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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall

Sergio Marchionne wants Alfa Romeo back in F1

It's been decades since Alfa Romeo has competed in Formula One. But if Sergio Marchionne gets his way, it could make a comeback soon. Now we know what you might be thinking: Alfa Romeo and Ferrari are both part of the same Fiat Chrysler Automobiles group, so why would Marchionne want two brands competing against each other in such a costly racing series? Because technically speaking, Ferrari is no longer part of FCA, that's why. They share mostly the same owners and are run by the same person (Marchionne), but the Prancing Horse marque recently split off from its former parent company and floated its own shares on the stock market. That makes it a separate entity, and also means that FCA no longer has a direct link to F1. But its chief executive clearly thinks the investment is worthwhile. Marchionne has been known to state grandiose plans, but he's also been known to carry through on many of them. So the next question is, if the plan goes through, just how Alfa Romeo might participate in F1? Some automakers (like Mercedes) field their own teams, others (like Honda) compete as engine suppliers, and still others (like Infiniti) as branding partners. Alfa could go either route, but Marchionne told Italy's La Gazzetta dello Sport that "Alfa Romeo is able to make itself a chassis, and it is able to make engines." Of course, that doesn't mean that it necessarily will. It could outsource a chassis from a constructor like Dallara, which is located near the same Varano circuit that Alfa uses regularly. It could also source an engine from its former sister company: Marchionne floated the possibility of starting a separate engine program in Maranello for Red Bull when it was hunting for a new engine partner, and could ostensibly do the same for Alfa Romeo. "In order to re-establish itself as a sport brand, Alfa Romeo can and must consider the possibility of return to race in Formula 1," said Marchionne. "How? Probably in a collaboration with Ferrari." Alfa Romeo first competed in F1 in the early 1950s, winning the world championship two years running in 1950 with Giuseppe Farina (scion of Pininfarina) and 1951 with Juan Manuel Fangio. It then dropped out, only to resurface as a full constructor team between 1979 and 1985, with limited results. It also supplied engines to an array of teams in the 1960s, '70s, and '80s.