00016054842020FYfalseLarge Accelerated Filerfalsefalsetruefalsefalsefalse56101231033353310100.011.000.011.001.001.001.001.00————noP3YP3YP3YP3YP5YP3YP2YP5YP3Y9.7410.3913.4415.219.7410.3913.4415.2137390.70.810033333310033333333333310050503333331008.7916.965.7110.358.669.798.719.85P10YP10YP1YP10YP4YP4Y00016054842020-01-012020-12-310001605484dei:BusinessContactMember2020-01-012020-12-31xbrli:shares00016054842020-12-31iso4217:EURxbrli:shares0001605484stellantis:SpecialVotingSharesMember2020-12-310001605484stellantis:SpecialVotingSharesMember2020-01-012020-12-31iso4217:EUR00016054842019-01-012019-12-3100016054842018-01-012018-12-3100016054842019-12-3100016054842018-12-3100016054842017-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:IssuedCapitalMember2017-12-310001605484ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember2017-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfCashFlowHedgesMember2017-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2017-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2017-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2017-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMemberifrs-full:PreviouslyStatedMember2017-12-310001605484ifrs-full:NoncontrollingInterestsMemberifrs-full:PreviouslyStatedMember2017-12-310001605484ifrs-full:PreviouslyStatedMember2017-12-310001605484ifrs-full:FinancialEffectOfChangesInAccountingPolicyMemberifrs-full:OtherReservesMember2017-12-310001605484ifrs-full:FinancialEffectOfChangesInAccountingPolicyMember2017-12-310001605484ifrs-full:IssuedCapitalMember2017-12-310001605484ifrs-full:OtherReservesMember2017-12-310001605484ifrs-full:ReserveOfCashFlowHedgesMember2017-12-310001605484ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2017-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2017-12-310001605484ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2017-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember2017-12-310001605484ifrs-full:NoncontrollingInterestsMember2017-12-310001605484ifrs-full:NoncontrollingInterestsMember2018-01-012018-12-310001605484ifrs-full:OtherReservesMember2018-01-012018-12-310001605484ifrs-full:IssuedCapitalMember2018-01-012018-12-310001605484ifrs-full:ReserveOfCashFlowHedgesMember2018-01-012018-12-310001605484ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2018-01-012018-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2018-01-012018-12-310001605484ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2018-01-012018-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember2018-01-012018-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:IssuedCapitalMember2018-12-310001605484ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember2018-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfCashFlowHedgesMember2018-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2018-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2018-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2018-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMemberifrs-full:PreviouslyStatedMember2018-12-310001605484ifrs-full:NoncontrollingInterestsMemberifrs-full:PreviouslyStatedMember2018-12-310001605484ifrs-full:PreviouslyStatedMember2018-12-310001605484ifrs-full:FinancialEffectOfChangesInAccountingPolicyMemberifrs-full:OtherReservesMember2018-12-310001605484ifrs-full:FinancialEffectOfChangesInAccountingPolicyMember2018-12-310001605484ifrs-full:IssuedCapitalMember2018-12-310001605484ifrs-full:OtherReservesMember2018-12-310001605484ifrs-full:ReserveOfCashFlowHedgesMember2018-12-310001605484ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2018-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2018-12-310001605484ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2018-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember2018-12-310001605484ifrs-full:NoncontrollingInterestsMember2018-12-310001605484ifrs-full:OtherReservesMember2019-01-012019-12-310001605484ifrs-full:NoncontrollingInterestsMember2019-01-012019-12-310001605484ifrs-full:IssuedCapitalMember2019-01-012019-12-310001605484ifrs-full:ReserveOfCashFlowHedgesMember2019-01-012019-12-310001605484ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2019-01-012019-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2019-01-012019-12-310001605484ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2019-01-012019-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember2019-01-012019-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:IssuedCapitalMember2019-12-310001605484ifrs-full:OtherReservesMemberifrs-full:PreviouslyStatedMember2019-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfCashFlowHedgesMember2019-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2019-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2019-12-310001605484ifrs-full:PreviouslyStatedMemberifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2019-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMemberifrs-full:PreviouslyStatedMember2019-12-310001605484ifrs-full:NoncontrollingInterestsMemberifrs-full:PreviouslyStatedMember2019-12-310001605484ifrs-full:PreviouslyStatedMember2019-12-310001605484ifrs-full:NoncontrollingInterestsMember2020-01-012020-12-310001605484ifrs-full:IssuedCapitalMember2020-01-012020-12-310001605484ifrs-full:OtherReservesMember2020-01-012020-12-310001605484ifrs-full:ReserveOfCashFlowHedgesMember2020-01-012020-12-310001605484ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-01-012020-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember2020-01-012020-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2020-01-012020-12-310001605484ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2020-01-012020-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember2020-01-012020-12-310001605484ifrs-full:IssuedCapitalMember2020-12-310001605484ifrs-full:OtherReservesMember2020-12-310001605484ifrs-full:ReserveOfCashFlowHedgesMember2020-12-310001605484ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2020-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember2020-12-310001605484ifrs-full:ReserveOfGainsAndLossesOnRemeasuringAvailableforsaleFinancialAssetsMember2020-12-310001605484ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember2020-12-310001605484ifrs-full:ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember2020-12-310001605484ifrs-full:NoncontrollingInterestsMember2020-12-31xbrli:pure0001605484stellantis:FiatInvestmentsN.V.Memberstellantis:FiatChryslerAutomobilesN.V.Member2014-10-122014-10-1200016054842020-05-132020-05-1300016054842020-09-142020-09-1400016054842019-12-172019-12-170001605484stellantis:FaureciaSEMember2020-09-1400016054842020-09-14iso4217:USDiso4217:EURiso4217:BRLiso4217:EURiso4217:CNYiso4217:EURiso4217:CADiso4217:EURiso4217:MXNiso4217:EURiso4217:PLNiso4217:EURiso4217:ARSiso4217:EURiso4217:GBPiso4217:EURiso4217:CHFiso4217:EUR0001605484ifrs-full:BottomOfRangeMemberstellantis:ModelsMember2020-01-012020-12-310001605484stellantis:ModelsMemberifrs-full:TopOfRangeMember2020-01-012020-12-310001605484stellantis:PowertrainsMemberifrs-full:BottomOfRangeMember2020-01-012020-12-310001605484stellantis:PowertrainsMemberifrs-full:TopOfRangeMember2020-01-012020-12-310001605484ifrs-full:BottomOfRangeMemberifrs-full:BuildingsMember2020-12-310001605484ifrs-full:BuildingsMemberifrs-full:TopOfRangeMember2020-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:BottomOfRangeMember2020-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:TopOfRangeMember2020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:BottomOfRangeMember2020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:TopOfRangeMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484ifrs-full:ActuarialAssumptionOfDiscountRatesMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:ActuarialAssumptionOfDiscountRatesMemberstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:ActuarialAssumptionOfDiscountRatesMemberstellantis:PostemploymentRetirementBenefits1Member2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:ActuarialAssumptionOfMedicalCostTrendRatesMember2020-12-310001605484stellantis:PostemploymentRetirementBenefits1Memberifrs-full:ActuarialAssumptionOfMedicalCostTrendRatesMember2020-12-310001605484stellantis:COVID19AndMacroeconomicEnvironmentMember2020-01-012020-03-310001605484ifrs-full:PropertyPlantAndEquipmentMemberstellantis:COVID19AndMacroeconomicEnvironmentMember2020-01-012020-03-310001605484ifrs-full:OtherIntangibleAssetsMemberstellantis:COVID19AndMacroeconomicEnvironmentMember2020-01-012020-03-310001605484stellantis:EMEASegmentMemberstellantis:COVID19AndMacroeconomicEnvironmentMember2020-01-012020-03-310001605484stellantis:LATAMMemberstellantis:COVID19AndMacroeconomicEnvironmentMember2020-01-012020-03-310001605484stellantis:COVID19AndMacroeconomicEnvironmentMemberstellantis:MaseratiMember2020-01-012020-03-310001605484stellantis:MaseratiSegmentImpairmentMember2020-01-012020-03-310001605484ifrs-full:PropertyPlantAndEquipmentMemberstellantis:MaseratiSegmentImpairmentMember2020-01-012020-03-310001605484ifrs-full:OtherIntangibleAssetsMemberstellantis:MaseratiSegmentImpairmentMember2020