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Ed Ditmire has been appointed as the Head of Investor Relations at Stellantis, effective Dec. 1, 2022. Reporting to CFO Richard Palmer, Ditmire aims to enhance investor engagement, especially in the U.S. market, aligning with Stellantis' Dare Forward 2030 strategy. Ditmire joins from Nasdaq with a strong background in equity research and investor relations.
Stellantis announced an investment exceeding €300 million in its Kenitra manufacturing facility in Morocco, aimed at doubling production capacity and launching a new 'smart car' platform. This investment aligns with the company’s strategy to achieve a production capacity of one million vehicles annually by 2030, including local integration of over 70%. The initiative is expected to create nearly 2,000 new jobs and enhance electric vehicle production capabilities. Stellantis aims to capture more than 22% market share in the Middle East and Africa region by 2030.
Stellantis reported Q3 2022 net revenues of €42.1 billion, a 29% increase year-over-year, driven by higher volumes and favorable pricing. Consolidated shipments were 1,281k units, a 13% rise from Q3 2021. The company saw a significant 41% boost in global BEV sales, totaling 68k units. Despite growth, the company’s market share in North America and Enlarged Europe decreased slightly. Stellantis confirmed its FY 2022 guidance with positive industrial free cash flows and a double-digit operating income margin, while unveiling plans for new electric models and collaborations to enhance production capabilities.
The GAC-FCA Joint Venture, a collaboration between Guangzhou Automobile Group and Stellantis, has received shareholder approval to file for bankruptcy, amid ongoing financial losses. Stellantis has fully impaired its investment in the JV, reflecting significant challenges in the Chinese automotive market. Despite this, Stellantis commits to maintaining quality services for its existing and future Jeep customers in China. This decision aligns with Stellantis' strategic focus on sustainable mobility and its operational adjustments.
Stellantis announced the world's first mass production of hydrogen-powered, electric, and combustion engine commercial vehicles at its Hordain facility. Starting in 2024, the plant will produce 5,000 Peugeot Expert, Citroën Jumpy, and Opel Vivaro vehicles annually, supporting Stellantis' ambition in hydrogen technology. The €10 million investment is backed by the French government, reaffirming Stellantis' commitment to low-carbon mobility and job security across its French industrial sites. This innovative manufacturing process aims to meet the needs of long-distance freight professionals.
Free2move eSolutions has appointed Mathilde Lheureux as the new CEO, effective November 1, 2022. Lheureux, who has over 15 years in the automotive sector and previously held key roles at Groupe PSA, is expected to lead the company in supporting Stellantis’ Dare Forward 2030 electrification strategy. The appointment follows Roberto Di Stefano's contributions, as he transitions to another role within Stellantis.
Stellantis showcased its electrified vehicle portfolio at the Paris Motor Show, unveiling three new models: Peugeot e-308, e-308 station wagon, and e-408 at the Mulhouse facility. The display included the world's first hydrogen fuel cell vans, the Citroën ë-Jumpy and Peugeot e-Expert. These initiatives are aligned with Stellantis’ goal of achieving carbon neutrality by 2038, as stated in their Dare Forward 2030 strategy. The company aims to have 12 fully electric models produced in France by 2024, reflecting its commitment to sustainable mobility.
Stellantis has signed a framework agreement with Algerian authorities to enhance local production of Fiat vehicles and develop the automotive sector in Algeria. The agreement, signed by COO Samir Cherfan and Algerian Ministry of Industry's Boussoussa Zineddine, was endorsed by Stellantis CEO Carlos Tavares and Algerian Minister of Industry Ahmed Zaghdar. This initiative aims to meet growing customer expectations in Algeria and strengthen Stellantis's presence in the region, emphasizing the company's commitment to local industrial activities.
Stellantis inaugurated a new software development center in Bengaluru, India, supporting its Dare Forward 2030 strategic plan. The facility spans 50,000 sq. ft. and aims to employ approximately 500 people. This center will focus on developing the STLA SmartCockpit and advancing AI and ADAS technologies for STLA AutoDrive. The initiative reflects Stellantis' commitment to software-defined vehicles and aims to generate €20 billion in incremental annual revenues by 2030. Collaboration with Indian universities is also planned for industry-specific curricula.
Stellantis announced the launch of its Circular Economy Business Unit aiming for over €2 billion in revenues by 2030 to support its target of carbon net zero by 2038. The strategy is based on a 'cradle-to-cradle' model using the 4R approach: reman, repair, reuse, and recycle, enhancing sustainability efforts. A new SUSTAINera label will inform customers about resource and energy savings. The initiative includes international hubs for recycling and remanufacturing, particularly at the Mirafiori Complex in Italy, signaling commitment to sustainable manufacturing.
