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Stellantis (STLA) Inks Deal With CTR for Lithium Hydroxide Supply
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Stellantis N.V. (STLA - Free Report) recently entered into an agreement with Controlled Thermal Resources Ltd. (“CTR”) per which the latter would supply battery- grade lithium hydroxide for use in Stellantis’ North American electric vehicle production.
CTR’s Hell’s Kitchen Project in California’s Imperial County will obtain lithium from geothermal brines by using renewable energy and steam to produce battery-grade lithium products. The process will be an integrated, closed-loop one that eliminates the need for evaporating brine ponds, open pit mines, and fossil-fuels.
Stellantis will procure up to 25,000 metric tons per year of lithium hydroxide from CTR over a span of 10 years per the agreement. In late 2021, Stellantis had announced a similar deal to support vehicle production in Europe.
To champion the cause of global warming, the company is dedicated in its efforts to have a competitive pool of low-carbon lithium supply, globally. Its aggressive electrification drive will also be a step closer to a carbon-neutral transportation chain.
The company launched the Dare Forward 2030 plan recently. It will aid its transition to a carbon net-zero entity by 2038, with a 50% reduction by 2030. Apart from this, the auto giant aims to double net revenues to $335 billion, annually, by 2030. It also plans to have global annual battery electric vehicle (“BEV”) sales of five million vehicles by 2030, aiming for 100% of passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in North America. It also aims to maintain double-digit profit margins as it looks to ramp-up efforts to bring electrified versions of its cars.
Under the Dare Forward strategy, Stellantis aims to increase its planned battery capacity by 140 gigawatt-hours (GWh) to nearly 400 GWh and expand its hydrogen fuel cell technology to large vans in 2024. The Dare Forward 2030 promises to make the company a championed player in the domain of net-zero emission vehicles by driving innovation and employee engagement.
Shares of STLA have lost 30.3% over the past year compared with its industry’s 26.1% decline.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 1.6% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 43.9% over the past year.
Standard Motor has an expected earnings growth rate of 2% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 13.5% over the past year.
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Stellantis (STLA) Inks Deal With CTR for Lithium Hydroxide Supply
Stellantis N.V. (STLA - Free Report) recently entered into an agreement with Controlled Thermal Resources Ltd. (“CTR”) per which the latter would supply battery- grade lithium hydroxide for use in Stellantis’ North American electric vehicle production.
CTR’s Hell’s Kitchen Project in California’s Imperial County will obtain lithium from geothermal brines by using renewable energy and steam to produce battery-grade lithium products. The process will be an integrated, closed-loop one that eliminates the need for evaporating brine ponds, open pit mines, and fossil-fuels.
Stellantis will procure up to 25,000 metric tons per year of lithium hydroxide from CTR over a span of 10 years per the agreement. In late 2021, Stellantis had announced a similar deal to support vehicle production in Europe.
To champion the cause of global warming, the company is dedicated in its efforts to have a competitive pool of low-carbon lithium supply, globally. Its aggressive electrification drive will also be a step closer to a carbon-neutral transportation chain.
The company launched the Dare Forward 2030 plan recently. It will aid its transition to a carbon net-zero entity by 2038, with a 50% reduction by 2030. Apart from this, the auto giant aims to double net revenues to $335 billion, annually, by 2030. It also plans to have global annual battery electric vehicle (“BEV”) sales of five million vehicles by 2030, aiming for 100% of passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in North America. It also aims to maintain double-digit profit margins as it looks to ramp-up efforts to bring electrified versions of its cars.
Under the Dare Forward strategy, Stellantis aims to increase its planned battery capacity by 140 gigawatt-hours (GWh) to nearly 400 GWh and expand its hydrogen fuel cell technology to large vans in 2024. The Dare Forward 2030 promises to make the company a championed player in the domain of net-zero emission vehicles by driving innovation and employee engagement.
Shares of STLA have lost 30.3% over the past year compared with its industry’s 26.1% decline.
Image Source: Zacks Investment Research
Zacks Rank and Other Key Picks
STLA currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space include Wabash National Corporation (WNC - Free Report) , carrying a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings (FOXF - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 1.6% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 43.9% over the past year.
Standard Motor has an expected earnings growth rate of 2% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 13.5% over the past year.