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Leasys and Free2move Lease have announced a consolidation of their businesses to form a new mobility company, with each party holding 50% of the shares. This company aims to specialize in multi-brand operational leasing and will operate in 11 countries with a fleet of approximately 828,000 vehicles, targeting 1 million vehicles by 2026. Richard Bouligny has been appointed as Chairman, while Rolando D’Arco will serve as CEO. This merger follows binding agreements made in the first half of 2022 and is expected to close in the first half of 2023, pending regulatory approvals.
Stellantis has announced its 2023 Annual General Meeting (AGM) agenda, scheduled for April 13, 2023, in Amsterdam. Shareholders can access the AGM materials, including audited financial statements for the fiscal year ending December 31, 2022, on the company’s official website. The available documents can be viewed and downloaded, and hard copies can be requested for free.
This AGM is significant for shareholders as it involves key decisions that could impact the company's future direction and performance.
Stellantis and Koç Holding announced a strategic agreement to enhance their Tofaş partnership in Türkiye, consolidating commercial activities for all Stellantis brands under Tofaş. This move aims to create synergies and increase operational efficiency. Notable developments include the allocation of the new 'K0' model production to Tofaş for five brands, with a launch aimed for early 2025. The current production of Doblo will continue until July 2023. Additionally, the existing Fiat Egea/Tipo project is extended to the end of 2025. This agreement signifies confidence in Türkiye's automotive market amidst recent challenges, emphasizing improved customer-centric offerings and potential growth opportunities.
Stellantis has announced a significant $155 million investment in McEwen Copper to secure its copper supply for electric vehicle production, furthering its commitment to be carbon net zero by 2038. With this investment, Stellantis acquires a 14.2% equity stake, becoming the second-largest shareholder in McEwen Copper.
The Los Azules project in Argentina aims to produce 100,000 tons of high-purity cathode copper annually starting in 2027. This partnership aligns with Stellantis' goal to innovate and ensure the availability of strategic raw materials for its global electrification plans.
Stellantis N.V. has published its 2022 Annual Report and filed its 2022 Form 20-F with the U.S. Securities and Exchange Commission on February 24, 2023. These documents are accessible in the Investors section of Stellantis' corporate website. Shareholders can request a hard copy of these materials at no charge. The 2022 Annual Report and Form 20-F provide essential insights into the company's financial performance and regulatory compliance, contributing to its goal of becoming a leader in sustainable mobility. For further details, stakeholders can visit www.stellantis.com.
Thierry Koskas has been appointed as Citroën Brand CEO and Stellantis Chief Sales & Marketing Officer, effective March 1, 2023. This appointment comes in response to the increasing challenges in the electrified mobility sector and the emergence of new competitors. Koskas aims to enhance the Citroën brand both in Europe and globally, leveraging his experience as a brand commercial director. He retains direct reporting responsibilities to CEO Carlos Tavares. The previous CEO of Citroën, Vincent Cobée, has decided to leave for personal projects.
Stellantis has approved a €1.5 billion share buyback program, aiming to repurchase shares on the market until December 31, 2023. The initiative is backed by the company's strong cash flow and balance sheet, ensuring liquidity while enhancing shareholder value. This program follows a previous buyback of 69.1 million shares, with 244 million shares remaining authorized. These shares will be purchased at a maximum of 110% of the average market price for the prior five trading days. The company will keep investors updated through press releases and its website.
Stellantis has announced a record €2 billion profit-sharing distribution to its employees worldwide, based on their strong performance in 2022, which saw a €200 million increase from 2021. This milestone reflects the company's successful navigation of a challenging supply-constrained automotive market while launching its Dare Forward 2030 strategic plan aimed at establishing Stellantis as a sustainable mobility leader. CEO Carlos Tavares emphasized the link between the company’s success and employee rewards, aligning with Stellantis’ pay-for-performance culture.
Stellantis NV reported a significant financial performance for FY 2022, with net revenues of €179.6 billion, an 18% increase from FY 2021 Pro Forma. The net profit reached €16.8 billion, up 26%, while adjusted operating income rose 29% to €23.3 billion with a 13.0% margin, surpassing their 2030 target of >12%. Industrial free cash flows increased by 78%, totaling €10.8 billion. The company also noted net cash synergies of €7.1 billion and plans for a €4.2 billion ordinary dividend and a €1.5 billion share buyback program. Stellantis continues leading in BEV sales in the EU and U.S.
Stellantis is enhancing its software development capabilities by opening a new hub in Poland, set to employ up to 300 staff in data analytics and software development. This hub, located in Gliwice, will enhance Stellantis' existing technical operations in Europe, alongside its seven other hubs globally. The partnership with GlobalLogic Inc. aims to expedite recruitment and establish the facility efficiently. The hub's focus will be on base software and application development, contributing to Stellantis' commitment to software-defined vehicles and aiming for €20 billion in incremental annual revenues by 2030.
