Stellantis Explained

Stellantis N.V.
Type:Public
Traded As:
Isin:NL00150001Q9
Hq Location City:Hoofddorp
Hq Location Country:Netherlands[1]
Area Served:Worldwide
Key People:
Num Employees:258,275
Num Employees Year:2023
Revenue: €189.5 billion
Revenue Year:2023
Operating Income: €22.4 billion
Income Year:2023
Net Income: €18.6 billion
Net Income Year:2023
Assets: €202.1 billion
Assets Year:2023
Equity: €82.1 billion
Equity Year:2023
Production: 6.168 million vehicles
Production Year:2023
Brands:
Subsid:
Owners:
Footnotes:[2] [3] [4] [5] [6] [7] [8] [9]

Stellantis N.V. is a multinational automotive manufacturing corporation formed from the merger in 2021 of the Italian–American conglomerate Fiat Chrysler Automobiles (FCA) and the French PSA Group.[10] [11] [12] The company headquarters is in Hoofddorp, Netherlands.

As of 2023, Stellantis was the world's fourth-largest automaker by sales, behind Toyota, Volkswagen Group, and Hyundai Motor Group.[13] In 2023, the company was ranked 61st in the Forbes Global 2000.[14] The company's stock is listed on the Borsa Italiana, Euronext Paris and the New York Stock Exchange.[15]

Stellantis designs, manufactures, and sells automobiles bearing its 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram Trucks, and Vauxhall. At the time of the merger, Stellantis had approximately 300,000 employees, a sales presence in more than 130 countries, and manufacturing facilities in 30 countries.[16]

Etymology

The name comes from the Latin verb stello, in present participle with adjectival value stellans, and carries the meaning "of that (Latin all-gender genitive suffix) that brightens/is adorned/belongs with stars".[17] [18] [19] N.V. stands for naamloze vennootschap, meaning "nameless partnership" in Dutch, refers to a type of public company.

History

In early 2019, Fiat Chrysler Automobiles (FCA) sought a merger with French automaker Renault and reached a provisional agreement with the company.[20] The behaviour of the French government during negotiations led to the abandonment of the deal; The Economist reported that "for FCA, this portended future interference".[21] Nissan also had various concerns about the impact of the proposal on its alliance with Renault.[21] Subsequently, FCA approached Peugeot S.A. (PSA). The merger agreed to in December 2019, was to create the world's fourth-largest carmaker by global vehicle sales with expected annual cost savings of €3.7 billion, or about US$4.22 billion.

On 21 December 2020, the European Commission approved the merger, while imposing minimal remedies to ensure competition in the sector.[22] The merger was approved on 4 January 2021 by the shareholders of both FCA and PSA. The deal was completed on 16 January 2021, and the merged company was renamed to Stellantis N.V. the following day. Common shares of the new company began trading on the Milan Stock Exchange and Euronext Paris on 18 January 2021 and on the New York Stock Exchange on 19 January 2021, in each case under the ticker symbol "STLA".[23] [24] [25]

PSA merged with and into Fiat Chrysler Automobiles N.V., with Fiat Chrysler Automobiles N.V. as the surviving company in the merger. On 17 January 2021, the combined company was renamed Stellantis N.V.[26] International Financial Reporting Standards, or IFRS, mandate the identification of the company acting as the acquirer and the company being acquired. Peugeot is considered the acquirer for accounting purposes, and statements reflect PSA's historical records. Per the filing, the Stellantis board had 11 directors, six from PSA and five from Fiat Chrysler.[27]

The new company's first CEO, vested with full authority to represent Stellantis, was Carlos Tavares, the former president of the PSA managing board, as well as former CEO of PSA Group, with a five-year term as Stellantis CEO. PSA shareholders paid a pre-merger premium to FCA shareholders. Exor, the Agnelli family company that was the largest shareholder of FCA, held the largest stake in Stellantis with 14.4%.[27] The merger agreements allowed the Peugeot family to increase its current 7.2% stake in Stellantis by up to an additional 1.5% by acquiring shares from France's state lender Bpifrance, from Dongfeng, or on the market.[28]

