Stellantis Reaffirms Commitment to Opel and Germany

• Visit of Rüsselsheim plant and Design Centre
• Preview of future grEEn-campus

Stellantis Chairman John Elkann und Xavier Chéreau, Stellantis Chief Human Resources & Heritage and Chairman of the Supervisory Board of Opel Automobile GmbH, visited the premises in Rüsselsheim and reaffirmed their support and commitment for the long-term future of the site. Together with Florian Huettl, Opel CEO and Stellantis Germany Managing Director, they visited yesterday the production plant, where the best-selling Opel Astra in all drive variants and the DS4 from its sister brand DS Automobiles are manufactured. They also received an insight into Opel’s future model portfolio in the Design Centre. Furthermore, they took time to talk to employees and social partners.

“Opel and Germany are very important to Stellantis. At a time of deep industrial transformation, I was happy to take the opportunity of this visit in Rüsselsheim to reaffirm our commitment to Stellantis’ German operations and to our high-quality dialog with our key partners and stakeholders, in particular IG Metall. This cooperative approach will bring sustainable opportunities to all in Germany, a first example of which is the construction of the grEEn-campus in Rüsselsheim,” said Stellantis Chairman John Elkann.

“The speed with which our German plants have transformed into efficient, state-of-the-art production sites is impressive. Of course, we must not let up on continuously increasing our competitiveness and quality in production and customer service. I would like to thank IG Metall and our works council for the constructive and trustful collaboration,” added Opel Supervisory Board Chairman Xavier Chéreau.

“Rüsselsheim not only stands for 125 years of automotive production, but also for innovation and progress. We look forward to the future with confidence, we will continue to play a pioneering role in the transformation of the automotive industry and surprise our customers with our exciting models. Opel is the first German manufacturer to offer a battery-electric variant of every model, without exception. 

With our employees and all partners, we are implementing our strategy with full conviction and concentration,” said Florian Huettl, Opel CEO and Stellantis Germany Managing Director. “With our extensive Stellantis brand portfolio, we have a strong market position; we are number two on the German market in total and number one in the German light commercial vehicle business. 

We will further develop the entire organisation together and focus on collaborative partnerships – inside and outside the company. We are one team for Stellantis in Germany. We have a strong dealer network as well as successful brands and models like the Opel Astra, Peugeot E-3008, Citroën ë-C3 and Fiat 500e.”

Just a few weeks before a crucial year for the entire automotive industry in connection with the stricter CO2 fleet limits, Stellantis rejoined the European Automotive Association ACEA. “We intend to engage constructively with all stakeholders, from our union and commercial partners to political leaders, to identify a common path towards a strong future for our industry. Our strategy and commitment to electrification remain unchanged,” emphasised John Elkann. The Stellantis Chairman shared his views with Ursula von der Leyen, President of the European Commission, in recent conversations.

During the visit to the Adam Opel Haus, Elkann and Chéreau also received an update on the progress of the grEEn-campus project, the future Stellantis Germany headquarters and the new global Opel headquarters on Mainzer Straße in Rüsselsheim. The new modern, efficient and urban company headquarters will make a decisive contribution to reducing the carbon footprint of the Rüsselsheim location.

Numerous Guests of Honour at Open Door Day: Opel Celebrates 125 Years of Automotive Production in Rüsselsheim

• German Chancellor Olaf Scholz, Hessian Prime Minister Boris Rhein, Stellantis Chairman John Elkann and Stellantis CEO Carlos Tavares in attendance
• German Chancellor Olaf Scholz: “Generations of employees have made Opel the great brand it is today: an automobile company on path to electromobility. This is exemplary.”
• Preview of  future grEEn-campus, sustainable construction project for location
• Open Door Day with numerous attractions including public premieres of new Opel Grandland and new Opel Frontera

Opel celebrated 125 years of automotive production at its headquarters in Rüsselsheim today. Motto of festivities was “Forever forward since 1899”. Guests of honour at ceremony in Adam Opel Haus included German Chancellor Olaf Scholz, Prime Minister of Federal State of Hesse Boris Rhein as well as Stellantis Chairman John Elkann, CEO Carlos Tavares and Xavier Chéreau, Stellantis Chief Human Resources & Transformation Officer and Opel Supervisory Board Chairman. Together with Opel CEO Florian Huettl, they visited, among other things, the production plant where best-selling Opel Astra in all drive variants and DS4 from its sister brand DS Automobiles are manufactured.

“Today is a great day for Opel and for our hometown of Rüsselsheim. I was very pleased about visit by German Chancellor, Prime Minister of Hesse and all other guests. During the day, we could share sound business model of Opel and our bold electrification strategy. We will be first German brand to offer a battery-electric version of each model in our portfolio this year still. With 125 years of experience in automobile manufacturing, we and our employees are proudly pursuing path of electrification with conviction. We are also continuing to invest in wellbeing of our employees with new carbon neutral grEEn-campus that will be built here in Rüsselsheim,” said Opel CEO Florian Huettl.

