Stellantis N.V.
TypePublic (N.V.)
ISINNL00150001Q9
Industry
Predecessors
Founded16 January 2021; 19 months ago (2021-01-16)
Headquarters,
Netherlands[1]
Area served
Worldwide
Key people
ProductsAutomobiles, commercial vehicles, auto parts, production systems
Production output
6.049 million[a] (2021)
Brands
Revenue152.1 billion (2021)[2]
€15.3 billion (2021)[2]
€15.428 billion (2021)[2]
Total assets€171.8 billion (2021)[2]
Total equity€56.3 billion (2021)[2]
Owners
[3]
Number of employees
281,595[b][3] (December 2021)
Subsidiaries
Websitestellantis.com
Footnotes / references
[4][5][6][7][8]

Stellantis N.V. is a multinational automotive manufacturing corporation formed in 2021 on the basis of a 50-50 cross-border merger between the Italian-American conglomerate Fiat Chrysler Automobiles (FCA) and the French PSA Group.[9][10][11] The company is headquartered in Amsterdam.

In terms of global vehicle sales in 2021, Stellantis was the world's fifth largest automaker behind Toyota, Volkswagen, Hyundai, and General Motors.[12]

The primary listings for the company's stock are on Milan's Borsa Italiana and on Euronext Paris.[13]

The principal activity of Stellantis is the design, development, manufacture and sale of automobiles bearing its 16 brands of Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Fiat Professional, Jeep, Lancia, Maserati, Mopar, Opel, Peugeot, Ram and Vauxhall. At the time of the merger, Stellantis had approximately 300,000 employees, a presence in more than 130 countries with manufacturing facilities in 30 countries.[14]

Etymology

The name comes from the Latin verb stello.[11] It means "(of him/her/it that) brightens with stars".[15][16][17]

History

In early 2019, Fiat Chrysler Automobiles (FCA) sought a merger with French automaker Renault and reached a provisional agreement with the company.[18] However, 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".[19] Nissan also had various concerns of the impact of the proposal on its alliance with Renault.[19]

Subsequently, FCA approached PSA. The merger, officially agreed 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 approximately $4.22 billion.[11]

On 21 December 2020, the European Commission announced its approval of the merger, while imposing minimal remedies to ensure competition in the sector.[20]

The merger was approved on 4 January 2021 by the shareholders of both FCA and PSA and the deal completed on 16 January 2021. Common shares of the new company began trading on the Milan Stock Exchange (MTA) 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".[21][22][23]

"Peugeot S.A. (“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" [24] International Financial Reporting Standards, or IFRS, mandate the identification of the company acting as the acquirer and the company being acquired. “Based on the assessment of the indicators under IFRS 3 accounting standard and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that Peugeot S.A. is the acquirer for accounting purposes.” and "As a result, the financial statements of Stellantis N.V. in subsequent filings will represent the historical financial statements of PSA."[25] The filing notes the Stellantis board will have 11 directors, six from PSA and five from Fiat Chrysler. Additionally, the new company's first CEO, who is vested with the full authority to individually represent Stellantis, is Carlos Tavares, the former president of the PSA managing board as well as former CEO of PSA Group. He will also have a five-year term as Stellantis CEO. PSA shareholders have also paid a pre-merger premium to FCA shareholders. However, Exor, the Agnelli family company that was the largest shareholder of FCA, will hold the largest stake in Stellantis with 14.4 percent.[26] The merger agreements allow the Peugeot family to further 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.[27]

The name Stellantis is exclusively used to identify the corporate entity, while group brand names and logos remain unchanged.[11]

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.[28][29][30][31]

The group plans to have 29 electrified vehicle models available by the end of 2021.[32] There are four EV platforms planned to be developed by the end of the 2020s.[33][34] Overall, the company announced more than €30bn will be invested by the end of 2021.[35] A network of charging stations started in November 2021.[36]

On 7 December 2021, Stellantis announced that sales of new vehicles in the third quarter of 2021 dropped due to issues related to the supply chain shortage of semiconductor chips used in their vehicles. CEO Tavares also announced an agreement with semiconductor manufacturer Foxconn to supply chips for the company and others in the automotive industry. The number of semiconductors contained in an automobile is in the thousands and this number is expected to increase in the foreseeable future.[37] In June 2022 the company paused production at two French plants due to shortages in semiconductors.[38]

In May 2022, Stellantis agreed to plead guilty to criminal conduct and pay $300 million to settle a probe into its effort to illegally conceal the amount of pollution created by its diesel engine vehicles. The parent company of Jeep, Chrysler and Dodge will settle 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.[39]

