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    STLA   NL00150001Q9

STELLANTIS N.V.

(STLA)
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Stellantis N : doesn't plan to cut capacity at Italy's Sevel plant, CEO tells unions

09/07/2021 | 09:58am EDT

MILAN, Sept 7 (Reuters) - Stellantis does not plan to cut production capacity at its Sevel facility in Italy, Europe's largest van making plant, Chief Executive Carlos Tavares told unions on Tuesday, according to the FIM union.

Production in Italy has been under scrutiny for costing more than elsewhere since the group, the world's fourth largest carmaker, was formed in January through the merger of Fiat Chrysler and Peugeot maker PSA.

The Sevel plant, in the town of Atessa in central Italy, produces light commercial vehicles (LCV) under the Fiat, Peugeot and Citroen brands.

Tavares "has reiterated that the Atessa plant would not reduce its production capacity," FIM said in a statement, after the executive visited the site and met union representatives earlier on Tuesday.

"Investments are planned for Sevel, to further improve the plant's productivity and efficiency," it said.

Stellantis declined to comment.

The group will start making the same type of vans at its Gliwice plant in southern Poland next year amid fears such a move could lead to cuts in both production and jobs at the Italian facility.

"Tavares has made it clear that the Polish plant would be complementary to Sevel in the production of commercial vehicles," FIM said. (Reporting by Giulio Piovaccari Editing by Mark Potter)


ę Reuters 2021
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Analyst Recommendations on STELLANTIS N.V.
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Financials
Sales 2021 152 B 177 B 177 B
Net income 2021 10 264 M 11 906 M 11 906 M
Net cash 2021 13 885 M 16 107 M 16 107 M
P/E ratio 2021 5,21x
Yield 2021 5,29%
Capitalization 53 903 M 62 532 M 62 527 M
EV / Sales 2021 0,26x
EV / Sales 2022 0,22x
Nbr of Employees 204 000
Free-Float 64,7%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 17,21 €
Average target price 22,71 €
Spread / Average Target 32,0%
EPS Revisions
Managers and Directors
Carlos Tavares Chief Executive Officer & Executive Director
Richard Keith Palmer Chief Financial Officer
John Jacob Philip Elkann Chairman
Harald J. Wester Chief Engineering Officer
Ned Curic Chief Technology Officer
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