“125 years of automobile manufacturing in Rüsselsheim – this is a significant and impressive story. Ever since cars have played a role in our society, work has been done here day after day to make them even better. Generations of employees have made Opel the great brand it is today: an automobile company on the path to electromobility. You are once again facing future – fearlessly and full of confidence. This is exemplary,” said German Chancellor Olaf Scholz.

Boris Rhein, Prime Minister of Hesse said: “Success of automotive industry is of strategic importance for Germany and Hesse. We therefore support the industry in transforming its production. For us, autonomous driving, hybrid technology, lightweight construction as well as drive and battery technology are key technologies that need to be promoted. Openness to technology rather than scepticism of progress is what brings us forward. I warmly congratulate Opel on 125 years of automotive production, innovation and driving pleasure.”

Ceremony from Adam Opel Haus with all speakers will be available as a recording from afternoon.

Preview of future grEEn-campus project

During the tour, Stellantis Chief Human Resources & Transformation Officer and Opel Supervisory Board Chairman Xavier Chéreau also presented plans for grEEn-campus project, future Stellantis Germany headquarters and new global Opel headquarters on Mainzer Straße in Rüsselsheim. New modern, efficient and urban company headquarters will make a decisive contribution to reducing the carbon footprint of Rüsselsheim location. Building's entire electricity needs will be covered by energy from a photovoltaic system on the roof. Approximately 7,000 panels will enable supply without the use of fossil fuels and climate-neutral operation of the entire office complex. Thanks to systems for using rainwater, water consumption will be reduced, efficient heat pump technology ensures sustainable air conditioning within building and greening of building components will improve biodiversity. All consumption is to be recorded using modern software so that new complex can continually be improved.

A contemporary and motivating working environment will be created for employees from administration, design, research & development and sales. New complex will be characterised by bright office areas with lots of daylight and high-quality materials. A landscape park with numerous green areas will offer space for breaks and exchange. An extensive charging infrastructure around grEEn-campus will enable electric vehicles to be charged during working hours – in line with company's electrification strategy.

Public premieres for new Opel Grandland and new Opel Frontera

All-new Opel Frontera and Opel Grandland were presented to the public for the first time today. With two newcomers, Opel will offer at least one battery-electric version of each model in its portfolio this year still. From 2025, every new Opel introduced in Europe will purely be battery electric. In addition, Opel once again confirms its brand promise of making electric mobility and innovative technologies accessible to a broad range of buyers. In Germany, Opel Frontera Hybrid 1 will be available from around €24,000 and Opel Frontera Electric 1 from around €29,000 (RPE including VAT).

Open Door Day with exciting programme

Opel offered several thousand visitors a varied supporting programme around the Adam Opel Haus at Open Door Day. German brand presented an anniversary exhibition with automotive milestones from last 125 years. To mark its 60th anniversary, Opel Design Center also opened its doors and presented groundbreaking concept cars from past and present. Interested visitors were also given the opportunity to take a look behind the scenes of production in plant. Rally fans had exclusive chance to ride along in Opel Corsa Rally Electric while young and old could test Opel Rocks Electric, which can be driven by anybody over age of 15 with respective licence 2. Kids Corner offered best entertainment for youngest guests, where, among other things, there was a pedal car course that invited them to take part in exciting laps.

[1] Model not yet available.

[2] AM-class driving licence in Germany. Applies to four-wheeled light motor vehicles with a rated continuous/utilised power not exceeding 6 kW, with no more than two seats and a maximum speed not exceeding 45 km/h.

Stellantis: Building a world leader in sustainable mobility

• A new company with the agility, creativity and efficiency to capture the opportunities of the new era of mobility, offering innovative solutions that will help change the way society moves
• Rich heritage stemming from storied and iconic automotive marques, innovative mobility brands and deep roots in the communities in which it operates
• Well positioned to compete in global markets with 39 electrified vehicles available by the end of 2021
• Significant scale with well-established commercial positions in Europe, North America and Latin America
• Strong opening balance sheet
• Targeting more than €5 billion of annual steady state synergies
• Robust governance structure from Day One dedicated to creating superior value for all stakeholders
• Unwavering commitment of the 400,000 employees to exceed consumer expectations and pursue greatness

Carlos Tavares and John Elkann

Today marks the launch of Stellantis NV [STLA] (“Stellantis” or “the Company” or “Group”), a world leader for a new era of sustainable mobility dedicated to providing freedom of movement with distinctive, affordable and efficient transportation solutions uniquely positioned to capture the exciting opportunities of a global industry undergoing rapid and profound change.