The name Stellantis is exclusively used to identify the corporate entity, while group brand names and logos remain unchanged. In 2021, CEO Carlos Tavares issued a challenge for the group's brands to prove themselves within a 10-year window, in exchange for much-needed investment in new models and technology.[29] [30] [31] [32] The group planned to have 29 electrified vehicle models available by the end of 2021.[33] Stellantis planned to develop four EV platforms by the end of the 2020s.[34] [35] Overall, the company announced more than €30bn would be invested by the end of 2021.[36]

A network of charging stations started in November 2021.[37] In the third quarter of 2021, Stellantis sales of new vehicles dropped due to issues related to the supply chain shortage of semiconductor chips used in their vehicles. Stellantis made an agreement with semiconductor manufacturer Foxconn to supply chips for the company and others in the automotive industry.[38] In June 2022, the company paused production at two French plants due to shortages in semiconductors.[39]

In April 2022, Stellantis halted operations in Russia due to logistical difficulties and the sanctions imposed on the country following the Russian invasion of Ukraine in 2022. On 15 February 2024, Russian operators, collaborating with Dongfeng Motor Group, initiated the production of new Citroën models at a majority owned Stellantis plant in Kaluga, Russia, despite Stellantis halting its Russian operations in April 2022. Stellantis claimed that it has "lost control of its entities in Russia."[40]

In May 2022, Stellantis pleaded guilty to criminal conduct and paid $300 million to settle a probe into its effort to illegally conceal the amount of pollution created by its diesel-engined vehicles. This settled a years-long probe by the United States Department of Justice into the auto maker's efforts to evade emissions requirements for more than 100,000 older models.[41] On 8 July 2022, Stellantis acquired the carsharing platform Share Now.[42] [43] Stellantis placed Share Now's operational management under Free2move.[44] In November 2022, Stellantis acquired the Budapest-headquartered autonomous vehicle technology company aiMotive.[45]

On 15 February 2023, Stellantis said it would establish a new software development and engineering hub in Gliwice, Poland.[46]

On 26 October 2023, Stellantis acquired "approximately 20%" of Chinese electric vehicle manufacturer Leapmotor in a transaction worth €1.5 billion.[47] Under the terms of the agreement, Stellantis gained exclusive rights to sell, export, and manufacture Leapmotor products outside of China under the newly established joint venture Leapmotor International.[48] The joint venture will be registered in the Netherlands, and it also includes the possibility of producing the brand's cars in Europe if duties on Chinese cars are raised. The JV's target is 500,000 sales outside China by 2030.[49]

The company announced a 3 billion euro ($3.2 billion) share buyback in 2024.[50]

In March 2024, it was announced Stellantis had acquired a stake in the Grenoble-headquartered optical radar start-up, SteerLight. The company manufactures sensors for autonomous driving.[51]

Brands

The active brand portfolio of Stellantis is shown below.[52] This list does not contain any discontinued brands owned by the company which has been placed into dormancy either directly or by its predecessor organisations.

Brand OriginEstablishedBrand CEO
1949 Olivier François
1910 Jean-Philippe Imparato
1925 Christine Feuell
1919 Thierry Koskas
1914 Matt McAlear
France2014 Béatrice Foucher
1899 Olivier François
1943 Antonio Filosa
Italy1906 Luca Napolitano
Italy1914 Davide Grasso
1862 Florian Huettl
France1810 Linda Jackson
2010 Christine Feuell
1857[53] James Taylor

Ownership

Following the 50% FCA and 50% PSA merger, the owners were:[54]

Leadership

Senior management

Board of directors

The executive board of Stellantis has 11 members. Six members come from PSA and leading shareholders (Bpifrance, FFP), including Carlos Tavares, former CEO of PSA, and five others come from Fiat Chrysler Automobiles and its main shareholder, Exor.

