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    STLA   NL00150001Q9

STELLANTIS N.V.

(STLA)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 06/23 04:00:00 pm
16.781 EUR   -1.21%
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Peugeot, CitroŽn Face Charges in French Emissions-Fraud Probe -- 2nd Update

06/10/2021 | 01:28pm EDT

By Nick Kostov

PARIS -- Peugeot and Citroën have become the latest auto makers to face preliminary charges in France on suspicion of emissions fraud, extending the fallout from a yearslong scandal that engulfed the auto industry after Volkswagen AG admitted to cheating in pollution tests.

Stellantis NV, the auto giant that owns the French brands, said the judicial court of Paris had ordered both car makers to pay bail and provide bank guarantees to cover potential damages. The probe relates to the sale of diesel vehicles in France between 2009 and 2015.

Stellantis said another of its subsidiaries, Fiat Chrysler, had been summoned to appear before a court in Paris in the coming weeks as part of the same investigation.

All three auto makers "firmly believe that their emission control systems met all applicable requirements at the relevant times and continue to do so," Stellantis said.

A French judicial official confirmed the filing of preliminary charges against Peugeot and Citroën, which allege the companies engaged in fraudulent practices that made its diesel-powered vehicles "dangerous to human and animal health."

After years of investigations and fines, the latest charges show that the emissions-cheating scandal continues to ripple across the industry. Earlier this week, French prosecutors filed similar charges against Renault and VW. Both auto makers denied wrongdoing.

Bringing preliminary charges in the French judicial system is a pivotal step that means prosecutors have enough evidence to deepen an investigation; a judge can then either order the company to stand trial or dismiss the charges.

The step also provides the defense with access to the case file, which Stellantis said would give its subsidiaries the opportunity to defend themselves.

France's antifraud authority began probing a number of car makers in 2016 after Volkswagen admitted using defeat devices to dupe laboratory emissions tests in the U.S. the year before.

At the time, officers from the antifraud office, known by its acronym DGCCRF, raided four sites belonging to PSA Group, the parent company of Peugeot and Citroën at the time, as well as one in Montbéliard, the historic home of the brand in eastern France. Renault sites were also raided.

Stellantis, which was formed earlier this year after a merger between Fiat Chrysler and the Peugeot-owner PSA Group, said it would cooperate fully with the probe to resolve the matter expeditiously.

Peugeot has been ordered to pay a bail of EUR10 million, equivalent to $12 million, and provide a bank guarantee of EUR30 million to cover potential damages. Citroën has to pay a bail of EUR8 million and a bank guarantee of EUR25 million.

Last fall, VW wrapped up a yearslong compliance-monitoring program required by U.S. regulators. The German car maker has lately been making a push into electric vehicles.

Write to Nick Kostov at Nick.Kostov@wsj.com

(END) Dow Jones Newswires

06-10-21 1528ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.21% 33874.24 Delayed Quote.10.91%
RENAULT 0.41% 35.2 Real-time Quote.-1.97%
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RIPPLE (XRP/EUR) 15.63% 0.53014 Real-time Quote.156.09%
RIPPLE - UNITED STATES DOLLAR 15.90% 0.63133 Real-time Quote.149.81%
STELLANTIS N.V. -0.13% 16.958 Real-time Quote.0.00%
STELLANTIS N.V. -0.20% 16.952 Delayed Quote.15.87%
VOLKSWAGEN AG -2.44% 217.95 Delayed Quote.46.57%
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Financials
Sales 2021 154 B 184 B 184 B
Net income 2021 7 434 M 8 872 M 8 872 M
Net cash 2021 14 921 M 17 807 M 17 807 M
P/E ratio 2021 6,97x
Yield 2021 3,59%
Capitalization 53 081 M 63 404 M 63 346 M
EV / Sales 2021 0,25x
EV / Sales 2022 0,21x
Nbr of Employees 204 000
Free-Float 63,7%
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Number of Analysts 21
Last Close Price 16,95 €
Average target price 19,53 €
Spread / Average Target 15,2%
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Managers and Directors
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Carlos Tavares Chief Executive Officer & Executive Director
Richard Keith Palmer Chief Financial Officer
John Jacob Philip Elkann Chairman
Harald J. Wester Chief Engineering Officer
Henri de la Croix de Castries Senior Independent Non-Executive Director
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