Stellantis Launches Six Fiat Car Lines In Algeria; Reveals €200M In First Wave Of Investments - Stellantis (NYSE:STLA)

Stellantis NV STLA has launched the FIAT brand in Algeria with six car lines, Fiat 500 Hybrid, Fiat 500X, Fiat Tipo, Fiat Doblò, Fiat Scudo and Fiat Ducato.
The investment phase materializes the automotive specifications agreement signed on November 2022 with the Algerian Investment Promotion Agency (AAPI) ratifying the framework agreement signed on October 13.
A first wave of investments from Stellantis and its suppliers will total over €200 million to manufacture the four models.
The launch is one of the key contributors to Stellantis Middle East and Africa (MEA) Dare Forward 2030 strategic plan.
Also Read: Stellantis Considering Spain To Assemble Electric Cars
The FIAT brand will aid the company's MEA ambition to reach one million vehicles sold in the region by 2030 with 70% regional production autonomy.
The Tafraoui - Oran plant construction phase will be completed by August 2023 and production for the first FIAT 500 is planned by the end 2023.
By 2026, it will create nearly 2,000 new local positions, reach a localization rate of over 30% and reach a production capacity of 90,000 vehicles per year.
"Stellantis is committed to Algeria and will provide its extensive global and regional know-how in terms of manufacturing and commercial performance," said Samir Cherfan, Chief Operating Officer, Stellantis Middle East and Africa.
Also Read: Stellantis Picks Second Plant To Produce EVs Under STLA Large platform - This Time In Italy
Price Action: STLA shares are trading lower by 1.25% at $16.58 in premarket on the last check Monday.
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