Stellantis has set its sights on becoming the automotive sector’s “European leasing leader” after restructuring its finance and leasing operations.
The car manufacturing giant is aiming to broaden its multi-brand mobility offering and double its net banking income by end of decade as part of Dare Forward 2030 strategic plan and revealed to day (April 4) that the conclusion of a restructure designed to facilitate the shift.
The move has resulted in the formation of Stellantis Financial Services (formerly Banque PSA Finance) and a newly restructured Leasys operation (consolidating the activities of Leasys and Free2move Lease) in partnership with BNP Paribas Personal Finance, Crédit Agricole Consumer Finance and Santander Consumer Finance.
It marks the end of a process which got underway with negotiations started back in December 2021.
Under the new model Stellantis Financial Services will have a single financing entity per country covering all Stellantis brands, in partnership with BNP Paribas Personal Finance and Santander Consumer Finance.
Leasys, which is a 50/50 joint venture with Crédit Agricole Consumer Finance, meanwhile, will pursue an objective to become the European leasing leader with the target of reaching a fleet of one million vehicles by 2026, it said.
A ststament issued by Stellantis today stated: “The Stellantis strategy, as outlined in the Dare Forward 2030 strategic plan, is to better leverage its financial services arms, with the aim to double its net banking income by 2030.
“This new structure will achieve this target and boost value creation across its entire financial services business.”
Philippe de Rovira, Stellantis’ chief affiliates officer, said: “Today marks the birth of Stellantis Financial Services, a major player in European automotive financing, and of the new consolidated Leasys.
“This simplification allows for superior agility to serve our customers, better support of the commercialization across Stellantis brands, and strengthened competitiveness by leveraging various synergies.”
Back in 2019 AM reported that Stellantis planned to accelerate its turnover from software-enabled services and subscriptions to €4bn (£3.4bn) in 2026 and €20bn (£17bn) in 2030 as it targets a new role as a “sustainable mobility tech company”.
In its latest annual financial results, published in February, Stellantis chief executive Carlos Tavares said that he was now targeting a “transformative journey” towards electrification in the US after revealing record 2022 financial results for the car manufacturing giant.
The OEM behind brands including Abarth, Alfa Romeo, Citroen, DS, Fiat, Jeep and Peugeot reported revenues up 18% to €179.6bn (£158bn) and net profit up 26% to €16.8bn – circa £14.8bn – in its 2022 results.