- Stellantis NV (NYSE:STLA) has initiated exclusive negotiations with Faurecia to acquire a substantial stake in Symbio, a hydrogen mobility company.
- Symbio, a Faurecia & Michelin (OTC:MGDDY) joint venture, is a Stellantis partner in deploying hydrogen-powered light commercial vehicle program.
- The move is a part of its Dare Forward 2030 strategic plan, which includes expanding its hydrogen offering to large vans as early as 2024 in Europe and 2025 in the U.S.
- In October 2022, Symbio announced its HyMotive project, which will increase its total production capacity in France to 100,000 systems per year by 2028.
- Also Read: Stellantis Recalls Over 1M Trucks On Faulty Tailgate Issue
- The transaction will enable Symbio to expand its development by capitalizing on Stellantis’ leadership in the European and American automotive markets.
- “Symbio’s technical roadmap perfectly matches with Stellantis’ hydrogen roll-out plans in Europe and in the U.S.,” said Stellantis CEO Carlos Tavares.
- “This move will foster the speed of development to bring low emission products to our customers, beyond traditional electric vehicles.”
- The company expects the transaction’s closing to occur in the first semester of 2023.
- Also See: Workers At General Motors-LG Energy Owned Ohio Battery Plant Vote Favoring Unionization
- Price Action: STLA shares are trading higher by 0.58% at $13.96 on the last check Friday.
- Photo Via Company
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