-01-012020-03-310001605484stellantis:IdleAssetsMember2020-01-012020-03-310001605484stellantis:BSegmentImpairmentMember2020-07-012020-09-300001605484ifrs-full:PropertyPlantAndEquipmentMemberstellantis:BSegmentImpairmentMember2020-07-012020-09-300001605484ifrs-full:OtherIntangibleAssetsMemberstellantis:BSegmentImpairmentMember2020-07-012020-09-3000016054842020-10-012020-12-310001605484stellantis:ChangeInCAFERateMember2020-10-012020-12-310001605484ifrs-full:PropertyPlantAndEquipmentMemberstellantis:ChangeInCAFERateMember2020-10-012020-12-310001605484ifrs-full:OtherIntangibleAssetsMemberstellantis:ChangeInCAFERateMember2020-10-012020-12-310001605484stellantis:ChangeInExpectedUseMember2020-10-012020-12-310001605484stellantis:ChangeInExpectedUseMemberifrs-full:MaterialReconcilingItemsMember2020-10-012020-12-310001605484stellantis:ChangeInExpectedUseMemberstellantis:MaseratiMember2020-10-012020-12-310001605484stellantis:ChangeInExpectedUseMemberstellantis:EMEASegmentMember2020-10-012020-12-310001605484stellantis:IdleAssetsMember2020-10-012020-12-310001605484stellantis:RationalizationOfProductPortfolioPlansMember2019-01-012019-12-310001605484ifrs-full:PropertyPlantAndEquipmentMemberstellantis:RationalizationOfProductPortfolioPlansMember2019-01-012019-12-310001605484ifrs-full:OtherIntangibleAssetsMemberstellantis:RationalizationOfProductPortfolioPlansMember2019-01-012019-12-310001605484stellantis:EMEASegmentMemberstellantis:RationalizationOfProductPortfolioPlansMember2019-01-012019-12-310001605484stellantis:RationalizationOfProductPortfolioPlansMemberstellantis:MaseratiMember2019-01-012019-12-310001605484stellantis:RationalizationOfProductPortfolioPlansMemberifrs-full:MaterialReconcilingItemsMember2019-01-012019-12-310001605484stellantis:EMEASegmentMember2018-01-012018-12-310001605484stellantis:NorthAmerica1Member2018-01-012018-12-310001605484stellantis:APACMember2018-01-012018-12-310001605484stellantis:LATAMMember2018-01-012018-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2020-03-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMemberstellantis:EMEASegmentMember2020-03-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMemberstellantis:LATAMMember2020-03-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMemberstellantis:EMEASegmentMember2019-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMemberstellantis:LATAMMember2019-12-310001605484ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember2020-03-310001605484ifrs-full:BottomOfRangeMemberifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember2020-03-310001605484ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMemberifrs-full:TopOfRangeMember2020-03-310001605484stellantis:EMEASegmentMember2020-03-310001605484stellantis:LATAMMember2020-03-310001605484ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember2020-12-310001605484stellantis:LATAMMember2020-12-310001605484ifrs-full:BottomOfRangeMemberifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember2020-12-310001605484ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMemberifrs-full:TopOfRangeMember2020-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMemberifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesMember2020-01-012020-12-310001605484stellantis:ItalianTaxJurisdictionMember2020-01-012020-12-310001605484stellantis:BrazilianTaxJurisdictionMember2020-01-012020-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2019-01-012019-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2018-01-012018-12-310001605484stellantis:FCAUSLLCMember2020-01-012020-12-310001605484stellantis:FCACanadaIncMember2020-01-012020-12-310001605484stellantis:FCAMexicoS.A.deC.V.Member2020-01-012020-12-310001605484stellantis:FCAFiatChryslerAutomoveisBrasilLTDAMember2020-01-012020-12-310001605484stellantis:FCAAutomobilesArgentinaS.A.Member2020-01-012020-12-310001605484stellantis:BancoFidisS.A.Member2020-01-012020-12-310001605484stellantis:ChryslerGroupChinaSalesLimitedMember2020-01-012020-12-310001605484stellantis:FCAJapanLtd.Member2020-01-012020-12-310001605484stellantis:FCAAustraliaPtyLtd.Member2020-01-012020-12-310001605484stellantis:FCAAutomotiveFinanceCo.Ltd.Member2020-01-012020-12-310001605484stellantis:AlfaRomeoShanghaiAutomobilesSalesCo.Ltd.Member2020-01-012020-12-310001605484stellantis:FCAItalyS.p.A.Member2020-01-012020-12-310001605484stellantis:FCAPolandSplkaAkcyjnaMember2020-01-012020-12-310001605484stellantis:FCAPowertrainPolandSp.zo.o.Member2020-01-012020-12-310001605484stellantis:FCASerbiad.o.o.KragujevacMember2020-01-012020-12-310001605484stellantis:FCAGermanyAGMember2020-01-012020-12-310001605484stellantis:FCAFranceMember2020-01-012020-12-310001605484stellantis:FiatChryslerAutomobilesUKLtd.Member2020-01-012020-12-310001605484stellantis:FiatChryslerAutomobilesSpainS.A.Member2020-01-012020-12-310001605484stellantis:FidisS.p.A.Member2020-01-012020-12-310001605484stellantis:MaseratiS.p.A.Member2020-01-012020-12-310001605484stellantis:MaseratiChinaCarsTradingCo.Ltd.Member2020-01-012020-12-310001605484stellantis:MaseratiNorthAmericaInc.Member2020-01-012020-12-310001605484stellantis:FCANorthAmericaHoldingsLLCMember2020-01-012020-12-310001605484stellantis:FiatChryslerFinanceS.p.A.Member2020-01-012020-12-310001605484stellantis:FiatChryslerFinanceEuropeS.A.Member2020-01-012020-12-3100016054842019-01-012019-05-020001605484ifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2019-05-020001605484ifrs-full:DiscontinuedOperationsMember2019-01-012019-05-020001605484ifrs-full:DiscontinuedOperationsMember2019-10-012019-12-310001605484ifrs-full:DiscontinuedOperationsMember2019-01-012019-12-310001605484stellantis:PlasticComponentsAndAutomotiveModulesBusinessMember2020-01-312020-01-310001605484stellantis:PlasticComponentsAndAutomotiveModulesBusinessMember2020-01-012020-12-310001605484stellantis:TeksidS.p.A.Memberifrs-full:DisposalGroupsClassifiedAsHeldForSaleMember2020-12-310001605484stellantis:VariFormInc.Member2019-01-012019-12-31iso4217:USD0001605484stellantis:NorthAmerica1Member2020-01-012020-12-310001605484stellantis:NorthAmerica1Member2019-01-012019-12-310001605484stellantis:NorthAmerica1Member2018-01-012018-12-310001605484country:BR2020-01-012020-12-310001605484country:BR2019-01-012019-12-310001605484country:BR2018-01-012018-12-310001605484country:IT2020-01-012020-12-310001605484country:IT2019-01-012019-12-310001605484country:IT2018-01-012018-12-310001605484country:FR2020-01-012020-12-310001605484country:FR2019-01-012019-12-310001605484country:FR2018-01-012018-12-310001605484country:DE2020-01-012020-12-310001605484country:DE2019-01-012019-12-310001605484country:DE2018-01-012018-12-310001605484country:CN2020-01-012020-12-310001605484country:CN2019-01-012019-12-310001605484country:CN2018-01-012018-12-310001605484country:ES2020-01-012020-12-310001605484country:ES2019-01-012019-12-310001605484country:ES2018-01-012018-12-310001605484country:GB2020-01-012020-12-310001605484country:GB2019-01-012019-12-310001605484country:GB2018-01-012018-12-310001605484country:AR2020-01-012020-12-310001605484country:AR2019-01-012019-12-310001605484country:AR2018-01-012018-12-310001605484country:JP2020-01-012020-12-310001605484country:JP2019-01-012019-12-310001605484country:JP2018-01-012018-12-310001605484country:TR2020-01-012020-12-310001605484country:TR2019-01-012019-12-310001605484country:TR2018-01-012018-12-310001605484country:AU2020-01-012020-12-310001605484country:AU2019-01-012019-12-310001605484country:AU2018-01-012018-12-310001605484stellantis:OtherCountriesMember2020-01-012020-12-310001605484stellantis:OtherCountriesMember2019-01-012019-12-310001605484stellantis:OtherCountriesMember2018-01-012018-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:NAFTAMember2020-01-012020-12-310001605484stellantis:LATAMMemberifrs-full:OperatingSegmentsMember2020-01-012020-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:APACMember2020-01-012020-12-310001605484stellantis:EMEASegmentMemberifrs-full:OperatingSegmentsMember2020-01-012020-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:MaseratiMember2020-01-012020-12-310001605484ifrs-full:OperatingSegmentsMemberifrs-full:AllOtherSegmentsMember2020-01-012020-12-310001605484stellantis:NAFTAMember2020-01-012020-12-310001605484stellantis:LATAMMember2020-01-012020-12-310001605484stellantis:APACMember2020-01-012020-12-310001605484stellantis:EMEASegmentMember2020-01-012020-12-310001605484stellantis:MaseratiMember2020-01-012020-12-310001605484ifrs-full:AllOtherSegmentsMember2020-01-012020-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:NAFTAMember2019-01-012019-12-310001605484stellantis:LATAMMemberifrs-full:OperatingSegmentsMember2019-01-012019-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:APACMember2019-01-012019-12-310001605484stellantis:EMEASegmentMemberifrs-full:OperatingSegmentsMember2019-01-012019-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:MaseratiMember2019-01-012019-12-310001605484ifrs-full:OperatingSegmentsMemberifrs-full:AllOtherSegmentsMember2019-01-012019-12-310001605484stellantis:NAFTAMember2019-01-012019-12-310001605484stellantis:LATAMMember2019-01-012019-12-310001605484stellantis:APACMember