Stellantis N.V.

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Stellantis N.V.
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Quick Facts
TypePublic
sectorAutomotive Production System
Headquarters (Benelux Organization)Amsterdam, the Netherlands
Year of Origin2021
Emissions (All Scopes)11,68 Megatons of CO2 (2020)
Total Revenue152 billion EUR (2020)
Stock ExchangeBijv. Tokio, Amsterdam
Key PeopleJohn Elkann (Chairman), Carlos Tavares (CEO), Robert Peugeot (Vice Chairman)
Number of Employees189.512
Subsidiaries
  • Comau
  • Sevel
  • VM Motori
  • PCMA
  • Teksid
  • Dongfeng Peugeot-Citroën
  • FCA Bank
  • GAC Fiat Chrysler
  • IKAP
  • Tofaş

Stellantis N.V. , stylized as Stellantis is an international automotive producer. [1] The company was created in January 2021 through a merge of Peugeot S.A.(PSA) into Fiat Chrysler Automobiles N.V.(FCA). The surviving company in the 'merger' was renamed Stellantis NV. [2] After the merge the company was renamed Stellantis N.V. Stellantis owns 14 automotive brands (Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugot, Ram, and Vauxhall).[3] Stellantis' headquarters are located in Amsterdam, the Netherlands. In 2020 Stellantis had a total of 189,512 employees[4] The company has industrial operations in nearly 30 countries and consumers in more than 130 markets. [5] Revenue of Stellantis was 152 billion euros in 2021 of which 13.4 billion euros was profit [6]

With annual sales of approximately eight million vehicles, Stellantis is ranked as the fourth-largest global automaker by volume.[7] With this ranking, Stellantis is without question a key player in its industry.

Company Structure

Board of Directors

The Board of Directors is responsible for the management and strategic direction of the group. [8] After the merge in 2021 a new executive board was created. Only John Elkann and Andrea Agnelli stayed on as members.[9]

Executive Board (2021)[10]
Name Function
John Elkann Chairman
Carlos Taveres CEO
Robert Peugot Vice Chairman
Henri de Castries Senior Independent Director
Andrea Agnelli Non-executive Director
Fiona Clare Cicconi Non-executive Director
Nicolas Dufroucq Non-executive Director
Ann Frances Godbehere Non-executive Director
Wan Ling Martello Non-executive Director
Jacques de Saint-Exupéry Non-executive Director
Kevin Scott Non-executive Director
FCA Executive Board (2020)[11]
Name Function Remuneration x 1,000 EUR[12]
John Elkann Chairman 2,391.2
Michael Manley CEO 11,729.6
Richard Palmer CFO 4,471.5
John Abbott Non-executive Director 43.8
Andrea Agnelli Non-executive Director 45.9
Tiberto D'adda Brandolini Non-executive Director 44.7
NGlenn Earle Non-executive Director 71.5
Valerie Mars Non-executive Director 60.9
Ruth J. Simmons Non-executive Director Unkown
Ronald L. Tompson Non-executive Director 58.2
A. Michelangelo Volpi Non-executive Director 52.4
T. Patience Wheatcrof Non-executive Director 59.7
Ermenegildo Zegna Non-executive Director 68

Accountant

The independent auditor of Stellantis is Ernst & Young Accountants LLP.[13] The sustainability report of FCA was checked by an external independent audit firm, Deloitte & Touche S.p.A. [14] The firm Grant Thornton was the independent auditor for the PSA CRS report.[15]

Main Activities

Stellantis manufactures and markets automobiles and commercial vehicles.[16] The company also produces metallurgical products and production systems for the automobile industry, as well as owns publishing and insurance companies.[17]

Government

Stellantis has not received NOW support from the Dutch government. [18] Stellantis does not have Royal status.[19]

