The line of the CEO, Carlos Tavares, therefore prevails. Just as great news arrives from China
The bombshell had been previewed by the agency Bloomberg. A sensational indiscretion that the company has not commented on. But which, over the course of the hours, found confirmation. This is certainly something that changes a lot in the passenger car market. And that the judgment given so far on the work and action of the giant Stellantis also changes a lot.
The Bloomberg agency, in fact, had anticipated everyone, arguing that Stellantis was ready to repay, one year in advance, the 6.3 billion loan granted in March 2020 by Intesa Sanpaolo and guaranteed by Sace. According to the Bloomberg agency, Stellantis will repay the 6.3 billion credit line, with 80% public guarantee from Sace.
Intesa San Paolo provided the financing, which like natural maturity had the June 2023. Thus, therefore, the blocking of possible interventions on personnel in our country would be lifted. A measure envisaged by all the guarantee agreements signed by Sace and linked to the pandemic. The operation was approved by the Ministry of Finance, led by Roberto Gualtieri at the time, to which Sace is headed.
Voices are chasing each other, everything is starting to have more and more relevance in the automotive world, but also on the financial markets. Finally, the intervention of Stellantis.
Confirmation
The company has in fact announced that the subsidiary FCA Italy and other Italian companies of the Group have repaid the 6.3 billion credit line opened with Intesa Sanpaolo. The credit line, stipulated in June 2020, was set up to facilitate and encourage the restart and transformation of the Italian automotive sector after the COVID-19 epidemic.
The aim was to provide liquidity to the Company’s activities in Italy and to its Italian suppliers. The line was instrumental in restarting industrial production and allowed continuity in key investment projects for a sustainable future for the automotive sector in Italy. Precisely in a period in which car companies are grappling with the “green turning point” desired by the European Union which, obviously, involves an important change in the strategies of car manufacturers.
“Stellantis is now able to repay the line in advance of the original maturity date of March 2023 by continuing its investment projects,” explains a note. The line of the chief executive officer therefore prevails, Carlos Tavares.
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A sensational news that arrives just in the same hours in which Stellantis announced that it has significantly strengthened its commercial position in China. Dongfeng Peugeot Citroen Automobile Co, the joint venture formed by Stellantis and China’s Dongfeng Motor Corporation, sold over 100,000 vehicles in 2021. More than double the volume of annual sales in 2020. The Jeep Wrangler, in particular, has achieved an all-time high in annual sales and the Jeep brand has been ranked # 1 in vehicle quality and reliability.
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