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Stellantis is shifting its focus in China by implementing an asset-light approach to enhance the Jeep brand. The company plans to support Jeep customers through an electrified lineup of imported vehicles and experienced local dealers. Due to a lack of progress in increasing its share of the GAC joint venture, Stellantis is terminating the partnership, which has been financially unviable, leading to a non-cash impairment charge of approximately €297 million in the first half of 2022.
Stellantis and Dongfeng have entered into a heads of agreement allowing Dongfeng to sell up to 99.2 million common shares, representing 3.16% of Stellantis' capital. Stellantis can accept offers to purchase these shares based on the average closing prices from the five trading days prior. Should Dongfeng opt for an accelerated book build, Stellantis has the opportunity to be a cornerstone investor. All transactions will comply with the authority granted at the April 13, 2022 general meeting.
Stellantis awarded seven technology startups with its inaugural Startup Awards, showcasing successful partnerships aimed at enhancing sustainable mobility. This initiative is part of Stellantis' Dare Forward 2030 strategy, focusing on customer-centered solutions for clean and affordable mobility. Notable projects include the Emergency Vehicle Alert System and an augmented reality head-up display. Stellantis continues to engage deeply with the startup ecosystem, having signed over 40 contracts and launched Stellantis Ventures with a €300 million fund for innovation in automotive technology.
Stellantis N.V. has announced that it will release its First Half 2022 Results on July 28, 2022. A live webcast and conference call will take place at 12:30 p.m. CEST / 6:30 a.m. EDT. Investors can access the related press release and presentation materials on the Stellantis corporate website starting at 8:00 a.m. CEST / 2:00 a.m. EDT. A recorded replay will also be made available.
Stellantis is set to host the Stellantis Startup Awards on July 13, 2022, at 2:30 p.m. CEST / 8:30 a.m. EDT. This digital event aims to introduce seven key technology partnerships that will support Stellantis' transformation into a sustainable mobility technology company, aligning with its Dare Forward 2030 ambitions. CEO Carlos Tavares will discuss strategies for leveraging the startup ecosystem.
Stellantis has invested over €2 billion in its French manufacturing operations since 2018. Significant funding, including €150 million for the Trémery-Metz facilities, aims to enhance powertrain capabilities for battery electric and hybrid vehicles. The upgrades support Stellantis' electrification goals, targeting 100% BEV sales mix in Europe and 50% in the U.S. by 2030. New joint ventures, including Emotors and e-Transmissions, will produce electric motors and advanced transmissions, driving future growth in the EV market.
Stellantis has announced a €50 million investment in Vulcan Energy, making it the second largest shareholder in the company. This investment aims to enhance low-carbon lithium hydroxide production, vital for Stellantis’ electric vehicle production in Europe. The partnership extends the existing agreement for ten years, supporting Vulcan's Zero Carbon Lithium™ Project, which focuses on producing lithium with a net-zero carbon footprint. Stellantis aims for 100% battery electric vehicle sales in Europe by 2030 as part of its Dare Forward 2030 strategy.
Stellantis has announced a €33 million investment in global testing hubs to enhance its R&D capabilities, crucial for achieving its Dare Forward 2030 strategic plan. This investment focuses on electrification and autonomous driving technologies, supporting the company’s goal of a 50% reduction in carbon emissions by 2030. Key improvements include upgrades at the Orbassano Safety Center in Italy and the winds tunnel in Auburn Hills, Michigan. These upgrades will facilitate advanced testing of battery-electric vehicles and enhance aerodynamics measurement, respectively.
On June 15, 2022, Stellantis celebrated excellence in its supply chain by recognizing 12 global suppliers at the second annual Stellantis Supplier Awards. The awards highlighted exceptional contributions across nine categories, emphasizing quality, commitment, and operational excellence. Maxime Picat, Chief Purchasing and Supply Chain Officer, reiterated Stellantis's goal to achieve 100% Battery Electric Vehicle (BEV) sales in Europe and a 50% BEV sales mix in North America, while also aiming to reduce BEV costs by 40% as part of its Dare Forward 2030 strategy.