2019-01-012019-12-310001605484stellantis:EMEASegmentMember2019-01-012019-12-310001605484stellantis:MaseratiMember2019-01-012019-12-310001605484ifrs-full:AllOtherSegmentsMember2019-01-012019-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:NAFTAMember2018-01-012018-12-310001605484stellantis:LATAMMemberifrs-full:OperatingSegmentsMember2018-01-012018-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:APACMember2018-01-012018-12-310001605484stellantis:EMEASegmentMemberifrs-full:OperatingSegmentsMember2018-01-012018-12-310001605484ifrs-full:OperatingSegmentsMemberstellantis:MaseratiMember2018-01-012018-12-310001605484ifrs-full:OperatingSegmentsMemberifrs-full:AllOtherSegmentsMember2018-01-012018-12-310001605484stellantis:NAFTAMember2018-01-012018-12-310001605484stellantis:MaseratiMember2018-01-012018-12-310001605484ifrs-full:AllOtherSegmentsMember2018-01-012018-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMember2020-01-012020-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMember2019-01-012019-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMember2018-01-012018-12-310001605484country:US2020-01-012020-12-310001605484stellantis:AllowanceRelatedTemporaryDifferencesOtherThanEmployeeBenefitsCreditLossesAndDoubtfulAccountsTemporaryDifferencesMember2019-12-310001605484stellantis:AllowanceRelatedTemporaryDifferencesOtherThanEmployeeBenefitsCreditLossesAndDoubtfulAccountsTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:AllowanceRelatedTemporaryDifferencesOtherThanEmployeeBenefitsCreditLossesAndDoubtfulAccountsTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxAssetsAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxAssetsAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxAssetsAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxAssetsLeaseLiabilitiesRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxAssetsLeaseLiabilitiesRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxAssetsLeaseLiabilitiesRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:IntangibleAssetsRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:IntangibleAssetsRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:IntangibleAssetsRelatedTemporaryDifferencesMember2020-12-310001605484ifrs-full:AllowanceForCreditLossesMember2019-12-310001605484ifrs-full:AllowanceForCreditLossesMember2020-01-012020-12-310001605484ifrs-full:AllowanceForCreditLossesMember2020-12-310001605484stellantis:InventoryRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:InventoryRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:InventoryRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:AllowanceForDoubtfulAccountsRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:AllowanceForDoubtfulAccountsRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:AllowanceForDoubtfulAccountsRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxAssetsOtherTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxAssetsOtherTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxAssetsOtherTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxAssetsTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxAssetsTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxAssetsTemporaryDifferencesMember2020-12-310001605484stellantis:AcceleratedDepreciationRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:AcceleratedDepreciationRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:AcceleratedDepreciationRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:CapitalizedDevelopmentAssetsRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:CapitalizedDevelopmentAssetsRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:CapitalizedDevelopmentAssetsRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:OtherIntangibleAssetsAndIntangibleAssetsWithIndefiniteLivesRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:OtherIntangibleAssetsAndIntangibleAssetsWithIndefiniteLivesRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:OtherIntangibleAssetsAndIntangibleAssetsWithIndefiniteLivesRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:RightofUseAssetsRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:RightofUseAssetsRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:RightofUseAssetsRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxLiabilitiesAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxLiabilitiesAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxLiabilitiesAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxLiabilitiesOtherTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxLiabilitiesOtherTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxLiabilitiesOtherTemporaryDifferencesMember2020-12-310001605484stellantis:DeferredTaxLiabilityTemporaryDifferencesMember2019-12-310001605484stellantis:DeferredTaxLiabilityTemporaryDifferencesMember2020-01-012020-12-310001605484stellantis:DeferredTaxLiabilityTemporaryDifferencesMember2020-12-310001605484ifrs-full:UnusedTaxLossesMember2019-12-310001605484ifrs-full:UnusedTaxLossesMember2020-01-012020-12-310001605484ifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMember2019-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMember2020-01-012020-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMember2020-12-310001605484stellantis:AllowanceRelatedTemporaryDifferencesOtherThanEmployeeBenefitsCreditLossesAndDoubtfulAccountsTemporaryDifferencesMember2018-12-310001605484stellantis:AllowanceRelatedTemporaryDifferencesOtherThanEmployeeBenefitsCreditLossesAndDoubtfulAccountsTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxAssetsAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxAssetsAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxAssetsLeaseLiabilitiesRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxAssetsLeaseLiabilitiesRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:IntangibleAssetsRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:IntangibleAssetsRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484ifrs-full:AllowanceForCreditLossesMember2018-12-310001605484ifrs-full:AllowanceForCreditLossesMember2019-01-012019-12-310001605484stellantis:InventoryRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:InventoryRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:AllowanceForDoubtfulAccountsRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:AllowanceForDoubtfulAccountsRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxAssetsOtherTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxAssetsOtherTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxAssetsTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxAssetsTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:AcceleratedDepreciationRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:AcceleratedDepreciationRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:CapitalizedDevelopmentAssetsRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:CapitalizedDevelopmentAssetsRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:OtherIntangibleAssetsAndIntangibleAssetsWithIndefiniteLivesRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:OtherIntangibleAssetsAndIntangibleAssetsWithIndefiniteLivesRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:RightofUseAssetsRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:RightofUseAssetsRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxLiabilitiesAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxLiabilitiesAllowanceForEmployeeBenefitsRelatedTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxLiabilitiesOtherTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxLiabilitiesOtherTemporaryDifferencesMember2019-01-012019-12-310001605484stellantis:DeferredTaxLiabilityTemporaryDifferencesMember2018-12-310001605484stellantis:DeferredTaxLiabilityTemporaryDifferencesMember2019-01-012019-12-310001605484ifrs-full:UnusedTaxLossesMember2018-12-310001605484ifrs-full:UnusedTaxLossesMember2019-01-012019-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMember2018-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMember2019-01-012019-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsDeductibleTemporaryDifferencesMember2020-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsDeductibleTemporaryDifferencesMember2019-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsUnusedTaxLossesMember2020-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsUnusedTaxLossesMember2019-12-310001605484country:IT2020-12-310001605484country:IT2019-12-310001605484country:ITstellantis:RecognizedDeferredTaxAssetsMember2020-12-310001605484country:ITstellantis:RecognizedDeferredTaxAssetsMember2019-12-310001605484country:ITstellantis:UnrecognisedDeferredTaxAssetsMember2020-12-310001605484country:ITstellantis:UnrecognisedDeferredTaxAssetsMember2019-12-310001605484country:BR2020-12-310001605484country:BR2019-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMembercountry:BR2020-12-310001605484stellantis:UnrecognisedDeferredTaxAssetsMembercountry:BR2019-12-310001605484country:GB2020-12-310001605484country:GB2019-12-310001605484stellantis:RecognizedDeferredTaxAssetsMembercountry:GB2020-