Yahoo Finance Stellantis (STLA) Partners Qinomic for Electric Retrofitting
Stellantis N.V. STLA and Qinomic, a high-tech company specializing in innovative and sustainable solutions, are partnering for mobility to create a proof of concept. The aim is to convert internal combustion engine light commercial vehicles (LCV) to electric drivetrains while maintaining OEM quality and specifications like safety, durability and type approval.
The electric retrofit solution aims to provide an affordable option for customer needs to extend the life of their vehicles and continue business activities while accessing low emissions zones (LEZ) in cities. Electric retrofitting is a sustainable and affordable solution for customers looking to convert to zero emissions alternatives to reduce their cost of ownership while keeping the vehicles. The retrofitting technology will strengthen Stellantis’ leading market position in zero-emission mobility solutions.
According to the Urban Mobility Report by the European Institute of Innovation and Technology, the number of LEZ zones in Europe has increased by 40% in the last three years and is expected to grow under the enforcement of urban vehicle access regulations. The European Green Deal plan, targeting to transition to cleaner vehicles and mobility, is the main contributor behind the spike.
Qinomic stated that the partnership is an important step in its endeavor to implement some of its innovative technical solutions for the retrofit industry.
The Stellantis Circular Economy Business Unit is leading the initiative along with the Commercial Vehicle Business Unit and the Stellantis Ventures Studio. The implementation and commercialization of the solution will start in France in 2024 upon the successful completion of the joint development in 2023 and based on customer response on the performance of the demo cars.
In another development, Stellantis CEO Carlos Tavares has been invited by CES, the world’s most prestigious tech event, to deliver a keynote address on Jan 5, 2023, to be held in Las Vegas.
The address will include the global launches of the Ram 1500 Revolution Battery Electric Vehicle (BEV) Concept and the Peugeot Inception Concept. The presentation will highlight Stellantis’ vision of making mobility clean, safe and affordable for all.
Equipped with advanced technology features and the BEV-by-design body-on-frame architecture, the Ram Revolution BEV Concept is a pioneering and futuristic model promising to bring a breakthrough in the pickup truck segment.
The Peugeot Inception Concept brings the next generation of cockpit platforms to re-invent the whole automobile experience, redesign the interior space and reshape driving gestures around the next generation of the Peugeot i-Cockpit.
Stellantis is set to rev up the electrification game with exhilarating product offerings. It has launched the Dare Forward 2030 plan to aid its transition to a carbon net-zero entity by 2038, with a 50% reduction by 2030. The auto giant aims to double net revenues to $335 billion annually by 2030 and maintain double-digit profit margins as it looks to ramp up efforts to bring electrified versions of its cars. It also intends to have more than 75 BEVs and reach global annual BEV sales of 5 million vehicles by 2030. The recent developments are a step ahead in realizing its goals.
Shares of STLA have lost 16.6% over a year compared with the industry’s 39.3% decline.
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Zacks Rank & Other Key Picks
STLA currently carries a Zacks Rank #2 (Buy).
Here are some other top-ranked players in the auto space – CarParts.com PRTS, sporting a Zacks Rank #1 (Strong Buy), and Allison Transmission Holdings ALSN and Genuine Parts Company GPC, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks Rank #1 stocks here.
CarParts has an expected earnings growth rate of 85% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 72.7% upward over the past 30 days.
Allison has an expected earnings growth rate of 26.1% for the current year. The Zacks Consensus Estimate for ALSN’s current-year earnings has been revised 0.6% upward in the past 30 days.
Genuine Parts has an expected earnings growth rate of 18.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
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Stellantis N.V. (STLA) : Free Stock Analysis Report
