March 12 (Reuters) – Stellantis is exploring deals with Chinese carmakers whereby they would invest in the Fiat owner’s struggling European operations, Bloomberg News reported on Thursday.
The carmaker’s executives have met with China’s Xiaomi and Xpeng Inc to discuss options for an overhaul of Stellantis in Europe, including for the Chinese companies to acquire stakes in Maserati or other brands, the report said, citing people familiar with the matter.
“As part of its normal course of business, Stellantis holds discussions with a range of industry players around the world on various topics, always with the ultimate aim of providing customers with the best mobility choices,” a Stellantis spokesperson told Reuters.
The proposed overhaul might eventually lead to a further separation between Stellantis’ U.S. and European arms, the report said, adding that a full breakup is not the focus of current discussions.
“Stellantis states in the most categoric terms that there is no truth in the suggestion that it is considering a plan to split the Company. Any assertion to the contrary is pure invention,” the spokesperson said.
Xpeng and Xiaomi did not immediately respond to requests for comment. Reuters could not verify the report.
Western automakers have been juggling investment between electric vehicles and petrol models while contending with fast-rising Chinese rivals and higher trade barriers.
Stellantis, created through the merger of Fiat Chrysler and Peugeot maker PSA, last month announced 22.2 billion euros ($26.4 billion) in charges, scaling back its EV ambitions as Europe waters down emissions targets in a move that would allow combustion engines to stay around for longer.
Several Chinese carmakers have made moves to set up production in Europe. Chinese automaker Leapmotor will build vehicles at a Stellantis plant in Spain as part of a joint venture.
(Reporting by Anusha Shah in Bengaluru; Editing by Jan Harvey and Susan Fenton)
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