12-310001605484stellantis:RecognizedDeferredTaxAssetsMembercountry:GB2019-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:CorporateTaxingAuthoritiesMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:CorporateTaxingAuthoritiesMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LaterThanFourYearsMemberstellantis:CorporateTaxingAuthoritiesMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:DeductibleTemporaryDifferencesMemberstellantis:CorporateTaxingAuthoritiesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:NotLaterThanOneYearMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberstellantis:TaxableTemporaryDifferencesMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberstellantis:TaxableTemporaryDifferencesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberstellantis:TaxableTemporaryDifferencesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:LaterThanFourYearsMemberstellantis:CorporateTaxingAuthoritiesMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:CorporateTaxingAuthoritiesMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:NotLaterThanOneYearMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:UnusedTaxLossesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:UnusedTaxLossesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:LaterThanFourYearsMemberstellantis:CorporateTaxingAuthoritiesMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:CorporateTaxingAuthoritiesMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:CorporateTaxingAuthoritiesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:LaterThanFourYearsMemberstellantis:CorporateTaxingAuthoritiesMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:CorporateTaxingAuthoritiesMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LocalJurisdictionMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LocalJurisdictionMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LocalJurisdictionMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LocalJurisdictionMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LocalJurisdictionMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:DeductibleTemporaryDifferencesMemberstellantis:LaterThanFourYearsMemberstellantis:LocalJurisdictionMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:DeductibleTemporaryDifferencesMemberstellantis:LocalJurisdictionMember2020-12-310001605484stellantis:LocalJurisdictionMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:NotLaterThanOneYearMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:LocalJurisdictionMemberstellantis:TaxableTemporaryDifferencesMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:LocalJurisdictionMemberstellantis:TaxableTemporaryDifferencesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:LocalJurisdictionMemberstellantis:TaxableTemporaryDifferencesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:LaterThanFourYearsMemberstellantis:LocalJurisdictionMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:LocalJurisdictionMemberstellantis:TaxableTemporaryDifferencesMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:NotLaterThanOneYearMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:UnusedTaxLossesMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:UnusedTaxLossesMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:LaterThanFourYearsMemberstellantis:LocalJurisdictionMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:LocalJurisdictionMemberifrs-full:UnusedTaxLossesMember2020-12-310001605484stellantis:LocalJurisdictionMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:LocalJurisdictionMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:LaterThanFourYearsMemberstellantis:LocalJurisdictionMember2020-12-310001605484stellantis:UnlimitedOrIndeterminableMemberstellantis:LocalJurisdictionMember2020-12-31stellantis:employee0001605484ifrs-full:GrossCarryingAmountMemberifrs-full:GoodwillMember2018-12-310001605484ifrs-full:GoodwillMemberifrs-full:AccumulatedImpairmentMember2018-12-310001605484ifrs-full:GoodwillMember2018-12-310001605484ifrs-full:BrandNamesMember2018-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2018-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:GoodwillMember2019-01-012019-12-310001605484ifrs-full:GoodwillMemberifrs-full:AccumulatedImpairmentMember2019-01-012019-12-310001605484ifrs-full:GoodwillMember2019-01-012019-12-310001605484ifrs-full:BrandNamesMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:GoodwillMember2019-12-310001605484ifrs-full:GoodwillMemberifrs-full:AccumulatedImpairmentMember2019-12-310001605484ifrs-full:GoodwillMember2019-12-310001605484ifrs-full:BrandNamesMember2019-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:GoodwillMember2020-01-012020-12-310001605484ifrs-full:GoodwillMemberifrs-full:AccumulatedImpairmentMember2020-01-012020-12-310001605484ifrs-full:GoodwillMember2020-01-012020-12-310001605484ifrs-full:BrandNamesMember2020-01-012020-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:GoodwillMember2020-12-310001605484ifrs-full:GoodwillMemberifrs-full:AccumulatedImpairmentMember2020-12-310001605484ifrs-full:GoodwillMember2020-12-310001605484ifrs-full:BrandNamesMember2020-12-310001605484stellantis:GoodwillAndIndefiniteLivedIntangibleAssetsMember2020-12-310001605484stellantis:FCAUSLLCMember2020-01-012020-12-310001605484stellantis:FCAUSLLCMember2019-01-012019-12-310001605484stellantis:VariFormInc.Member2020-01-012020-12-310001605484stellantis:NAFTAMemberifrs-full:GoodwillMember2020-12-310001605484stellantis:NAFTAMemberifrs-full:GoodwillMember2019-12-310001605484ifrs-full:GoodwillMemberstellantis:APACMember2020-12-310001605484ifrs-full:GoodwillMemberstellantis:APACMember2019-12-310001605484stellantis:LATAMMemberifrs-full:GoodwillMember2020-12-310001605484stellantis:LATAMMemberifrs-full:GoodwillMember2019-12-310001605484stellantis:EMEASegmentMemberifrs-full:GoodwillMember2020-12-310001605484stellantis:EMEASegmentMemberifrs-full:GoodwillMember2019-12-310001605484stellantis:ComponentsMemberifrs-full:GoodwillMember2020-12-310001605484stellantis:ComponentsMemberifrs-full:GoodwillMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2018-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:PatentsConcessionsLicensesAndCreditsMember2018-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:GrossCarryingAmountMember2018-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:FiniteLivedIntangibleAssets1Member2018-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:PatentsConcessionsLicensesAndCreditsMember2019-01-012019-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:GrossCarryingAmountMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:FiniteLivedIntangibleAssets1Member2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:PatentsConcessionsLicensesAndCreditsMember2019-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:GrossCarryingAmountMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:FiniteLivedIntangibleAssets1Member2019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:PatentsConcessionsLicensesAndCreditsMember2020-01-012020-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:GrossCarryingAmountMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:FiniteLivedIntangibleAssets1Member2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:CapitalisedDevelopmentExpenditureMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:PatentsConcessionsLicensesAndCreditsMember2020-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:GrossCarryingAmountMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:FiniteLivedIntangibleAssets1Member2020-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484stellantis:FiniteLivedIntangibleAssets1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484stellantis:FiniteLivedIntangibleAssets1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484stellantis:FiniteLivedIntangibleAssets1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484stellantis:FiniteLivedIntangibleAssets1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484ifrs-full:OtherIntangibleAssetsMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484stellantis:FiniteLivedIntangibleAssets1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMember2019-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMember2019-12-310001605484ifrs-full:OtherIntangibleAssetsMember2019-12-310001605484stellantis:FiniteLivedIntangibleAssets1Member2019-12-310001605484ifrs-full:CapitalisedDevelopmentExpenditureMember2020-12-310001605484stellantis:PatentsConcessionsLicensesAndCreditsMember2020-12-310001605484ifrs-full:OtherIntangibleAssetsMember2020-12-310001605484stellantis:FiniteLivedIntangibleAssets1Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:LandMember2018-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:BuildingsMember2018-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:GrossCarryingAmountMember2018-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:GrossCarryingAmountMember2018-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2018-12-310001605484ifrs-full:GrossCarryingAmountMember2018-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:LandMