Toronto, Ontario — In this weekly Tuesday Ticker, Stellantis cuts down its U.S. inventory by more than 100,000 vehicles amid slumps, while European battery maker Northvolt sells its remaining shares to a Norwegian aluminum company.
Stellantis makes the slice
Stellantis has achieved its goal of cutting United States inventories by more than 100,000 vehicles in late 2024, according to a report from Reuters.
North American Operations Leader for Stellantis Antonio Filosa said the OEM has made a “significant improvement” in chopping down bloated inventories on dealership lots by offering discounts to customers.
“That cost a lot, but it was needed,” said Filosa.
Stellantis had previously said in September, 2024 that its publicly-targeted dealer inventory should be no more than 330,000 vehicles by the end of 2024.
Former Stellantis CEO Carlos Tavares resigned from his role on Dec. 1, 2024. While the search for a new CEO continues—with an interim executive committee led by board Chairman John Elkmann running the automaker—Filosa said Stellantis must be nimble to address a variety of challenges facing the OEM.
Challenges include wavering EV demand, technological challenges and more.
As of Mon., Jan. 5 at 3:30 p.m., shares of Stellantis traded at EUR€12.04 (CAD$17.72) per share.
No-go for Northvolt
Norsk Hydro are now the sole owners of battery recycler Hydrovolt on Monday after the Norwegian aluminum maker agreed to purchase the remaining shares from Swedish battery maker Northvolt.
The transaction was 78 million Norwegian Krone (CAD$9,806,277), according to a report from Reuters, resulting in the 100 percent Hydro owned company, Hydrovolt.
Northvolt, which was previously referred to as Europe’s best chance at producing “home-grown” EV batteries, has been struggling to stay afloat since its loss of a contract with BMW, as well as a funding crisis. The company filed Chapter 11 bankruptcy in the U.S. in November. Last year, it ceased funding to various joint ventures and non-core business.
Hydrovolt has reportedly been financing Northvolt’s operations since the latter half of 2024.