Formed from the combination of two groups with strong track records and sound finances, Stellantis is a truly global company of 400,000 diverse, highly talented and experienced employees who design, develop, manufacture, distribute, and sell vehicles and mobility solutions around the world while remaining deeply rooted in the communities in which they live and work.

11-member Board of Directors is led by Chairman John Elkann. Carlos Tavares as Chief Executive Officer leads one of the most experienced and successful management teams in the industry whose diversity, experience and competitive spirit are amongst its key strengths. With a deep bench of executive talent relentlessly committed to improvement and innovation, Stellantis is well-positioned to continue its founding companies’ track record of value creation for all stakeholders guided by a common principle: challenge the status quo.

With a proud heritage stretching back 125 years, Stellantis is home to a full portfolio of storied brands that have graced the road and conquered the podium in the world of motorsport. Founded by visionaries who infused these marques with passion and a competitive spirit, the brands cover the full spectrum of market segments from luxury, premium and mainstream passenger vehicles to hard-charging pickup trucks, SUVs and light commercial vehicles, as well as dedicated mobility, finance and parts and service brands.

Stellantis already has a well-established presence in three regions – Europe, North America and Latin America – in addition to significant untapped potential in important markets such as China, Africa, the Middle East, Oceania and India. With industrial operations in more than 30 countries, the Company has the ability to efficiently meet and exceed consumer expectations and deliver vehicles and services of unparalleled quality in more than 130 markets.

Stellantis starts from a position of considerable strength with robust operating margins reflecting the Company’s leading positions in North America, Europe and Latin America. Company expects to leverage its size and economies of scale as an enabler to invest in innovative mobility solutions for its customers, targeting annual synergies of more than €5 billion at a steady state. These synergy estimates will be achieved through the implementation of smart purchasing and investment strategies, optimizing powertrain and platform utilization, applying cutting-edge R&D and a continuous focus on manufacturing and tooling efficiencies. These synergy estimates are not based on any plant closures resulting from the transaction.

Nine Governance Committees will ensure an efficient operating structure from Day One, including company-wide performance & strategy, planning, regions, manufacturing, brand and styling.

Stellantis’ portfolio is uniquely suited to offer distinctive, sustainable mobility solutions to meet its customers’ evolving needs, as they embrace electrification, connectivity, autonomous driving and shared ownership.  As the electrified market continues to grow, Stellantis is well positioned today with 29 electrified models available and plans to introduce ten additional vehicles by the end of this year.

Company is strongly committed to playing an active part in contributing to the societies in which it operates, as it works towards achieving a long-term goal of carbon neutrality across all products, assembly plants and other facilities.

Marking the occasion John Elkann said: “It is no coincidence that Stellantis is born precisely when our world requires a new kind of automotive company that will champion clean and intelligent solutions to provide freedom of movement for all. Our global scale and reach provide us with the resources to invest in state-of-the-art technologies, distinctive excellence and unmatched choice for our customers. But it is the geographic and cultural diversity of Stellantis’ people that from Day One is our greatest competitive advantage. It is they, with their energy, their knowhow and their constant commitment who make Stellantis what it is today. And it is they who day-by-day will build an even greater company for this new era of mobility.” Commenting on the first day of Stellantis’ journey, Carlos Tavares said, “This is a great day. One year after we announced this project, Stellantis is born, notwithstanding the unprecedented societal and economic disruption caused by the COVID-19 pandemic. I want to warmly thank all of the teams who made this possible and also thank the entire workforce who continued to move our operations forward during this exceptional year. This demonstrates the agility, creativity and adaptability of our company which aims to be great rather than big, determined to be much more than the sum of its parts. It is also a further signal of the new company’s determination to be a leading player in the automotive industry in this ever changing environment. Stellantis is dedicated to “pursuing greatness” and enhancing the well-being of its employees.”

New company began trading yesterday, January 18, on Euronext (Paris) and the Borsa Italiana (Milan) and today on the New York Stock Exchange.

Full year 2020 results will be reported on March 3, 2021.

Groupe PSA and FCA plan to join forces to build world leader for new era in sustainable mobility

Discussions have opened a path to the creation of a new group with global scale and resources owned 50% by Groupe PSA shareholders and 50% by FCA shareholders. In a rapidly changing environment, with new challenges in connected, electrified, shared and autonomous mobility, the combined entity would leverage its strong global R&D footprint and ecosystem to foster innovation and meet these challenges with speed and capital efficiency.

