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Stellantis NV STLA

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Stellantis Holds EV Day and Says 1H Margin Surpasses Full-Year Guidance; Raising FVE to EUR 27.50

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Stellantis provided investors with more details on its electric vehicle strategy which, in our view, improves the company’s competitive position in a relatively short period of time as predecessor Fiat Chrysler had lagged competitors’ EV development. In 2025 and 2030, Stellantis targets 40% and 70% sales mix of electrified vehicles, respectively. Management further commented that in 2030, 80% of the 70% would be battery electric and 20% would be plug-in hybrid. The company also said that first-half 2021 adjusted operating margin will exceed the full-year guidance range of 5.5% to 7.5%, mainly attributable to favorable pricing and product mix despite the microchip shortage constraints on unit production.

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Company Profile

Business Description

Stellantis NV was formed on Jan. 16, 2021, from the merger of Fiat Chrysler Automobiles and PSA Group. The combination of the two companies created the world's fourth- largest automaker, with 14 automobile brands. For 2020, we calculate that pro forma Stellantis would have had sales volume of 5.9 million vehicles and EUR 132.8 billion in revenue, albeit substantially affected by COVID-19. We see limited geographic overlap as Fiat Chrysler's major markets were North America, Italy, and Brazil, while PSA Group's major markets were France, the United Kingdom, Germany, and Argentina.

Contact
Singaporestraat 92-100
Lijnden, NH, 1175 RA, Netherlands
T +31 203421707
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 189,512

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