Stellantis signs multi-billion euro deal with German rental firm

Fiat Chrysler-parent, Stellantis (NYSE:) announced Tuesday that the Franco-American automaker has entered into a multi-billion euro agreement with European rental firm SIXT SE.

According to the announcement, Stellantis will sell SIXT up to 250,000 vehicles across Europe and North America over the next three years.

Stellantis will begin delivering a diverse lineup of vehicles, spanning from city cars to SUVs and trucks, starting in the first quarter of 2024 and extending throughout the year.

Additionally, as part of the agreement, Stellantis will supply electric vehicles to the German mobility service provider, although specific details about this aspect of the deal remain undisclosed.

The two companies added that they would also explore potential collaboration opportunities in various other regions, with a focus on areas such as Stellantis’ DaaS business.

Shares of STLA are down 3.05% in mid-day trading on Tuesday.