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:BuildingsMember2019-01-012019-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:GrossCarryingAmountMember2019-01-012019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:GrossCarryingAmountMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMember2019-01-012019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:LandMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:BuildingsMember2019-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:GrossCarryingAmountMember2019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:GrossCarryingAmountMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2019-12-310001605484ifrs-full:GrossCarryingAmountMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:LandMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:BuildingsMember2020-01-012020-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:GrossCarryingAmountMember2020-01-012020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:GrossCarryingAmountMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMember2020-01-012020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:LandMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:BuildingsMember2020-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:GrossCarryingAmountMember2020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:GrossCarryingAmountMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberifrs-full:ConstructionInProgressMember2020-12-310001605484ifrs-full:GrossCarryingAmountMember2020-12-310001605484ifrs-full:LandMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:BuildingsMember2018-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:ConstructionInProgressMember2018-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2018-12-310001605484ifrs-full:LandMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:BuildingsMember2019-01-012019-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:ConstructionInProgressMember2019-01-012019-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-01-012019-12-310001605484ifrs-full:LandMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:BuildingsMember2019-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:ConstructionInProgressMember2019-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2019-12-310001605484ifrs-full:LandMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:BuildingsMember2020-01-012020-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:ConstructionInProgressMember2020-01-012020-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-01-012020-12-310001605484ifrs-full:LandMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:BuildingsMember2020-12-310001605484stellantis:MachineryAndEquipment1Memberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMemberifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMemberifrs-full:ConstructionInProgressMember2020-12-310001605484ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember2020-12-310001605484ifrs-full:LandMember2019-12-310001605484ifrs-full:BuildingsMember2019-12-310001605484stellantis:MachineryAndEquipment1Member2019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2019-12-310001605484ifrs-full:ConstructionInProgressMember2019-12-310001605484ifrs-full:LandMember2020-12-310001605484ifrs-full:BuildingsMember2020-12-310001605484stellantis:MachineryAndEquipment1Member2020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2020-12-310001605484ifrs-full:ConstructionInProgressMember2020-12-310001605484ifrs-full:PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember2020-12-310001605484ifrs-full:RightofuseAssetsMember2020-12-310001605484ifrs-full:PropertyPlantAndEquipmentNotSubjectToOperatingLeasesMember2019-12-310001605484ifrs-full:RightofuseAssetsMember2019-12-310001605484ifrs-full:LandMember2018-12-310001605484ifrs-full:BuildingsMember2018-12-310001605484stellantis:PlantMachineryAndEquipmentMember2018-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2018-12-310001605484ifrs-full:LandMember2019-01-012019-12-310001605484ifrs-full:BuildingsMember2019-01-012019-12-310001605484stellantis:PlantMachineryAndEquipmentMember2019-01-012019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2019-01-012019-12-310001605484ifrs-full:LandMember2019-12-310001605484ifrs-full:BuildingsMember2019-12-310001605484stellantis:PlantMachineryAndEquipmentMember2019-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2019-12-310001605484ifrs-full:LandMember2020-01-012020-12-310001605484ifrs-full:BuildingsMember2020-01-012020-12-310001605484stellantis:PlantMachineryAndEquipmentMember2020-01-012020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2020-01-012020-12-310001605484ifrs-full:LandMember2020-12-310001605484ifrs-full:BuildingsMember2020-12-310001605484stellantis:PlantMachineryAndEquipmentMember2020-12-310001605484ifrs-full:OtherPropertyPlantAndEquipmentMember2020-12-310001605484ifrs-full:LandAndBuildingsMember2020-12-310001605484ifrs-full:LandAndBuildingsMember2019-12-310001605484stellantis:PlantMachineryAndEquipmentMember2020-12-310001605484stellantis:PlantMachineryAndEquipmentMember2019-12-310001605484stellantis:FCABankS.p.AMember2020-01-012020-12-310001605484stellantis:FCABankS.p.AMember2019-01-012019-12-310001605484stellantis:FCABankS.p.AMember2020-12-310001605484stellantis:FCABankS.p.AMember2019-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Member2020-01-012020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Member2019-01-012019-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Member2020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Member2019-12-310001605484stellantis:GACFiatChryslerAutomobilesCo.Member2020-01-012020-12-310001605484stellantis:GACFiatChryslerAutomobilesCo.Member2019-01-012019-12-310001605484stellantis:GACFiatChryslerAutomobilesCo.Member2020-12-310001605484stellantis:GACFiatChryslerAutomobilesCo.Member2019-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2020-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2019-12-310001605484stellantis:FCABankS.p.AMember2020-06-300001605484stellantis:FCABankS.p.AMember2020-01-012020-06-300001605484stellantis:FCABankS.p.AMember2018-01-012018-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2020-01-012020-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2019-01-012019-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialJointVenturesMember2018-01-012018-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialAssociatesMember2020-01-012020-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialAssociatesMember2019-01-012019-12-310001605484ifrs-full:AggregatedIndividuallyImmaterialAssociatesMember2018-01-012018-12-310001605484stellantis:ConstructioncontractnetassetliabilityDomain2019-12-310001605484stellantis:ConstructioncontractnetassetliabilityDomain2020-01-012020-12-310001605484stellantis:ConstructioncontractnetassetliabilityDomain2020-12-310001605484ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMember2019-12-310001605484ifrs-full:TradeReceivablesMember2019-12-310001605484ifrs-full:TradeReceivablesMember2020-01-012020-12-310001605484ifrs-full:TradeReceivablesMember2020-12-310001605484ifrs-full:TradeReceivablesMemberstellantis:Currentandlessthan90dayspastdueMember2020-12-310001605484stellantis:A90daysormorepastdueMemberifrs-full:TradeReceivablesMember2020-12-310001605484ifrs-full:TradeReceivablesMemberstellantis:Currentandlessthan90dayspastdueMember2019-12-310001605484stellantis:A90daysormorepastdueMemberifrs-full:TradeReceivablesMember2019-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2019-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2020-01-012020-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2020-12-310001605484stellantis:Stage1Memberstellantis:ReceivablesFromFinancingActivitiesMember2020-12-310001605484stellantis:Stage2Memberstellantis:ReceivablesFromFinancingActivitiesMember2020-12-310001605484stellantis:Stage3Memberstellantis:ReceivablesFromFinancingActivitiesMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMember2020-12-310001605484stellantis:Stage1Memberstellantis:ReceivablesFromFinancingActivitiesMember2019-12-310001605484stellantis:Stage2Memberstellantis:ReceivablesFromFinancingActivitiesMember2019-12-310001605484stellantis:Stage3Memberstellantis:ReceivablesFromFinancingActivitiesMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMember2019-12-310001605484ifrs-full:TradeReceivablesMember2020-12-310001605484ifrs-full:TradeReceivablesMember2019-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2020-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2019-12-310001605484ifrs-full:TradeReceivablesMember2020-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2020-12-310001605484ifrs-full:TradeReceivablesMember2019-12-310001605484stellantis:LoansAndAdvancesToCustomersMember2019-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2019-12-310001605484ifrs-full:FairValueHedgesMember2020-12-310001605484ifrs-full:FairValueHedgesMember2019-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CurrencyRiskMember2020-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CurrencyRiskMember