By Michael Elkins
Stellantis (NYSE:STLA) announced two major Italian initiatives today. The initiatives are aimed at further driving the company’s transformation of its global electrification value chain and supporting its aggressive decarbonization targets.
According to the release, Stellantis and its joint venture partner, Punch Powertrain, signed a new agreement increasing production of the future-generation electrified dual-clutch transmissions for Stellantis hybrid and plug-in hybrid electric vehicles. The upgraded facility, developed within the Mirafiori Complex in Turin, Italy, will complement the existing capacity in Metz, France.
The company also announced that the Mirafiori Complex will be home to its leading Circular Economy Hub, starting with three activities for the sustainable use of vehicles and parts: vehicle reconditioning, vehicle dismantling, and parts remanufacturing, with the scope set to expand further globally.
“Today’s announcements highlight both our commitment to Italy and our ability to take responsible decisions to anticipate the upcoming global change in our industry, as we push to achieve our Dare Forward 2030 targets,” said Carlos Tavares, Stellantis CEO. “I am very thankful to everyone involved in finalizing and executing these plans on our charge to becoming a sustainable mobility tech company with the bold objective to become carbon net zero ahead of competition.”
Shares of STLA are down 3.96% near end of day trading.