• Combination would create the 4th largest global OEM in terms of annual unit sales (8.7m vehicles)
• At its inception, the combined company would realize among the highest margins in the markets where it would operate, based on FCA’s strength in North America and Latin America and Groupe PSA’s in Europe
• Combination would unite the groups’ respective brand strengths across Luxury, Premium, Mainstream Passenger Car, SUV and Trucks & Light Commercial – making them stronger together
• Merged entity would bring together the companies’ extensive and growing capabilities in the technologies shaping the new era of sustainable mobility, including electrified powertrain, autonomous driving and digital connectivity
• Approximately €3.7 billion estimated annual run-rate synergies without any plant closures resulting from the transaction
• Highly respected combined management team recognised for exceptional value creation and with proven success in previous OEM combinations
• Dutch parent company Board would have balanced representation and a majority of independent Directors. John Elkann as Chairman and Carlos Tavares as CEO and member of the Board

Supervisory Board of Peugeot S.A. and the Board of Directors of Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA). have each unanimously agreed to work towards a full combination of their respective businesses by way of a 50/50 merger. Both boards have given the mandate to their respective teams to finalize the discussions to reach a binding Memorandum of Understanding in the coming weeks.

The plan to combine the Groupe PSA and FCA businesses follows intensive discussions between the senior managements of the two companies. Both share the conviction that there is compelling logic for a bold and decisive move that would create an industry leader with the scale, capabilities and resources to capture successfully the opportunities and manage effectively the challenges of the new era in mobility.

The proposed combination would create the 4th largest global OEM in terms of unit sales (8.7 million vehicles), with combined revenues of nearly €170 billion[1] and recurring operating profit of over €11 billion[2] on a simple aggregated basis of 2018 results excluding Magneti Marelli and Faurecia. The significant value accretion resulting from the transaction is estimated to be approximately €3.7 billion in annual run-rate synergies derived principally from a more efficient allocation of resources for large-scale investments in vehicle platforms, powertrain and technology and from the enhanced purchasing capability inherent in the combined group’s new scale. These synergy estimates are not based on any plant closures.

It is projected that 80% of the synergies would be achieved after 4 years. The total one-time cost of achieving the synergies is estimated at €2.8 billion.

The shareholders of each company would own 50% of the equity of the newly combined group and would therefore share equally in the benefits arising from the combination. The transaction would be affected by way of a merger under a Dutch parent company and the governance structure of the new company would be balanced between the contributing shareholders, with the majority of the directors being independent. The Board would be composed of 11 members. Five Board members would be nominated by FCA (including John Elkann as Chairman) and five would be nominated by Groupe PSA (including the Senior Independent Director and the Vice Chairman)[3]. The Chief Executive Officer would be Carlos Tavares for an initial term of five years and he would also be a member of the Board.

Carlos Tavares said: “This convergence brings significant value to all the stakeholders and opens a bright future for the combined entity. I’m pleased with the work already done with Mike and will be very happy to work with him to build a great company together.”

Mike Manley said, "I'm delighted by the opportunity to work with Carlos and his team on this potentially industry-changing combination. We have a long history of successful cooperation with Groupe PSA and I am convinced that together with our great people we can create a world class global mobility company."

The new group’s Dutch-domiciled parent company would be listed on Euronext (Paris), the Borsa Italiana (Milan) and the New York Stock Exchange and would continue to maintain significant presences in the current operating head-office locations in France, Italy and the US.

It is proposed that the by-laws of the new combined company would provide that the loyalty voting program will not operate to grant voting rights to any single shareholder in the Shareholders Meeting exceeding 30%[4] of the total votes cast. It is also foreseen that there would be no carry over of existing double voting rights but that new double voting rights would accrue after a three-year holding period after completion of the merger.

A standstill in respect of the shareholdings of EXOR N.V., Bpifrance Participations SA, DFG and the Peugeot Family would apply for a period of 7 years following completion of the merger. EXOR, Bpifrance Participations and the Peugeot Family would be subject to a 3-year lock-up in respect of their shareholdings except that the Peugeot Family would be permitted to increase its shareholding by up to 2.5% during the first 3 years following the closing, only by acquiring shares from Bpifrance Participations and DFG.

Prior to the completion of the transaction, FCA would distribute to its shareholders a special dividend of €5.5 billion, as well as its shareholding in Comau. In addition, prior to completion, Peugeot would distribute to its shareholders its 46% stake in Faurecia. This would enable the combined groups’ shareholders to equally share in the synergies and benefits that would flow from a merger while recognizing the significant value of FCA’s differentiated platform in North America and strong position in Latin America, including its market-leading margins in those regions. It would also reflect the added value that FCA’s higher-end global brands Alfa Romeo and Maserati would bring given their substantial development potential.

Extended portfolio would cover all market segments with iconic brands and strong products based on rationalized platforms and optimization of investments.

Proposal would be submitted to the information and consultation process of the relevant employee bodies, and would be subject to customary closing conditions, including final board approvals of the binding Memorandum of Understanding and agreement on definitive documentation.