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Stellantis will build four electric vehicles in Italy, say union reps

MILAN — Stellantis will produce four medium-segment electric vehicles, of different brands, at its Melfi plant in southern Italy from 2024, the UILM union said on Tuesday. Since Stellantis was formed at the beginning of this year through the merger of Fiat Chrysler and France's PSA, production in Italy has been under scrutiny for costing more than elsewhere in Europe. "Stellantis announced that Melfi would be the first plant in Italy to get new models, based on post-2022 business plan," UILM said in a statement after workers' representatives met with the carmaker at Italy's industry ministry in Rome. Future production at Melfi will be based on a single enhanced production line that will merge the two existing ones, the union said, adding the restructuring will leave production capacity at the site unchanged at around 400,000 units. UILM's head, Rocco Palombella, said unions had not received all the answers they wanted as Stellantis was still working on its new business plan. "But the positive element is that the company has not absolutely called for structural redundancies," he said after the meeting. Stellantis Chief Executive Carlos Tavares has said the group would present its business plan late this year or in early 2022. Stellantis, the world's fourth-largest carmaker, gave no details about what was discussed at the meeting. In an earlier statement the company said it was working "with determination and speed" to support the energy transition of all its Italian sites. Italy's Industry minister, Giancarlo Giorgetti, however, said in a separate statement after the meeting that Stellantis had yet to decide where it would build its third electric battery plant in Europe. Stellantis, which already has two battery factory projects in France and Germany, has said adding gigafactories in Europe and the United States would be decided this year. The company is holding talks on this with Rome, as Italy is one of its main production hubs in Europe. Related video: Green Plants/Manufacturing Alfa Romeo Fiat Jeep Citroen Opel Peugeot Stellantis

Stellantis unit FCA reaches plea deal in U.S. emissions probe

NEW YORK/WASHINGTON — The U.S. business of Fiat Chrysler Automobiles has agreed to plead guilty to criminal conduct and pay roughly $300 million in penalties to resolve a multi-year emissions fraud probe surrounding vehicles with diesel engines, people familiar with the matter said. FCA US LLC, now part of Stellantis NV, has agreed to plead guilty to a criminal conspiracy charge arising from its efforts to evade emissions requirements for more than 100,000 older Ram pickup trucks and Jeep sport-utility vehicles in its U.S. lineup, the people said. The plea deal, negotiated with U.S. Justice Department officials, is set to be unveiled as soon as next week, though the timing could slip. The company would then enter its guilty plea during a subsequent hearing in a U.S. district court. The affected diesel-powered vehicles span model years 2014 to 2016. FCA merged with French Peugeot maker PSA in 2021 to form Stellantis. Stellantis and the Justice Department declined to comment. The plea deal comes five years after Volkswagen AG pleaded guilty to criminal charges to resolve its own emissions crisis affecting nearly 600,000 vehicles in a scandal that became known as "Dieselgate." Volkswagen's deception precipitated additional scrutiny that resulted in officials on both sides of the Atlantic cracking down on automakers accused of using illegal software known as defeat devices to dupe government emissions tests. European automakers relied on so-called clean diesel technology to make vehicles that could comply with tougher environmental regulations only for officials to find they were polluting more on the road than during the tests that certified them for sale. Automakers are now focusing efforts on battery-powered electric vehicles. Negotiations between FCA lawyers and U.S. officials to resolve the current probe dragged on for years and across presidential administrations as the two sides haggled over whether the company would plead guilty and, if it did, the exact details in any criminal charge, one of the people said. One of FCAÂ’s employees is preparing to face trial on charges he misled regulators about pollution from the vehicles targeted in the investigation. Last year, the Justice Department disclosed charges against two additional FCA employees in the alleged emissions fraud. An indictment alleges the employees conspired to install defeat devices in vehicles so they could dupe government emissions tests and then pollute beyond legal limits on roadways.

Stellantis won't race to split electric vehicles from fossil fuel cars

MILAN - Stellantis is not considering splitting its electric vehicle (EV) business from its legacy combustion engine operation, its finance chief said on Thursday, as the carmaker presented above-expectation revenue data for the first quarter. Chief Financial Officer Richard Palmer told analysts he did not see huge benefits in the kind of separations pursued by rivals such as France's Renault and U.S. Ford. "We need to manage the company and the assets we have through this transition," he said. "There are benefits to having the cash flow being generated by the internal combustion business for the investments we need to make." Palmer said the group, formed by a merger last year of Fiat Chrysler and Peugeot maker PSA, was not averse to considering adjusting its structure "but we aren't anticipating any big changes." Palmer's comments came after the world's fourth largest carmaker said its net revenue rose 12% to 41.5 billion euros ($44.1 billion) in the January-March period, as strong pricing and the type of vehicles sold helped offset the impact of the semiconductor shortage on volumes. That topped analyst expectations of 36.9 billion euros, according to a Reuters poll. Milan-listed shares were up 0.5% by 1415 GMT, in line with Italy's blue-chip index. The impact of the chip crunch was evident in the decline in shipment figures which fell 12% in the quarter to 1.374 million vehicles. It was a similar story for Germany's BMW which posted higher revenues on Thursday and a decline in car sales. Riding the Recovery Stellantis, whose brands also include Citroen, Jeep and Maserati, confirmed its 2022 forecasts for a double-digit adjusted operating income margin, after 11.8% last year, and a positive cash-flow despite supply and inflationary headwinds. Morgan Stanley analysts said after the results that Stellantis had better management than many peers and benefited from its significant exposure to a stronger U.S. economy and a European recovery from the COVID-19 pandemic. They also said it was less affected by a slowing Chinese economy. Palmer said it was important for the group to maintain double-digit margins and keep delivering positive cash flows. "A 12% increase in revenue with a 12% decrease in volumes indicates a very strong performance on price and mix, which augurs well for our margin performance," he said. He said semiconductor supply problems were expected to ease this year with continued improvements in 2023.