Paris Agreement to Today

PSA

In 2016 PSA created a roadmap called the Push to Pass plan.[20] Through this plan the company outlined their vision for 2030: to be the most efficient car manufacturer and the preferred global supplier of mobility services.[21] This plan illustrates the company's decision to update various parts of the company such as the innovation processes, the production processes and its stakeholder communication.[22] This plan has helped PSA in shifting their customer's expectations. Furthermore, PSA states that this made them sustainable competitive.[23]

FCA

FCA used the SDGs to create targets for 2020 that covered priority areas for the company.[24] The majority of these targets were met in 2020. For example, one of FCA's commitments was to minimize environmental impacts from their products by reducing CO2 emissions and improving fuel economy. [25] Within this commitment FCA selected 5 different targets for 2020, all these targets were met. One of the targets was to achieve 40% reduction in CO2 emissions vs 2006 for mass-market cars sold in Europe, according to EU regulation requirements. [26] This target was met as the company reduced the CO2 emissions by 41%. their second target was to achieve at least 5% to 15% improvement in fuel economy for major renewals of FCA US vehicles compared with replaced vehicles. This target was met as powertrain and technology upgrades for existing products contributed to fuel economy improvements up to 15%. Their third target was to develop electric/hybrid technologies that are beneficial to society. This target was met as FCA released 7 new electrified models. Their 4th target was to maintain a wide offering of CNG models in Europe and promote technological innovation. This target was met as FCA was confined among leaders for natural gas vehicles in Europe with more than 780.000 natural gas vehicals sold since 1997. Lastly, FCA had a target to reduce CO2 emissions by 30% vs 2008 on the entire Maserati product range. This target was met as FCA reduced emissions by 30% vs the 2008 on the entire Maserati product range in the main three regulated markets (U.S., China, EU)

Financial Results since 2015

Financial situation PSA
Year Revenue Profit Dividend
2015[27] 54,676 million EUR 1,202 million EUR XXX EUR
2016[28] 54,030 million EUR 2,149 million EUR XXX EUR
2017[29] 65,210 million EUR 2,358 million EUR XXX EUR
2018[30] 74,027 million EUR 3,295 million EUR XXX EUR
2019[31] 74,731 million EUR 3,584 million EUR XXX EUR
2020 XXX million EUR XXX EUR XXX EUR
2021 XXX million EUR XXX EUR XXX EUR
Financial situation FCA
Year Revenue Profit Dividend
2015[32] 110,595 million EUR 377 million EUR XXX EUR
2016[33] 111,018 million EUR 1,814 million EUR XXX EUR
2017[34] 110,934 million EUR 3,510 million EUR XXX EUR
2018[35] 110,412 million EUR 3,632 million EUR XXX EUR
2019[36] 108,187 million EUR 6,630 million EUR XXX EUR
2020 XXX million EUR XXX EUR XXX EUR
2021 XXX million EUR XXX EUR XXX EUR

Scandals and controversies

In 2021 FCA was fined $30 million after the company pled guilty to federal criminal charges related to corruption.[37] As part of the punishment an independent monitor, Frances McLeod, will keep tabs on FCA for the next year, therefore also affecting Stellantis. FCA corrupted United Auto Workers (UAW) leaders by giving millions of dollars in gifts and cash. One of the attorneys on the case stated that "the sentencing of FCA marks a significant milestone in this historic case". [38]

An article posted by Transport & Environment showed that Stellantis ranks worst with low short-term battery electric vehicle sales. The article states that Stellantis together with other companies such as BMW, do not have ambitious phase-out targets and no clear industrial strategy.[39]

T&E's carmaker Ev readiness Index [40]

Current Emissions

As Stellantis was created in 2021 through the merge of PSA and FCA, currently the sustainability report of this company is not yet available. Stellantis does state on their website that, they take the 2030 United Nations Sustainable Development Goals as a framework for their actions in the transition to a more sustainable future.[41]