2019-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMember2020-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMember2019-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:InterestRateAndCurrencyRiskMember2020-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:InterestRateAndCurrencyRiskMember2019-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CommodityPriceRiskMember2020-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CommodityPriceRiskMember2019-12-310001605484ifrs-full:CashFlowHedgesMember2020-12-310001605484ifrs-full:CashFlowHedgesMember2019-12-310001605484ifrs-full:HedgesOfNetInvestmentInForeignOperationsMemberifrs-full:CurrencyRiskMember2020-12-310001605484ifrs-full:HedgesOfNetInvestmentInForeignOperationsMemberifrs-full:CurrencyRiskMember2019-12-310001605484ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2020-12-310001605484ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2019-12-310001605484stellantis:NotDesignatedAsHedgingInstrumentTrading1Member2020-12-310001605484stellantis:NotDesignatedAsHedgingInstrumentTrading1Member2019-12-310001605484ifrs-full:NotLaterThanOneYearMemberifrs-full:CurrencyRiskMember2020-12-310001605484ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMemberifrs-full:CurrencyRiskMember2020-12-310001605484ifrs-full:CurrencyRiskMember2020-12-310001605484ifrs-full:NotLaterThanOneYearMemberifrs-full:CurrencyRiskMember2019-12-310001605484ifrs-full:CurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMemberifrs-full:CurrencyRiskMember2019-12-310001605484ifrs-full:CurrencyRiskMember2019-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMember2020-12-310001605484ifrs-full:InterestRateRiskMember2020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:NotLaterThanOneYearMember2019-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:LaterThanFiveYearsMember2019-12-310001605484ifrs-full:InterestRateRiskMember2019-12-310001605484stellantis:InterestRateAndCurrencyRiskMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:InterestRateAndCurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:InterestRateAndCurrencyRiskMember2020-12-310001605484stellantis:InterestRateAndCurrencyRiskMember2020-12-310001605484stellantis:InterestRateAndCurrencyRiskMemberifrs-full:NotLaterThanOneYearMember2019-12-310001605484stellantis:InterestRateAndCurrencyRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:InterestRateAndCurrencyRiskMember2019-12-310001605484stellantis:InterestRateAndCurrencyRiskMember2019-12-310001605484ifrs-full:NotLaterThanOneYearMemberifrs-full:CommodityPriceRiskMember2020-12-310001605484ifrs-full:CommodityPriceRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMemberifrs-full:CommodityPriceRiskMember2020-12-310001605484ifrs-full:CommodityPriceRiskMember2020-12-310001605484ifrs-full:NotLaterThanOneYearMemberifrs-full:CommodityPriceRiskMember2019-12-310001605484ifrs-full:CommodityPriceRiskMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMemberifrs-full:CommodityPriceRiskMember2019-12-310001605484ifrs-full:CommodityPriceRiskMember2019-12-310001605484stellantis:OtherDerivativesMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:OtherDerivativesMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484stellantis:OtherDerivativesMemberifrs-full:LaterThanFiveYearsMember2020-12-310001605484stellantis:OtherDerivativesMember2020-12-310001605484stellantis:OtherDerivativesMemberifrs-full:NotLaterThanOneYearMember2019-12-310001605484stellantis:OtherDerivativesMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484stellantis:OtherDerivativesMemberifrs-full:LaterThanFiveYearsMember2019-12-310001605484stellantis:OtherDerivativesMember2019-12-310001605484ifrs-full:NotLaterThanOneYearMember2020-12-310001605484ifrs-full:NotLaterThanOneYearMember2019-12-310001605484ifrs-full:FairValueHedgesMemberifrs-full:CurrencyRiskMember2020-01-012020-12-310001605484ifrs-full:FairValueHedgesMemberifrs-full:CurrencyRiskMember2019-01-012019-12-310001605484ifrs-full:FairValueHedgesMemberifrs-full:CurrencyRiskMember2018-01-012018-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2020-01-012020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2019-01-012019-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FairValueHedgesMember2018-01-012018-12-310001605484ifrs-full:FairValueHedgesMember2020-01-012020-12-310001605484ifrs-full:FairValueHedgesMember2019-01-012019-12-310001605484ifrs-full:FairValueHedgesMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:RevenueMemberifrs-full:CurrencyRiskMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:RevenueMemberifrs-full:CurrencyRiskMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:RevenueMemberifrs-full:CurrencyRiskMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:CostOfRevenueMemberifrs-full:CurrencyRiskMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:CostOfRevenueMemberifrs-full:CurrencyRiskMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:CostOfRevenueMemberifrs-full:CurrencyRiskMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:FinanceIncomeExpenseMemberifrs-full:CurrencyRiskMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:FinanceIncomeExpenseMemberifrs-full:CurrencyRiskMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:FinanceIncomeExpenseMemberifrs-full:CurrencyRiskMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CurrencyRiskMemberstellantis:ResultsFromInvestmentsMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CurrencyRiskMemberstellantis:ResultsFromInvestmentsMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:CurrencyRiskMemberstellantis:ResultsFromInvestmentsMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMemberstellantis:ResultsFromInvestmentsMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMemberstellantis:ResultsFromInvestmentsMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMemberstellantis:ResultsFromInvestmentsMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMemberstellantis:FinanceIncomeExpenseMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMemberstellantis:FinanceIncomeExpenseMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberifrs-full:InterestRateRiskMemberstellantis:FinanceIncomeExpenseMember2018-01-012018-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:CostOfRevenueMemberifrs-full:CommodityPriceRiskMember2020-01-012020-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:CostOfRevenueMemberifrs-full:CommodityPriceRiskMember2019-01-012019-12-310001605484ifrs-full:CashFlowHedgesMemberstellantis:CostOfRevenueMemberifrs-full:CommodityPriceRiskMember2018-01-012018-12-310001605484ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2019-01-012019-12-310001605484ifrs-full:HedgesOfNetInvestmentInForeignOperationsMember2018-01-012018-12-310001605484stellantis:A20202022LTIPDomainstellantis:PerformanceShareUnitsMember2020-01-012020-12-310001605484stellantis:A20202022LTIPDomainstellantis:KeyEmployeesVesting2019Memberstellantis:RestrictedShareUnitsMember2020-01-012020-12-310001605484stellantis:A20202022LTIPDomainstellantis:PerformanceShareUnitsAdjustedEBITMember2020-01-012020-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsTotalShareholderReturnMemberstellantis:A20192021LTIPDomain2020-01-012020-12-310001605484stellantis:A20192021LTIPDomainifrs-full:TopOfRangeMemberstellantis:PerformanceShareUnitsAdjustedEBITMember2020-01-012020-12-310001605484stellantis:A20202022LTIPDomainstellantis:PerformanceShareUnitsTotalShareholderReturnMember2020-01-012020-12-310001605484stellantis:A20202022LTIPDomainifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsTotalShareholderReturnMember2020-01-012020-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMemberstellantis:A20192021LTIPDomainifrs-full:TopOfRangeMember2020-01-012020-12-310001605484stellantis:A20202022LTIPDomainstellantis:PerformanceShareUnitsMember2020-06-012020-07-310001605484stellantis:A20202022LTIPDomainstellantis:KeyEmployeesVesting2019Memberstellantis:RestrictedShareUnitsMember2020-06-012020-07-310001605484stellantis:A20192021LTIPDomainstellantis:PerformanceShareUnitsMember2019-01-012019-12-310001605484stellantis:KeyEmployeesVesting2019Memberstellantis:RestrictedShareUnitsMemberstellantis:A20192021LTIPDomain2020-01-012020-12-310001605484stellantis:A20192021LTIPDomainstellantis:PerformanceShareUnitsAdjustedEBITMember2019-01-012019-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:A20192021LTIPDomainstellantis:PerformanceShareUnitsAdjustedEBITMember2019-01-012019-12-310001605484stellantis:A20192021LTIPDomainifrs-full:TopOfRangeMemberstellantis:PerformanceShareUnitsAdjustedEBITMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMemberstellantis:A20192021LTIPDomain2019-01-012019-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsTotalShareholderReturnMemberstellantis:A20192021LTIPDomain2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMemberstellantis:A20192021LTIPDomainifrs-full:TopOfRangeMember2019-01-012019-12-310001605484stellantis:A20192021LTIPCliffVestDomainstellantis:PerformanceShareUnitsMember2019-01-012019-12-310001605484stellantis:KeyEmployeesMemberstellantis:RestrictedShareUnitsMemberstellantis:A