renault, Peugeot Locations: Paris, Vivatech, France, Germany

☆ 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.

☆ 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.

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.

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