- Stellantis NV (NYSE:STLA) has signed a binding agreement to acquire a 33.3% stake in Symbio, a zero-emission hydrogen mobility company. Financial terms of the transaction were not disclosed.
- The other shareholders, Faurecia and Michelin (OTC:MGDDY), will retain their 33.3% stake each.
- The addition of Stellantis as a shareholder is expected to boost Symbio’s development across Europe and in the U.S.
- Symbio plans to produce 50,000 fuel cells per year by 2025, leveraging its Saint-Fons gigafactory, which will start production in the second half of 2023.
- Also Read: Stellantis Italy Workers Protest Slows Alfa Output
- “Acquiring an equal stake in Symbio will bolster our leadership position in hydrogen-powered vehicles by supporting our fuel cell van production in France, and it also serves as a perfect complement to our growing battery electric vehicle portfolio,” said Stellantis CEO Carlos Tavares.
- The acquisition is expected to close in the third-quarter of 2023.
- Also Read: Stellantis Records 14% increase In Q1 Revenue Boosted By Higher Shipments
- Price Action: STLA shares are trading lower by 0.56% at $16.01 in premarket on the last check Tuesday.
Charter Communications Expects 2024 Capex of $12.2B-$12.4B Vs Actual of $11.1B in FY23
Capital Expenditures
Capital expenditures totaled $11.1 billion for the year ended December 31, 2023, compared to $9.4 billion in 2022. The increase was driven by higher spend on line