20192021LTIPCliffVestDomain2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsMemberstellantis:A20172021LTIPDomain2018-01-012018-12-310001605484stellantis:RestrictedShareUnitsMemberstellantis:A20172021LTIPDomain2018-01-012018-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMemberstellantis:A20172021LTIPDomain2018-01-012018-12-310001605484stellantis:PerformanceShareUnitsMemberstellantis:A20172021LTIPDomain2023-01-012023-03-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsMember2017-01-012017-12-310001605484stellantis:A20162018LTIPDomainstellantis:RestrictedShareUnitsMember2017-01-012017-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMember2017-01-012017-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2017-01-012017-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:BottomOfRangeMember2017-01-012017-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:TopOfRangeMember2017-01-012017-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsTotalShareholderReturnMember2017-01-012017-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMemberifrs-full:TopOfRangeMember2017-01-012017-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsTotalShareholderReturnMember2017-01-012017-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainstellantis:RestrictedShareUnitsMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:BottomOfRangeMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:TopOfRangeMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsTotalShareholderReturnMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsTotalShareholderReturnMemberifrs-full:TopOfRangeMember2015-01-012015-12-310001605484stellantis:A20142018LTIPDomainstellantis:RestrictedShareUnitsMember2016-01-012016-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsMember2018-01-012018-12-310001605484stellantis:A20142018LTIPDomainstellantis:RestrictedShareUnitsMember2018-01-012018-12-310001605484stellantis:KeyEmployeesMemberstellantis:RestrictedShareUnitsMember2020-01-012020-12-310001605484stellantis:KeyEmployeesMemberstellantis:RestrictedShareUnitsMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2019-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2018-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2017-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2020-01-012020-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2018-01-012018-12-310001605484stellantis:PerformanceShareUnitsNetIncomeMember2020-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMember2018-01-012018-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMember2016-01-012016-12-310001605484stellantis:PerformanceShareUnitsAdjustedEBITMember2019-12-310001605484stellantis:PerformanceShareUnitsAdjustedEBITMember2018-12-310001605484stellantis:PerformanceShareUnitsAdjustedEBITMember2020-01-012020-12-310001605484stellantis:PerformanceShareUnitsAdjustedEBITMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsAdjustedEBITMember2020-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2019-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2018-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2017-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2020-01-012020-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2018-01-012018-12-310001605484stellantis:PerformanceShareUnitsTotalShareholderReturnMember2020-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsTotalShareholderReturnMember2015-01-012015-12-310001605484stellantis:RestrictedShareUnitsMember2019-12-310001605484stellantis:RestrictedShareUnitsMember2018-12-310001605484stellantis:RestrictedShareUnitsMember2017-12-310001605484stellantis:RestrictedShareUnitsMember2020-01-012020-12-310001605484stellantis:RestrictedShareUnitsMember2019-01-012019-12-310001605484stellantis:RestrictedShareUnitsMember2018-01-012018-12-310001605484stellantis:RestrictedShareUnitsMember2020-12-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2019-12-010001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2018-01-310001605484stellantis:RCSMediaGroupS.p.A.Member2017-01-012017-01-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2017-01-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2016-01-310001605484stellantis:PerformanceShareUnitsMember2019-12-310001605484stellantis:PerformanceShareUnitsMember2018-12-310001605484stellantis:PerformanceShareUnitsMember2017-12-310001605484stellantis:PerformanceShareUnitsMember2016-12-310001605484stellantis:RestrictedShareUnitsMember2016-12-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2020-01-012020-12-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2018-01-012018-12-310001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2020-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:BottomOfRangeMember2018-01-012018-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:TopOfRangeMember2018-01-012018-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:BottomOfRangeMember2016-01-012016-12-310001605484stellantis:A20142018LTIPDomainstellantis:PerformanceShareUnitsNetIncomeMemberifrs-full:TopOfRangeMember2016-01-012016-12-310001605484stellantis:A20162018LTIPDomainifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsTotalShareholderReturnMember2017-01-012017-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsTotalShareholderReturnMemberifrs-full:TopOfRangeMember2017-01-012017-12-310001605484stellantis:A20202022LTIPDomain2023-04-012023-06-300001605484stellantis:A20192021LTIPDomain2020-04-012020-06-300001605484stellantis:A20192021LTIPDomain2021-04-012021-06-300001605484stellantis:A20192021LTIPDomain2022-04-012022-06-300001605484stellantis:A20192021LTIPCliffVestDomain2022-04-012022-06-300001605484stellantis:PerformanceShareUnitsMemberstellantis:A20172021LTIPDomain2020-01-012020-03-310001605484stellantis:PerformanceShareUnitsMemberstellantis:A20172021LTIPDomain2021-01-012021-03-310001605484stellantis:PerformanceShareUnitsMemberstellantis:A20172021LTIPDomain2022-01-012022-03-310001605484stellantis:RestrictedShareUnitsMemberstellantis:A20172021LTIPDomain2019-01-012019-03-310001605484stellantis:RestrictedShareUnitsMemberstellantis:A20172021LTIPDomain2020-01-012020-03-310001605484stellantis:RestrictedShareUnitsMemberstellantis:A20172021LTIPDomain2021-01-012021-03-310001605484stellantis:A20162018LTIPDomainstellantis:RestrictedShareUnitsMember2019-01-012019-12-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsMember2018-01-012018-03-310001605484stellantis:A20162018LTIPDomainstellantis:PerformanceShareUnitsMember2019-01-012019-03-310001605484stellantis:A20142018LTIPDomain2017-01-012017-03-310001605484stellantis:A20142018LTIPDomain2018-01-012018-03-310001605484stellantis:A20142018LTIPDomain2019-01-012019-03-310001605484stellantis:A20142018LTIPDomainstellantis:KeyEmployeesMember2019-01-012019-03-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsMember2019-01-012019-12-310001605484stellantis:PerformanceShareUnitsMemberifrs-full:TopOfRangeMember2019-01-012019-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsMember2018-01-012018-12-310001605484stellantis:PerformanceShareUnitsMemberifrs-full:TopOfRangeMember2018-01-012018-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsMember2017-01-012017-12-310001605484stellantis:PerformanceShareUnitsMemberifrs-full:TopOfRangeMember2017-01-012017-12-310001605484ifrs-full:BottomOfRangeMemberstellantis:PerformanceShareUnitsMember2016-01-012016-12-310001605484stellantis:PerformanceShareUnitsMemberifrs-full:TopOfRangeMember2016-01-012016-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2019-12-310001605484stellantis:PostemploymentRetirementBenefits1Member2020-12-310001605484stellantis:PostemploymentRetirementBenefits1Member2019-12-310001605484stellantis:OtherEmployeeBenefitProvisionsMember2020-12-310001605484stellantis:OtherEmployeeBenefitProvisionsMember2019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PostemploymentRetirementBenefits1Member2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PostemploymentRetirementBenefits1Member2019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMember2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMember2019-12-310001605484ifrs-full:PlanAssetsMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:PlanAssetsMemberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:EffectOfAssetCeilingMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:EffectOfAssetCeilingMember2019-12-310001605484stellantis:DefinedBenefitPlans1Member2020-12-310001605484stellantis:DefinedBenefitPlans1Member2019-12-310001605484stellantis:UnitedStatesAndCanadaMemberstellantis:PensionPlansDefinedBenefit1Member2020-01-012020-12-310001605484stellantis:UnitedStatesAndCanadaMemberstellantis:PensionPlansDefinedBenefit1Member2019-01-012019-12-310001605484stellantis:UnitedStatesAndCanadaMemberstellantis:PensionPlansDefinedBenefit1Member2018-01-012018-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:US2020-01-012020-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2021-01-012021-12-310001605484stellantis:UnitedStatesAndCanadaMemberstellantis:PensionPlansDefinedBenefit1Member2021-01-012021-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