Acquired by Stellantis

On 3 May 2022 the acquisition of the carsharing platform Share Now was announced.[40][41]

Brands

As of 2022 the brand portfolio of Stellantis is:[42]

Origin Brand Established Brand CEO
 Italy Abarth 1949 Olivier François
 Italy Alfa Romeo 1910 Jean-Philippe Imparato
 United States Chrysler 1925 Christine Feuell[43]
 France Citroën 1919 Vincent Cobée
 United States Dodge 1914 Timothy Kuniskis
 France DS Automobiles[note 1] 2014 Béatrice Foucher
 Italy Fiat 1899 Olivier François
 Italy Fiat Professional 2007
 United States Jeep[note 2] 1943 Christian Meunier
 Italy Lancia 1906 Luca Napolitano
 Italy Maserati 1914 Davide Grasso
 United States Mopar 1937
 Germany Opel 1862 Uwe Hochgeschurtz
 France Peugeot 1810 Linda Jackson
 United States Ram[note 3] 2010 Michael Koval
 United Kingdom Vauxhall 1857 [44] Uwe Hochgeschurtz
Notes
  1. ^ spun-off from Citroën brand
  2. ^ Acquired from American Motors in 1987.
  3. ^ spun-off from Dodge brand.

Ownership

Following the 50% FCA and 50% PSA merger, the owners were:[45]

Board of directors

The executive board of Stellantis is formed by 11 members. Six members come from PSA and leading shareholders (BpiFrance, FFP), included Carlos Tavares, former CEO of PSA and five others come from Fiat Chrysler Automobiles and main shareholder (Exor).

Assembly plants

Africa

Asia

Europe

Opel Eisenach
Opel Eisenach
Assembly line in Gliwice
Assembly line in Gliwice
Factory in Gliwice
Factory in Gliwice

North America

South America

Oceania

Notes

  1. ^ shipments by consolidated subsidiaries and unconsolidated joint ventures
  2. ^ excluding employees of joint arrangements, associates and unconsolidated subsidiaries

