Weekly Report (May 5 – May 11, 2023) on the First Tranche of Stellantis Share Buyback Program

Gov. Abbott signs annual EV tax bill into law

Texas Governor, Greg Abbot signed Senate Bill 505 into law over the weekend, requiring electric vehicle owners to pay $400 to register a new electric vehicle, on top of other fees. Renewing registration will cost $200.

The purpose of the fee is to guarantee that owners of electric vehicles contribute their fair portion towards highway expenses, typically funded by a 20 cent-per-gallon gas tax paid by owners of gasoline-powered and hybrid vehicles.

The bill passed a vote in the... More

Canada increases subsidy support for Stellantis (STLA) battery plant in effort to resolve construction stalemate

Canadas Industry Minister, Francois-Philippe Champagne announced Tuesday that the country has increased its planned support to carmaker Stellantis (NASDAQ: STLA) in an effort to end a stalemate between the two entities and continue construction on a battery plant in Windsor, Ontario.

The automaker halted construction Monday due to a disagreement with the federal government regarding subsidies.

To break the "stalemate," it is important that Ontario "pay its fair share," Champagne told reporters at a news... More

Stellantis (STLA) agrees to acquire 33.3% of Symbio

Automaker, Stellantis (NASDAQ: STLA) on Tuesday, made an announcement regarding its partnership with Faurecia and Michelin. They have signed a binding agreement wherein Stellantis will acquire a 33.3% stake in Symbio, a prominent company specializing in zero-emission hydrogen mobility. Faurecia and Michelin will continue to be shareholders, each holding a 33.3% stake in Symbio.

This announcement marks a notable milestone in the efforts to decarbonize the mobility industry and showcases Symbio's exceptional expertise in hydrogen fuel cell advancements. With Stellantis coming on board as a shareholder, Symbio's growth will receive a substantial boost, both... More

Stellantis (STLA) halts plant construction in Windsor over subsidy disagreement

Stellantis (NYSE: STLA), on Monday, made an announcement stating that it has halted the construction of its electric vehicle battery manufacturing facility in Windsor, Canada. According to a company spokesperson, this decision was made due to a disagreement with the federal government regarding subsidies.

"Effective immediately, all construction related to the battery module production on the Windsor site has stopped," the spokesperson said.

The move follows an agreement between... More

Strikes disrupt production at Stellantis (STLA) plant in southern Italy

Stellantis (NYSE: STLA), the parent company of Dodge, Chrysler, Alfa Romeo and others, has experienced a slow in production at its plant in southern Italy the past few days due to strikes by employees protesting over working conditions, the FIOM union said on Friday.

The automaker assembles the recently launched Alfa Romeo Tonale SUV, production of which is ramping up, and the Fiat Panda small car at the... More