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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Enel S.p.A.    ENEL   IT0003128367


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Fiat Chrysler and Engie EPS to set up e-mobility joint venture

11/12/2020 | 12:09pm EST
FILE PHOTO: Fiat Chrysler presents mild-hybrid versions of its 500 and Panda models

MILAN (Reuters) - Fiat Chrysler and Engie EPS, a division of French utility Engie that focuses on energy storage systems and microgrids, plan to set up a joint venture to take full advantage of an expected boom in electric mobility.

The carmaker's Italian division and Engie EPS, which is also based in Italy, have signed a memorandum of understanding aimed at setting up the joint venture in the first quarter of 2021, the two companies said on Thursday.

Shares in Engie EPS, which is being advised by Lazard on the deal, were trading 16.7% up in Paris at 1625 GMT.

Fiat Chrysler (FCA) Chief Operating Officer for the EMEA region, Pietro Gorlier, said that about 15 million electrified vehicles - full electric and hybrids - were expected in Europe in 2025, about 25% of the region's total vehicles.

"The market for services for electrified mobility will grow explosively in the coming years," he said.

The new venture, in which FCA will retain a slight majority, will offer a full range of products and solutions, including residential, business and public charging infrastructure as well as green energy packages for electric vehicle customers across Europe.

Engie EPS Chief Executive Carlalberto Guglielminotti said that consumers will spend at least 5.5 billion euros ($6.5 billion) a year to recharge electrified vehicles in 2025.

"Demand is not going to be a problem," he said.

FCA, which is in the midst of a $38 billion merger with French group PSA to create the world's fourth-largest carmaker, launched the electric 500 small car and several Fiat, Jeep and Maserati hybrid models this year in an effort to catch up with rivals in the race for green mobility.

In its 2018-2022 plan, FCA pledged to invest 9 billion euros in electrification out of total investment of 45 billion euros, and launch about 30 electrified models, either fully electric or hybrid.

The Italian-American carmaker last year signed an agreement with Engie and Italian utility Enel to help to offer customers charging points for its electric vehicles (EV).

"The envisioned joint venture would allow an even higher commitment from both parties to expand the scope of the existing cooperation and further develop innovative products and services to enable and support a smooth shift to electric mobility in Europe," FCA Chief Executive Mike Manley said in a statement.

Final deals are expected to be signed this year.

($1 = 0.8469 euros)

(Reporting by Giulio Piovaccari; Editing by David Clarke and David Goodman)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ELECTRICITÉ DE FRANCE -1.29% 10.34 Real-time Quote.-18.96%
ENEL S.P.A. 2.06% 8.418 Delayed Quote.-0.42%
ENGIE 1.92% 13 Real-time Quote.1.68%
ENGIE EPS S.A. 0.00% 15.85 Real-time Quote.21.46%
FIAT CHRYSLER AUTOMOBILES N.V. 2.09% 12.682 Delayed Quote.-15.23%
LAZARD LTD 4.33% 41.77 Delayed Quote.-5.44%
PEUGEOT SA -4.21% 21.85 End-of-day quote.-2.32%
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Sales 2020 78 644 M 95 089 M 95 089 M
Net income 2020 4 895 M 5 918 M 5 918 M
Net Debt 2020 49 235 M 59 530 M 59 530 M
P/E ratio 2020 17,2x
Yield 2020 4,29%
Capitalization 83 757 M 101 B 101 B
EV / Sales 2020 1,69x
EV / Sales 2021 1,66x
Nbr of Employees 66 735
Free-Float 76,4%
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 9,45 €
Last Close Price 8,24 €
Spread / Highest target 51,7%
Spread / Average Target 14,6%
Spread / Lowest Target -28,4%
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Managers and Directors
Francesco Starace Chief Executive Officer, Director & GM
Michele Alberto Fabiano Crisostomo Chairman
Alberto de Paoli Chief Financial Officer & Head-Administration
Anna Chiara Svelto Independent Director
Cesare Calari Independent Director
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1st jan.Capitalization (M$)
ENEL S.P.A.-0.42%101 314
NEXTERA ENERGY3.94%157 098
IBERDROLA, S.A.-2.91%84 192
ORSTED A/S-6.71%79 280