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☆ 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.

☆ 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.

☆ 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.

☆ Rothschild holdouts have little chance of a bump
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 14 (Reuters Breakingviews) - The dynasty behind famed investment bank Rothschild & Co (ROTH.PA) has sided with France’s business elite to buy out minority investors on the cheap. Any potential holdouts, though, have little hope. If they miss that threshold, the Rothschild family can keep whatever shares they get. That means they could just try the whole thing again next year – but starting from a higher ownership base. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Spanish police arrest man suspected in 2022 parcel-bomb case
▼ + stars: | 2023-01-25 | by ( Vincent West | ) www.reuters.com time to read: +3 min

[1/6] Spanish police officers guard outside a building after the arrest of a man suspected of being the sender of letter-bombs in November and December to the Ukrainian and U.S. embassies and several institutions in Spain, in Miranda de Ebro, Spain January 25, 2023. The man was detained in the northern town of Miranda de Ebro, and police searched his home. The suspect is a retired Spanish citizen with the initials P.G.P. The man used to work for the town hall of the Basque capital Vitoria-Gasteiz before retiring in 2013, a city spokesperson said. Spanish officials have declined to comment on the report, while a senior judicial source denied having knowledge of such a line of investigation.

☆ 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.

☆ Stellantis, Vulcan Energy to develop renewable energy assets in Germany
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - Automaker Stellantis (STLA.MI) has teamed up with lithium group Vulcan Energy Resources (VUL.AX) to develop geothermal energy projects in Germany to help decarbonise production of electric vehicles at Rüsselsheim, the two companies said on Tuesday. Stellantis' Rüsselsheim facility is where the world's third largest carmaker by sales produces its DS 4 and Opel Astra models. War in Ukraine has tightened Europe's energy supply, causing uncertainty for manufacturers already suffering from strained supply chains for raw materials and components such as semiconductors. Stellantis CEO Carlos Tavares said the partnership with Vulcan reinforced the group's commitment to greater use of cleanenergy. The carmaker, formed two years ago through the merger of Fiat Chrysler and Peugeot maker PSA, already has a deal with Vulcan for lithium supply from the miner's project in the Upper Rhine Valley in Germany.

☆ 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 build U.S. firm Archer's air taxi
▼ + stars: | 2023-01-04 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

PARIS, Jan 4 (Reuters) - Car maker Stellantis (STLA.MI) will help build Archer Aviation's (ACHR.N) electric aircraft Midnight eVTOL and increase its stake in the U.S. company, the two firms said on Wednesday. Industrial firms and new startups are flocking to invest in air taxis, which can take off and land vertically to ferry travellers to airports or on short trips between cities, allowing them to beat traffic. It is designed for back-to-back short distance trips of around 20 miles, with a charging time of approximately 10 minutes in-between. "The goal is for Stellantis to mass produce Archer’s eVTOL aircraft as its exclusive contract manufacturer," the companies said in a joint statement. Stellantis will also increase its existing stake in Archer through stock purchases in the open market.

Some elements of the Jeep joint venture's failure are particular to Stellantis - and the former car groups that feature among its 14 brands. But data compiled for Reuters by consultancy LMC Automotive expose a problem shared by a number of other global carmakers: plummeting Chinese plant usage. Reuters GraphicsThe Jeep failure in China happened less than two years after Stellantis was formed by the merger of PSA and Fiat Chrysler. "Chinese companies actually have an early mover advantage because they embraced electrification faster than the foreign companies were willing to," he added. While fully-electric cars make up an average of 5% of models foreign carmakers sell in China, they account for 30% of Chinese carmakers' models, according to LMC data.

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