Current assembly plants

Africa

Asia

Europe

North America

South America

Oceania

Motorsport

Stellantis Motorsport is a department led by director and senior vice president Jean-Marc Finot.[57] It is responsible for the motorsport activities of the corporation's brands, divisions, and subsidiaries:

The Stellantis Motorsport Racing Shop combines Citroën Racing, Peugeot Sport and Opel Motorsports' customer racing distribution and retail sales operations.[64] It is also known as Peugeot Citroën Racing Shop[65] and Peugeot Citroën Opel Racing Shop.[66]

The Stellantis Motorsport Cup is a rally competition run in Belgium, France and Spain using Peugeot 208 and Opel Corsa Rally4 cars.[67] The cup originated in Belgium and Luxembourg as PSA Motorsport Cup Belux.[68]

Technology

Electrification

Stellantis is implementing its Dare Forward 2030 plan, focusing on electrification. The company aims to invest over €50 billion in this initiative over the next decade. This includes achieving 100% battery electric vehicle (BEV) sales for passenger cars in Europe and 50% BEV sales for passenger cars and light-duty trucks in the United States by 2030. By then, Stellantis plans to have more than 75 BEV models available, targeting 5 million annual BEV sales globally. The strategy involves developing a variety of vehicle types with different battery technologies to maintain affordability and efficiency. Stellantis is using a mix of nickel- and cobalt-free, and nickel-based battery options, recently adding a lithium iron phosphate (LFP) battery pack for cheaper BEV variants. The plan also includes vehicles with front-, rear-, and all-wheel-drive systems, and aims for driving ranges between 500 and 800 kilometers (300–500 miles).[69]

