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    STLA   NL00150001Q9

STELLANTIS N.V.

(STLA)
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Delayed Borsa Italiana  -  11:39:26 2023-02-03 am EST
15.20 EUR   -0.05%
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Stellantis partners with Qinomic on project to turn combustion engine vans into EVs

12/02/2022 | 05:17am EST
FILE PHOTO: The logo of Stellantis is seen on a flag at the main entrance of FCA Mirafiori plant in Turin

MILAN (Reuters) - Carmaker Stellantis said on Friday it had partnered with Qinomic, a French high-tech company focused on mobility, to develop a project aiming to convert internal combustion engine vans into electric-powered vehicles.

The Italian-French carmaker said the deal involved its Circular Economy unit.

"The retrofit solution aims to extend vehicle life and usage, ensuring sustainability and affordability at the same time," it said in a statement.

In its business plan presented earlier this year, Stellantis set a goal to boost revenues of its business focused on recycling ten-fold to over 2 billion euros ($2.1 billion) by 2030. It also aims to quadruple revenues from extended-life parts and services.

"In a market boosted by last-mile demand, city access restrictions will soon require recent LCV (light commercial vehicles) owners to look for a solution to convert to zero emissions," said Eric Laforge, Stellantis' vice president Light Commercial Vehicles for the so-called Enlarged Europe region.

"Retrofitting technology like this will enable Stellantis to support this trend," he added.

Stellantis said the project would be developed next year, while implementation and commercialisation is expected to start from France in 2024.

No financial details or investment figures for the partnership were disclosed.

($1 = 0.9507 euros)

(Reporting by Giulio Piovaccari; Editing by Mark Potter)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
STELLANTIS N.V. 0.16% 15.226 Real-time Quote.14.74%
STELLANTIS N.V. -0.05% 15.2 Delayed Quote.14.60%
All news about STELLANTIS N.V.
04:53aVDA: Market share for electric cars likely to fall to 28 percent
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02/03Correction : Stellantis to Announce Full Year 2022 Results on February 22
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02/03Stellantis to Announce Full Year 2022 Results on February 22
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02/03Stellantis to Announce Full Year 2022 Results on February 22
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02/03Ifo Institute: More confidence again in the automotive industry in Germany
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Financials
Sales 2022 177 B 192 B 192 B
Net income 2022 15 427 M 16 741 M 16 741 M
Net cash 2022 25 675 M 27 862 M 27 862 M
P/E ratio 2022 3,10x
Yield 2022 8,28%
Capitalization 48 843 M 53 004 M 53 004 M
EV / Sales 2022 0,13x
EV / Sales 2023 0,12x
Nbr of Employees 281 595
Free-Float 75,9%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 15,20 €
Average target price 20,23 €
Spread / Average Target 33,1%
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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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