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Stellantis (STLA) Signs MoU With CATL for LFP Battery Supply
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Stellantis (STLA - Free Report) signs a non-binding Memorandum of Understanding (“MoU”) with Contemporary Amperex Technology Co. (CATL) to localize the supply of lithium iron phosphate (“LFP”) batteries and cells to power the automaker’s electric vehicle (“EV”) production in Europe. To underpin Stellantis’ aggressive electric push, both companies are contemplating a joint venture with an equal contribution.
The MoU highlights a long-term collaboration between both companies on two strategic fronts. Firstly, devise a bold technology roadmap to support Stellantis’ cutting-edge battery EVs and secondly, identify opportunities to strengthen the battery chain value.
Per Carlos Tavares, CEO of Stellantis, both companies will bring innovative and accessible battery technology to Stellantis’ customers while helping the company achieve its carbon net zero ambition by 2038.
LFP technology features a long service life and high thermal stability, which can help Stellantis offer high-quality, durable and affordable EVs in passenger cars, crossovers and SUVs in the B and C segments.
As a part of the Dare Forward 2030 plan, Stellantis aims to achieve a 100% EV sales mix in Europe and a 50% passenger car and light-duty truck BEV sales mix in the United States by the end of the decade. Stellantis is securing approximately 400 GWh of battery capacity to achieve these targets, underpinned by six battery manufacturing plants in North America and Europe. The company is on track to become a carbon net zero by 2038. It is assembling a roster of partnerships to support a stable, low-carbon supply of crucial materials for its electrified future.
In the third quarter of 2023, Stellantis posted revenues of €45.1 billion, up 7% compared with the corresponding quarter of 2022, due to improved volume and consistent pricing. The consolidated shipments totaled 1,427 thousand units, up 11% from the corresponding quarter of 2022. Also, its global battery electric vehicle (“BEV”) sales increased by 37% year over year due to the Jeep Avenger and growing commercial BEV vehicle sales.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased by 28 cents and 13 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimate for 2024 has increased by 10 cents in the past 30 days.
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Stellantis (STLA) Signs MoU With CATL for LFP Battery Supply
Stellantis (STLA - Free Report) signs a non-binding Memorandum of Understanding (“MoU”) with Contemporary Amperex Technology Co. (CATL) to localize the supply of lithium iron phosphate (“LFP”) batteries and cells to power the automaker’s electric vehicle (“EV”) production in Europe. To underpin Stellantis’ aggressive electric push, both companies are contemplating a joint venture with an equal contribution.
The MoU highlights a long-term collaboration between both companies on two strategic fronts. Firstly, devise a bold technology roadmap to support Stellantis’ cutting-edge battery EVs and secondly, identify opportunities to strengthen the battery chain value.
Per Carlos Tavares, CEO of Stellantis, both companies will bring innovative and accessible battery technology to Stellantis’ customers while helping the company achieve its carbon net zero ambition by 2038.
LFP technology features a long service life and high thermal stability, which can help Stellantis offer high-quality, durable and affordable EVs in passenger cars, crossovers and SUVs in the B and C segments.
As a part of the Dare Forward 2030 plan, Stellantis aims to achieve a 100% EV sales mix in Europe and a 50% passenger car and light-duty truck BEV sales mix in the United States by the end of the decade. Stellantis is securing approximately 400 GWh of battery capacity to achieve these targets, underpinned by six battery manufacturing plants in North America and Europe. The company is on track to become a carbon net zero by 2038. It is assembling a roster of partnerships to support a stable, low-carbon supply of crucial materials for its electrified future.
In the third quarter of 2023, Stellantis posted revenues of €45.1 billion, up 7% compared with the corresponding quarter of 2022, due to improved volume and consistent pricing. The consolidated shipments totaled 1,427 thousand units, up 11% from the corresponding quarter of 2022. Also, its global battery electric vehicle (“BEV”) sales increased by 37% year over year due to the Jeep Avenger and growing commercial BEV vehicle sales.
Zacks Rank & Key Picks
STLA currently carries Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Volvo (VLVLY - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 65.6%, respectively. The EPS estimates for 2023 and 2024 have increased by 28 cents and 13 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales indicates year-over-year growth of 160.2%. The EPS estimate for 2024 has increased by 10 cents in the past 30 days.