Note: The next section on Policies, Emissions, and Climate Plans will be on the data provided by both PSA and FCA in their CRS Report and Sustainability Report. The creation of Stellantis produces a new company and therefore a simple combination of the emissions and goals of PSA and FCA is not enough to get a clear overview of the new company. The stellantis CRS report will be published in the spring of 2022 and will provide more accurate data on the company as a whole.[42]

PSA

Total emissions 1.558 Megatonnes of CO2 (2020)
Scope 1 Scope 2 Scope 3
0,686689 Megatonnes of CO2 (2020) 0,200595 Megatonnes of CO2 (2020) 0,675060 Megatonnes of CO2 (2020)

Scope 1 and 2

GHG Emissions (tons of CO2)[43]
Type Scope 1 Scope 2 total emissions (Scope 1 + 2)
Automotive Division 676.835 192.745 869.580
Automotive Trade 9855 7850 17.705
Total 686.690 200.595 887.285


Scope 3

In 2019 scope 3 emissions from purchases of material and components were 4251 tons of CO2. [44] The emissions generated by business travel is divided by air travel and train transport. The CO2 emission for air travel was 5844,285 ton in 2020. [45] The CO2 emission for train transport was 51,043 tons of CO2 in 2020. The emissions from business travel in total was 5895,328 tons of CO2. [46] The GHG eq emissions for shipment and transport in 2020 was 470.242 tons of CO2 eq. for upstream transport and 194.672 CO2 eq for downstream transport.[47] This includes, road, air, rail, and sea travel. The total scope 3 emissions that were reported in the PSA CSR report is 675.060,328 tons of CO2 in 2020.

FCA

Total emissions 2.915 Megatonnes of CO2 (2020)
Scope 1 Scope 2 Scope 3
0,877603 Megatonnes of CO2 (2020) 2,035614 Megatonnes of CO2 (2020) 0,001296 Megatonnes of CO2 (2020)


Scope 1

The direct emissions were 877.603 tons of CO2 in 2020.[48]

FCA reports direct CO2 emissions based on direct energy consumption with the aid of the IPCC 2006 conversion factors. The company reports indirect CO2 emissions according to the standards and guidelines outlined in the GHG Protocol.[49] FCA states that emissions of greenhouse gases (GHGs) other than CO2 have a negligible impact and are therefore not included. CO2 represents more than 99% of the Group’s total GHG emissions.[50]

Scope 2

The indirect emissions were 2.035.614 tons of CO2 in 2020.[51]

Indirect emissions were calculated using the market-based method.[52]


Scope 3

Indirect CO2 Emissions from Logistics Processes (Thousands of tons of CO2)[53]
Type 2020 2019 2018
Upstream 716 791 853
Downstream 521 641 678
Mopar 59 59 57
Total 1296 1491 1588


The emissions for both PSA and FCA are surprisingly low for automotive producers. This can be attributed mostly to the low reporting of the companies' scope 3 emissions. PSA reports for their scope 3 emissions purchased goods and services and business travel, these are only two of the 15 different sectors that are included in scope 3 emissions.[54] FCA only reports upstream and downstream emission from Logistics Processes in really low numbers. This leaves out a large portion of the CO2 emissions from both companies and therefore their emissions cannot be seen as complete.

Climate Policy and Plans

Stellantis

On March 1st, 2022 Stellantis came out with a statement regarding its climate plans called Dare Forward 2030.[55] This plan includes 4 main goals for 2030:

1. 50% reduction of CO2 emissions by 2030

2. Setting the course for 100% battery electric vehicles sales in Europe and 50% in the United States

3. Achieving number one position in customer satisfaction

4. Doubling net revenues while transforming our business models and sustaining double-digit operating margins

Furthermore, Stellantis aims to be carbon net-zero by 2038.[56] This plan does not include more information on the current emissions of the company.

