Stellantis just signed a deal for 250K vehicles with Sixt

Stellantis NV (BIT: STLAM) is in focus today after announcing a multi-billion-euro agreement with Sixt SE (ETR: SIX2).

Sixt will buy a range of vehicles from Stellantis

The agreement will see the mobility service provider to buy up to 250,000 vehicles from Stellantis for its fleet in countries across North America and Europe over the next three years.

Vehicles that Stellantis will deliver to Sixt will include SUVs, urban cars, vans, trucks, and even battery-electric vehicles. Carlos Tavares – chief executive of the legacy automaker said in a press release today:

It’s the ultimate test drive and a critical checkpoint for us in the upcoming years as Stellantis transforms into a sustainable mobility tech company.

The news arrives months after Stellantis reported €45.1 billion in revenue for its third financial quarter – up 7.0% on a year-over-year basis.

Watch here: https://www.youtube.com/embed/Wmnx46IxMK4?feature=oembed

Stellantis and Sixt will explore other opportunities too

On Tuesday, Stellantis also confirmed that “first significant delivery volumes” will likely transpire in the first quarter of this year and will continue through the remainder of 2024.

The automotive giant will also explore opportunities to collaborate with Sixt in “various regions around the world including Mobilisights”, as per the press release this morning.

Note that the agreement between Sixt and Stellantis could be significant for the likes of Hertz Global Holding and Avis Budget Group if their German rival continues to expand rapidly in new markets.

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Hertz Global Holdings has started selling electric cars from its US fleet and will reinvest in gas-powered cars. The rental giant says it wants to off load 20,000 vehicles. Hertz said in 2021 that it was buying 100,000 Tesla… pic.twitter.com/kp3n0gdBpY

— Camus (@newstart_2024) January 12, 2024

Shares of both companies are trending slightly down in premarket on Tuesday.

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