See also

External links

Notes and References

  1. Web site: Unofficial English translation articles of association Stellantis (English). Stellantis.
  2. Web site: Full Year 2022 Results. Stellantis N.V.. 22 February 2023. 22 February 2023.
  3. Web site: Annual Report and Form 20-F for the year ended December 31, 2021. Stellantis N.V.. 25 February 2022. 17 March 2022.
  4. News: Fiat-Chrysler & Peugeot Agree on Merger to Create 4th-Largest Carmaker. 19 October 2019. NPR. 17 July 2020.
  5. News: It's Official: Fiat Chrysler and PSA Group Are Now Stellantis. Colin. Beresford. 19 January 2021. Car and Driver.
  6. Web site: Top jobs for Stellantis: electrification, restructure Europe, compete in China. Detroit News.
  7. News: 18 January 2021. Stellantis Surges in Trading Debut After Fiat-PSA Merger. Bloomberg. 19 January 2021.
  8. Web site: STLA - Stellantis NV Shareholders - CNNMoney.com. money.cnn.com.
  9. Web site: Annual Report for the year ended December 31, 2023 . Stellantis . 28 April 2024.
  10. News: Fiat Chrysler to Be Renamed Stellantis After Merger With PSA. Wall Street Journal. 15 July 2020.
  11. https://www.reuters.com/article/us-stellantis-italy-idUSKBN2BH1WP Stellantis weighs closing production line at Italy's Melfi plant - union
  12. Web site: Fiat Chrysler and PSA Group rename merged automaker 'Stellantis'. Stellantis is rooted in the Latin verb “stello” meaning “to brighten with stars.”. Fox Business. 16 July 2020. 20 September 2022.
  13. Web site: Top 15 Automakers in the World | Car Sales Rank Worldwide. F&I Tools.
  14. Web site: en. The Global 2000 2023. Forbes. 2024-02-07. 2024-01-29. https://web.archive.org/web/20240129031905/https://www.forbes.com/lists/global2000/?sh=4f5ab07e5ac0.
  15. Web site: Smith. Elliot. 18 January 2021. World's fourth-largest carmaker rallies on first day of trade after $52 billion merger. 19 June 2021. CNBC. en.
  16. Web site: Overview. 19 January 2021. Stellantis.
  17. Web site: stellans, stellantis M - Latin is Simple Online Dictionary. 4 January 2021. www.latin-is-simple.com. en.
  18. "stellantis" is the genitive, singular form, male and neutral, of "stellans" - or, also, the present active participe of "stello", in that case still meaning "of (he/that who) brights with stars"
  19. Web site: stello, stellas, stellare A, -, stellatum - . 4 January 2021. Latin is Simple Online Dictionary. en.
  20. News: Fiat Chrysler proposes 50-50 merger with Renault. TechCrunch. 27 May 2019. 17 March 2021. https://web.archive.org/web/20210317194421/https://techcrunch.com/2019/05/27/fiat-chrysler-proposes-50-50-merger-with-renault/. live.
  21. News: Braking bad: A merger of Fiat Chrysler Automobiles and Renault is no more. The Economist. London. 8 June 2019. 16 February 2021. Sources close to FCA say that the government was constantly second-guessing and renegotiating every aspect of the deal. For FCA, this portended future interference. When France pointed the finger at Nissan as a roadblock, FCA lost patience..
  22. 21 December 2020. Mergers: Commission approves the merger of Fiat Chrysler Automobiles N.V. and Peugeot S.A., subject to conditions. European Commission.
  23. Web site: Fiat Chrysler and Peugeot shareholders vote to merge, creating world's fourth-largest car maker. 4 January 2021. NBC News. 4 January 2021 .
  24. Web site: Stellantis merger to close on Jan. 16 after PSA, FCA shareholders approve. 5 January 2021. Noble. Breana. The Detroit News.
  25. Web site: The merger of FCA and Groupe PSA has been completed. FCA . 16 January 2021.
  26. Web site: Stellantis N.V. (formerly Fiat Chrysler Automobiles N.V.) Annual Report and Form 20-F for the year ended December 31, 2020 . 6 . Stellantis. 4 March 2021.
  27. Web site: Fiat Chrysler and PSA Not Exactly a "Merger of Equals" . Strong . Michael . 24 November 2020. The Detroit bureau.
  28. https://www.reuters.com/business/autos-transportation/stellantis-shareholder-dongfeng-sells-down-stake-600-mln-euros-2021-09-08/ Stellantis shareholder Dongfeng sells down stake for 600 mln euros
  29. News: Stellantis Gives Its Alfa Romeo, Lancia And DS Brands One Last Chance. Michael. Taylor. 17 May 2021 . Forbes.
  30. News: Stellantis to give each of its 14 car brands 10 years of funding - CEO. 14 May 2021. Reuters.
  31. News: Stellantis will invest in Alfa Romeo and Lancia for the next 10 years. Adrian. Padeanu. 14 May 2021. Motor1.com.
  32. News: Stellantis CEO says brands have 10 years to prove their worth. Breana. Noble. 13 May 2021 . Detroit News.
  33. Web site: Stellantis: Building a world leader in sustainable mobility. 19 January 2021 . Stellantis.
  34. News: How Stellantis will speed up its EV transition. Andrea. Malan. 18 April 2021. Auto News.
