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Stellantis and LG Energy Solution have agreed to form a joint venture to produce lithium-ion batteries in North America, targeting an annual production capacity of 40 gigawatt hours. The new facility is set to support Stellantis' goal of achieving over 40% of U.S. sales from electrified vehicles by 2030, with operations starting in the first quarter of 2024. The partnership, rooted in previous collaborations, aims to enhance battery supply for Stellantis' electric vehicle lineup across the U.S., Canada, and Mexico.
Stellantis N.V. announced it will release its Third Quarter 2021 Shipments and Revenues on October 28, 2021. The timing for the release is set for 8:00 a.m. CEST / 2:00 a.m. EDT, followed by a live audio webcast and conference call starting at 1:00 p.m. CEST / 7:00 a.m. EDT. Interested stakeholders can access the presentation materials via the Stellantis investor section. A replay will also be available after the session.
Stellantis and TotalEnergies have announced that Mercedes-Benz will join Automotive Cells Company (ACC) as an equal shareholder, along with a commitment to boost ACC’s battery production capacity to at least 120 GWh by 2030. The collaboration aims to develop advanced battery technology, aligning with their goal of sustainable mobility. The project mobilizes over seven billion euros in investment, with backing from European authorities, to enhance the region's electric vehicle industry and competitiveness.
Stellantis N.V. announces the resignation of Mike Manley as Head of Americas to become CEO of AutoNation, effective November 1, 2021. Mark Stewart and Antonio Filosa will report directly to CEO Carlos Tavares moving forward. Tavares expressed gratitude for Manley’s contributions, particularly in establishing Stellantis. Manley noted his pride in the company’s performance and his readiness for new challenges. John Elkann also commended Manley for his pivotal role in transforming Jeep and leading FCA to record results.
Stellantis N.V. (NYSE: STLA) has announced the acquisition of First Investors Financial Services Group for approximately $285 million. This strategic move aims to establish a captive finance company in the U.S., enhancing Stellantis' sales finance strategy. The acquisition will allow Stellantis to offer a full range of financing options to customers and dealers, effectively addressing a gap in their market strategy. The deal is expected to close by the end of 2021, pending regulatory approvals.
Stellantis has formed a joint venture with FIH Mobile, named Mobile Drive, to create groundbreaking smart cockpit solutions for vehicles. This partnership combines Stellantis’ automotive expertise with Foxconn's ICT capabilities, aiming to foster innovation in connected vehicles. Mobile Drive will focus on infotainment, telematics, and AI-based applications, benefiting from shared intellectual property and integrated supply chains. The initiative seeks to provide smart cockpit solutions not only for Stellantis vehicles but also for third-party manufacturers.
Stellantis reports a strong performance in H1 2021, achieving a record pro forma operating income margin of 11.4%. All business segments posted profitability, demonstrating resilience and operational efficiency.
Due to this performance, the company has raised its full-year guidance, anticipating an adjusted operating income margin of approximately 10%. These results indicate a positive trajectory for Stellantis, affirming its strategic initiatives and financial health in the competitive automotive market.
Stellantis has successfully signed a new €12 billion syndicated Revolving Credit Facility (RCF) with 29 banks. This facility replaces previous RCFs from Groupe PSA and FCA Group, significantly increasing the company's liquidity and extending the duration of available credit. The RCF consists of two tranches of €6 billion each, with tenors of 3 and 5 years, offering further extension options. This transaction underscores strong support from Stellantis' banking relationships and enhances its corporate financial standing.
Stellantis will announce its First Half 2021 Results on August 3, 2021, with a live audio webcast and conference call starting at 3:00 p.m. CEST / 9:00 a.m. EDT. Interested parties can access the press release and presentation materials on Stellantis' corporate website at www.stellantis.com at approximately 8:00 a.m. CEST / 2:00 a.m. EDT. A recorded replay will be available for those who cannot attend the live session.
Stellantis plans to invest over €30 billion in electrification and software development through 2025, aiming for sustainable double-digit Adjusted Operating Income margins by 2026. The company targets over 70% of sales in Europe and over 40% in the U.S. to be low-emission vehicles (LEV) by 2030. Stellantis will support this strategy with a global EV battery sourcing plan of over 260GWh, and aims to lower battery pack costs by 40% by 2024. The electrification roadmap includes advanced BEV platforms and a commitment to customer affordability.