See also

References

  1. ^ "Unofficial English translation articles of association Stellantis (English)" (PDF). Stellantis.
  2. ^ a b c d e "Annual Report and Form 20-F for the year ended December 31, 2021" (PDF). Stellantis N.V. 25 February 2022. Retrieved 17 March 2022.
  3. ^ a b "Annual Report and Form 20-F for the year ended December 31, 2021". EDGAR. SEC. Retrieved 1 March 2022.
  4. ^ "Fiat-Chrysler & Peugeot Agree on Merger to Create 4th-Largest Carmaker". NPR. 19 October 2019. Retrieved 17 July 2020.
  5. ^ Beresford, Colin (19 January 2021). "It's Official: Fiat Chrysler and PSA Group Are Now Stellantis". Car and Driver.
  6. ^ "Top jobs for Stellantis: electrification, restructure Europe, compete in China". Detroit News.
  7. ^ "Stellantis Surges in Trading Debut After Fiat-PSA Merger". Bloomberg. 18 January 2021. Retrieved 19 January 2021.
  8. ^ "STLA - Stellantis NV Shareholders - CNNMoney.com". money.cnn.com.
  9. ^ "Fiat Chrysler to Be Renamed Stellantis After Merger With PSA". Wall Street Journal. 15 July 2020.
  10. ^ Stellantis weighs closing production line at Italy's Melfi plant - union, Reuters, 25 March 2021
  11. ^ a b c d "Fiat Chrysler and PSA Group rename merged automaker 'Stellantis'". Fox Business. 16 July 2020. Stellantis is rooted in the Latin verb “stello” meaning “to brighten with stars.”
  12. ^ "Worldwide car sales by manufacturer".
  13. ^ Smith, Elliot (18 January 2021). "World's fourth-largest carmaker rallies on first day of trade after $52 billion merger". CNBC. Retrieved 19 June 2021.
  14. ^ "Overview". Stellantis. Retrieved 19 January 2021.
  15. ^ "stellans, stellantis M - Latin is Simple Online Dictionary". www.latin-is-simple.com. Retrieved 4 January 2021.((cite web)): CS1 maint: url-status (link)
  16. ^ "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 (him/that who) brights with stars"
  17. ^ "stello, stellas, stellare A, -, stellatum -". Latin is Simple Online Dictionary. Retrieved 4 January 2021.
  18. ^ "Fiat Chrysler proposes 50-50 merger with Renault". TechCrunch. Retrieved 27 May 2019.((cite news)): CS1 maint: url-status (link)
  19. ^ a b "Braking bad: A merger of Fiat Chrysler Automobiles and Renault is no more". The Economist. London. 8 June 2019. Retrieved 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.
  20. ^ "Mergers: Commission approves the merger of Fiat Chrysler Automobiles N.V. and Peugeot S.A., subject to conditions" (Press release). European Commission. 21 December 2020.((cite press release)): CS1 maint: url-status (link)
  21. ^ "Fiat Chrysler and Peugeot shareholders vote to merge, creating world's fourth-largest car maker". NBC News. Retrieved 4 January 2021.
  22. ^ Noble, Breana. "Stellantis merger to close on Jan. 16 after PSA, FCA shareholders approve". The Detroit News. Retrieved 5 January 2021.
  23. ^ "The merger of FCA and Groupe PSA has been completed" (PDF). Retrieved 16 January 2021.
  24. ^ "Stellantis N.V. (formerly Fiat Chrysler Automobiles N.V.) Annual Report and Form 20-F for the year ended December 31, 2020" (PDF). Stellantis. 4 March 2021. p. 6.
  25. ^ "Stellantis N.V. (formerly Fiat Chrysler Automobiles N.V.) Annual Report and Form 20-F for the year ended December 31, 2020" (PDF). Stellantis. 4 March 2021. p. 6.
  26. ^ "Fiat Chrysler and PSA Not Exactly a "Merger of Equals"". The Detroit Bureau. 24 November 2020.
  27. ^ a b Stellantis shareholder Dongfeng sells down stake for 600 mln euros, Reuters, 8 September 2021
  28. ^ Taylor, Michael (17 May 2021). "Stellantis Gives Its Alfa Romeo, Lancia And DS Brands One Last Chance". Forbes.
  29. ^ "Stellantis to give each of its 14 car brands 10 years of funding - CEO". Reuters. 14 May 2021.
  30. ^ Padeanu, Adrian (14 May 2021). "Stellantis will invest in Alfa Romeo and Lancia for the next 10 years". Motor1.com.
  31. ^ Noble, Breana (13 May 2021). "Stellantis CEO says brands have 10 years to prove their worth". Detroit News.
  32. ^ "Stellantis: Building a world leader in sustainable mobility". Stellantis. Retrieved 19 January 2021.
  33. ^ Malan, Andrea (18 April 2021). "How Stellantis will speed up its EV transition". Auto News.
  34. ^ Carson, Sean (20 April 2021). "Stellantis maps out future EV platforms with up to 497 miles of range". Auto Express.
  35. ^ "Vauxhall owner Stellantis to invest €30bn in electric vehicles". BBC News. 8 July 2021. Retrieved 9 July 2021.
  36. ^ Hampel, Carrie (16 November 2021). "Stellantis reveals details of EU charging network". electrive.com. Archived from the original on 16 November 2021.
  37. ^ PYMNTS, Writer (13 December 2021). "Automakers Announce Agreements to Improve Supply of Semiconductor Chips". PYMNTS.com. Retrieved 14 December 2021.
  38. ^ "Stellantis will halt production at 2 French plants". Automotive News Europe. 23 June 2022. Retrieved 25 June 2022.
  39. ^ "Stellantis pleads guilty, will pay $300 million over allegations of emissions fraud". The Verge. 25 May 2022. Retrieved 26 May 2022.((cite web)): CS1 maint: url-status (link)
  40. ^ "Share Now: BMW und Mercedes verkaufen Carsharing an Stellantis". 3 May 2022. Retrieved 3 May 2022.
  41. ^ "Share Now: Stellantis übernimmt Carsharing von BMW und Mercedes - manager magazin". 3 May 2022. Retrieved 3 May 2022.
  42. ^ "Appointment of the Top Executive Team to steer Stellantis | Stellantis". www.stellantis.com. Retrieved 19 January 2021.
  43. ^ Stellantis (7 September 2021). "Christine Feuell will join Stellantis as Chrysler Brand CEO".
  44. ^ "- Vauxhall History". vauxhallhistory.org. Retrieved 10 March 2021.
  45. ^ "Stellantis Information on Euronext". Euronext. Retrieved 7 April 2021.((cite web)): CS1 maint: url-status (link)
  46. ^ a b c "Stellantis Media - FCA North American Manufacturing Operations". media.stellantisnorthamerica.com. Retrieved 24 February 2021.
  47. ^ a b Desde Francia: Stellantis anunció que sus fábricas en Argentina tendrán más piezas nacionales by Carlos Cristófalo, 12 May 2022 on Motor1.com