PSA

Groupe PSA has identified three CSR issues that are related to Climate Change:

1. Cutting CO2 Vehicle emissions

In order to work on this issue, PSA has set a target of a reduction of 37% per vehicle kilometer of GHG emissions by 2034 from a 2018 base year, assessed on a well-to-wheel perimeter.[57] This target has been approved by the Science Based Targets initiative (SBTi) as the unconditional necessity to limit global warming to 2 degrees.[58]

Another target that has been set is, in 2025 100% of the models marketed by the PSA Groupe worldwide will be proposed in electric or plug-in hybrid versions. [59]


2. Moving forward into a carbon-efficient industrial system

Target: By 2050 all the PSA plants will be carbon-neutral.[60] PSA aims to achieve this through the use of renewable energies and new carbon-free technologies.[61] Furthermore, PSA will offset inevitable emissions in order to reach this goal.


3. Improving the environmental performance of the supply chain and logistics

Extraction of materials and production of parts are the second source (about 17%) of CO2 emissions for PSA. [62] Therefore, this is plays a key role in PSA's target to reduce CO2 emissions. The purchasing department's strategy to reduce GHG emissions in its entire supply chain consists of selecting suppliers according to environmental criteria such as the ISO 14001 certification. [63] Furthermore, the purchasing department also collects status reports from their major suppliers on their current and future CO2 emissions. [64] The supply chain ambition aims to reduce logistic carbon emissions by a third per vehicle between 2016 and 2035, this would lead to an average decrease of 2,1% per year.[65]

Throughout the PSA CSR report, the company states one disclaimer: "In 2021, the Stellantis teams will start converging operations and monitoring tools. The Stellantis KPIs and targets will result from this roadmap. 2021 CSR targets related to the Groupe PSA scope have been set internally for operational steering, in line with the Push to Pass plan." Therefore, the goals set by PSA will not be exactly the same for Stellantis.

FCA

FCA did not release a new set of targets in their 2020 sustainability report due to the merge and creation of Stellantis. [66] The company's 2020 sustainability report was focused more on looking back at what they had achieved by 2020, rather then stating goals and targets set for the future.

Due Dilligence

Conclusion

PSA and FCA have both acknowledged their roles in the climate crisis and have set goals for 2020 and the future. So far the main targets set by PSA for the future are a reduction in scope 3 emissions of 37% per vehicle kilometer and that by 2050 all PSA plants will be carbon neutral. FCA has not released its goals for the future as they are waiting for the 2022 Stellantis report. For the plans available from PSA and FCA , it can be said that too little is being done to meet the requirements set by the Paris Agreement. The reporting of emissions from both PSA and FCA is currently insufficient as it lacks large portions of scope 3 emissions and does not accurately represent the companies. It is unclear if the emission and targets set by PSA and FCA will be enough to reduce their CO2 emissions and keep them within the 2 degrees. Stellantis has released its plans at the beginning of March, in which it is stated that the company aims to reduce CO2 emissions by 50% in 2030 and aims to be carbon net-zero by 2038. The only step mentioned by Stellantis to reach these goals is to increase the sale of battery electric vehicles. This on its own is not enough to create such a large reduction in CO2 emissions. Stellantis will have to broader their policies and plans in their Climate report that will come out in the spring of 2022.