  35. News: Stellantis maps out future EV platforms with up to 497 miles of range. Sean. Carson. 20 April 2021. Auto Express.
  36. News: 8 July 2021 . Vauxhall owner Stellantis to invest €30bn in electric vehicles. en-GB. BBC News . 9 July 2021.
  37. Web site: Hampel. Carrie. Stellantis reveals details of EU charging network . Electrive . https://web.archive.org/web/20211116145010/https://www.electrive.com/2021/11/16/stellantis-reveals-details-of-eu-charging-network/ . 16 November 2021 . 16 November 2021. live.
  38. News: Automakers Announce Agreements to Improve Supply of Semiconductor Chips . PYMNTS.com . 13 December 2021 . 14 December 2021.
  39. Web site: 23 June 2022 . Stellantis will halt production at 2 French plants . 25 June 2022 . Automotive News Europe.
  40. Web site: Stolyarov . Gleb . 15 February 2024 . Exclusive: Russians use Chinese partner to produce Citroën cars at idled Stellantis plant . 15 February 2024 . Reuters.
  41. Web site: 25 May 2022 . Stellantis pleads guilty, will pay $300 million over allegations of emissions fraud . 26 May 2022 . The Verge.
  42. Web site: Share Now: BMW und Mercedes verkaufen Carsharing an Stellantis . Handelsblatt . https://web.archive.org/web/20220503115520/https://www.handelsblatt.com/unternehmen/industrie/share-now-abschied-vom-carsharing-warum-bmw-und-mercedes-share-now-an-stellantis-verkaufen/28297794.html . 3 May 2022 . 3 May 2022. 3 May 2022.
  43. Web site: Share Now: Stellantis übernimmt Carsharing von BMW und Mercedes . Manager Magazin . https://web.archive.org/web/20220503120434/https://www.manager-magazin.de/unternehmen/share-now-stellantis-uebernimmt-carsharing-von-bmw-und-mercedes-a-fc7d175a-df79-438f-8aa6-6e6a3c59af6c . 3 May 2022 . 3 May 2022 . 3 May 2022 . de.
  44. News: Free2move Becomes a World Leader in Mobility with Acquisition of Share Now. Stellantis . 18 July 2022 . 5 November 2022.
  45. Web site: Hammerschmidt . Christoph . 17 November 2022 . Stellantis acquires AI startup aiMotive . 17 November 2022 . EE News Europe . en-US.
  46. Web site: Stellantis Will Create New Software Development Hub in Poland . 20 February 2023 . MarketWatch . EN-US.
  47. Web site: Stellantis to Become a Strategic Shareholder of Leapmotor with €1.5 Billion Investment and Bolster Leapmotor's Global Electric Vehicle Business . 2023-10-30 . Stellantis.
  48. Web site: 2023-10-30 . Stellantis' Chinese gamble . 2023-10-30 . EV inFocus.
  49. Web site: With Leapmotor, Stellantis adds '15th brand' to sell low-cost EVs. Automotive News Europe. 2024-02-26 . 2023-12-03 . https://web.archive.org/web/20231203001549/https://europe.autonews.com/automakers/stellantis-plans-low-cost-ev-brand-leapmotor.
  50. Web site: A traditional automaker just turned a profit on EVs. CNN Business. 2024-02-26. 2024-02-15. https://web.archive.org/web/20240215175354/https://edition.cnn.com/2024/02/15/business/stellantis-earnings-electric-vehicles/.
  51. Web site: Robson . Kurt . 2024-03-20 . Stellantis acquires stake in optical radar startup SteerLight . 2024-03-20 . Verdict . en-US.
  52. Web site: Appointment of the Top Executive Team to steer Stellantis . 19 January 2021 . Stellantis.
  53. Web site: Vauxhall History . 10 March 2021.
  54. Web site: Stellantis N.V. Company profile . Euronext . 31 May 2024.
  55. Web site: Fusion PSA-FCA: le conseil d'administration de Stellantis est constitué . 18 July 2023 . BFM TV.
  56. Web site: PSA/FCA : qui sont les membres du nouveau conseil d'administration de Stellantis ? . 18 July 2023 . La Tribune. 29 September 2020 .
  57. Web site: Catching Up With: Jean-Marc Finot . 27 January 2023 . dailysportscar.com.
  58. Web site: Join Stellantis Motorsport in 2023 . 27 January 2023 . Citroën Racing . en.
  59. Web site: Citroën stars confirm WRC2 plans . 6 February 2023 . WRC – World Rally Championship . en.
  60. Web site: Thomas Chevaucher named Director of DS Performance Stellantis . 27 January 2023 . Stellantis.
  61. Web site: Maserati returns to motorsport with Gen3 Formula E entry . 27 January 2023 . The Official Home of Formula E . 11 January 2022 . en.
  62. Web site: 28 June 2021 . TotalEnergies and the Opel e-Rally Cup . 27 January 2023 . TotalEnergies Competition . en.
  63. Web site: The 208 Rally Cup joins the Stellantis Motorsport Rally Cup . 27 January 2023 . Stellantis . en.
  64. Web site: The 208 Rally Cup joins the Stellantis Motorsport Rally Cup . 6 February 2023 . Stellantis . en.
  65. Web site: Legal notice . 6 February 2023 . Citroën Racing . fr.
  66. Web site: Dart . Frédéric . Visite: Peugeot Citroën Opel Racing Shop . 6 February 2023 . Rallyes magazine . fr-FR.
  67. Web site: Join Stellantis Motorsport in 2023 . 6 February 2023 . Citroën Racing . en.
  68. Web site: Peugeot Sport. 6 February 2023 . Facebook . en.
  69. Web site: Electrification . Stellantis . 5 August 2024.