References

  1. ↑ https://www.stellantis.com/en/company/about-us
  2. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis_2020_12_31_Annual_Report.pdf P6
  3. ↑ https://www.stellantis.com/en/search?q=
  4. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis_2020_12_31_Annual_Report.pdf P28
  5. ↑ https://www.stellantis.com/en/company/about-us
  6. ↑ https://www.stellantis.com/en/news/press-releases/2022/february/full-year-2021-results
  7. ↑ https://www.forbes.com/wheels/news/stellantis-fiat-chrysler-merges-with-psa-becoming-worlds-fourth-largest-automaker/
  8. ↑ https://www.stellantis.com/en/company/governance/leadership
  9. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis_2020_12_31_Annual_Report.pdf P160
  10. ↑ https://www.stellantis.com/en/company/governance/leadership
  11. ↑ https://www.stellantis.com/en/company/governance/leadership
  12. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis_2020_12_31_Annual_Report.pdf P160
  13. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/investors/financial-reports/Stellantis_2020_12_31_Annual_Report.pdf P3
  14. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P166
  15. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P308
  16. ↑ https://www.bloomberg.com/profile/company/FCAU:AV
  17. ↑ https://www.bloomberg.com/profile/company/FCAU:AV
  18. ↑ https://www.uwv.nl/overuwv/Images/uwv-register-now-vijfde-aanvraagperiode.pdf
  19. ↑ https://www.koninklijkhuis.nl/onderwerpen/onderscheidingen/predicaat-koninklijk/overzicht-predicaat-koninklijk
  20. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P9
  21. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf
  22. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf
  23. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf
  24. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf
  25. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P24
  26. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf
  27. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/psa/financial-documents/2015/2015_annual_report_0.pdf
  28. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/psa/financial-documents/2016/rapport-annuel-2016-VA.pdf
  29. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/psa/financial-documents/2017/Annual-report-2017-version-def-VERSION2.pdf
  30. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/psa/financial-documents/2018/Annual-results-Groupe-PSA-2018.pdf
  31. ↑ stellantis.com/content/dam/stellantis-corporate/archives/psa/financial-documents/2019/Groupe-PSA-Annual-report-2019-incl-auditors-report.pdf
  32. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/fca/financial-reports/2015/FCA_2015_Annual_Report.pdf
  33. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/fca/financial-reports/2016/FCA_2016_Annual_Report.pdf
  34. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/fca/financial-reports/2017/FCA_NV_2017_Annual_Report.pdf
  35. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/fca/financial-reports/2018/FCA_NV_2018_Annual_Report.pdf
  36. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/archives/fca/financial-reports/2019/FCA_NV_2019_Annual_Report.pdf
  37. ↑ https://www.wardsauto.com/industry-news/stellantis-unit-fca-fined-30-million-corruption-scandal
  38. ↑ https://www.wardsauto.com/industry-news/stellantis-unit-fca-fined-30-million-corruption-scandal
  39. ↑ https://www.transportenvironment.org/discover/volvo-and-vw-the-only-european-carmakers-on-track-to-electrify-on-time-study/
  40. ↑ https://www.transportenvironment.org/discover/volvo-and-vw-the-only-european-carmakers-on-track-to-electrify-on-time-study/
  41. ↑ https://www.stellantis.com/en/responsibility/csr-vision
  42. ↑ https://www.stellantis.com/en/responsibility/responsible-purchasing-practices
  43. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P82
  44. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P86
  45. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P90
  46. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P90
  47. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P89
  48. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P133
  49. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P133
  50. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P133
  51. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P133
  52. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf P133
  53. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdf p103
  54. ↑ https://ghgprotocol.org/sites/default/files/standards/Corporate-Value-Chain-Accounting-Reporing-Standard_041613_2.pdf
  55. ↑ https://www.stellantis.com/en/news/press-releases/2022/march/dare-forward-2030-stellantis-blueprint-for-cutting-edge-freedom-of-mobility#:~:text=Stellantis%20will%20be%20the%20industry,contribution%20to%20a%20sustainable%20future.
  56. ↑ https://www.stellantis.com/en/investors/events/strategic-plan
  57. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P61
  58. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P61
  59. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P64
  60. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P42
  61. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P40
  62. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P85
  63. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P85
  64. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P85
  65. ↑ https://www.stellantis.com/content/dam/stellantis-corporate/sustainability/csr-disclosure/psa/groupe_psa_2020_csr_report.pdf P86
  66. ↑ om/content/dam/stellantis-corporate/sustainability/csr-disclosure/fca/fca_2020_sustainability_report.pdfP17
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