Member2018-12-310001605484ifrs-full:PlanAssetsMemberstellantis:PensionPlansDefinedBenefit1Member2018-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:EffectOfAssetCeilingMember2018-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2018-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Member2020-01-012020-12-310001605484ifrs-full:PlanAssetsMemberstellantis:PensionPlansDefinedBenefit1Member2020-01-012020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:EffectOfAssetCeilingMember2020-01-012020-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2020-01-012020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Member2019-01-012019-12-310001605484ifrs-full:PlanAssetsMemberstellantis:PensionPlansDefinedBenefit1Member2019-01-012019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:EffectOfAssetCeilingMember2019-01-012019-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2019-01-012019-12-310001605484stellantis:PensionPlansDefinedBenefit1Member2018-01-012018-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Member2018-01-012018-12-310001605484ifrs-full:PlanAssetsMemberstellantis:PensionPlansDefinedBenefit1Member2018-01-012018-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:AnnuitybuyoutMember2019-01-012019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:AnnuitybuyoutMember2019-01-012019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:TerminatedvestedMemberstellantis:PensionPlansDefinedBenefit1Member2019-01-012019-12-310001605484stellantis:TerminatedvestedMemberstellantis:PensionPlansDefinedBenefit1Member2019-01-012019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:NAFTAMember2018-01-012018-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:NAFTAMember2018-01-012018-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:AnnuitybuyoutMember2018-01-012018-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:USEquitySecuritiesMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:USEquitySecuritiesMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484stellantis:USEquitySecuritiesMemberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:USEquitySecuritiesMemberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:NonUsEquitySecuritiesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:NonUsEquitySecuritiesMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:NonUsEquitySecuritiesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:NonUsEquitySecuritiesMember2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:CommingledFundsMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:CommingledFundsMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:CommingledFundsMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:CommingledFundsMember2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:GovernmentDebtSecuritiesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:GovernmentDebtSecuritiesMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:GovernmentDebtSecuritiesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:GovernmentDebtSecuritiesMember2019-12-310001605484stellantis:CorporateBondSecurities1Memberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484stellantis:CorporateBondSecurities1Memberifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484stellantis:CorporateBondSecurities1Memberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:CorporateBondSecurities1Memberifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:OtherFixedIncomeSecuritiesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:OtherFixedIncomeSecuritiesMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberstellantis:OtherFixedIncomeSecuritiesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberstellantis:OtherFixedIncomeSecuritiesMember2019-12-310001605484stellantis:PrivateEquityFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PrivateEquityFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484stellantis:PrivateEquityFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PrivateEquityFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:RealEstateFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:RealEstateFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2020-12-310001605484stellantis:RealEstateFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:RealEstateFunds1Memberstellantis:PensionPlansDefinedBenefit1Member2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:HedgeFundInvestmentsMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberifrs-full:HedgeFundInvestmentsMember2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Memberifrs-full:HedgeFundInvestmentsMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:PensionPlansDefinedBenefit1Memberifrs-full:HedgeFundInvestmentsMember2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:US2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:CA2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:GB2020-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:US2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:CA2019-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:GB2019-12-31stellantis:year0001605484stellantis:PensionPlansDefinedBenefit1Membercountry:CA2020-01-012020-12-310001605484stellantis:PensionPlansDefinedBenefit1Membercountry:GB2020-01-012020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Memberifrs-full:LaterThanFiveYearsAndNotLaterThanTenYearsMember2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2018-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2020-01-012020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2019-01-012019-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2020-01-012020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2019-01-012019-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2018-01-012018-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Membercountry:US2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Membercountry:CA2020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Membercountry:US2019-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Membercountry:CA2019-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Membercountry:US2020-01-012020-12-310001605484stellantis:OtherPostretirementBenefitPlansDefinedBenefit1Membercountry:CA2020-01-012020-12-310001605484country:ITstellantis:PostemploymentRetirementBenefits1Member2020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMembercountry:ITstellantis:PostemploymentRetirementBenefits1Member2019-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PostemploymentRetirementBenefits1Member2018-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PostemploymentRetirementBenefits1Member2020-01-012020-12-310001605484ifrs-full:PresentValueOfDefinedBenefitObligationMemberstellantis:PostemploymentRetirementBenefits1Member2019-01-012019-12-310001605484stellantis:PostemploymentRetirementBenefits1Member2020-01-012020-12-310001605484stellantis:PostemploymentRetirementBenefits1Member2019-01-012019-12-310001605484stellantis:PostemploymentRetirementBenefits1Member2018-01-012018-12-310001605484country:ITstellantis:OtherPostretirementBenefitPlansDefinedBenefit1Member2020-01-012020-12-310001605484ifrs-full:WarrantyProvisionMember2020-12-310001605484ifrs-full:WarrantyProvisionMember2019-12-310001605484stellantis:SalesIncentiveProvisionMember2020-12-310001605484stellantis:SalesIncentiveProvisionMember2019-12-310001605484ifrs-full:LegalProceedingsProvisionMember2020-12-310001605484ifrs-full:LegalProceedingsProvisionMember2019-12-310001605484stellantis:CommercialRiskProvisionMember2020-12-310001605484stellantis:CommercialRiskProvisionMember2019-12-310001605484ifrs-full:RestructuringProvisionMember2020-12-310001605484ifrs-full:RestructuringProvisionMember2019-12-310001605484ifrs-full:MiscellaneousOtherProvisionsMember2020-12-310001605484ifrs-full:MiscellaneousOtherProvisionsMember2019-12-310001605484ifrs-full:WarrantyProvisionMember2020-01-012020-12-310001605484stellantis:SalesIncentiveProvisionMember2020-01-012020-12-310001605484ifrs-full:LegalProceedingsProvisionMember2020-01-012020-12-310001605484stellantis:CommercialRiskProvisionMember2020-01-012020-12-310001605484ifrs-full:RestructuringProvisionMember2020-01-012020-12-310001605484ifrs-full:MiscellaneousOtherProvisionsMember2020-01-012020-12-310001605484stellantis:U.S.DieselEmissionsProvisionDomain2020-01-012020-12-310001605484stellantis:OldRateMember2020-01-012020-12-310001605484stellantis:NewRateMember2020-01-012020-12-310001605484stellantis:CAFEprovisionDomain2020-01-012020-12-310001605484stellantis:LATAMMemberifrs-full:RestructuringProvisionMember2020-01-012020-12-310001605484ifrs-full:RestructuringProvisionMemberstellantis:EMEA1Member2020-01-012020-12-310001605484stellantis:NAFTAMemberifrs-full:RestructuringProvisionMember2020-01-012020-12-310001605484stellantis:BorrowingsNotesMember2020-12-310001605484stellantis:BorrowingsNotesMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:BorrowingsNotesMember2020-12-310001605484stellantis:BorrowingsNotesMember2019-12-310001605484stellantis:BorrowingsNotesMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:BorrowingsNotesMember2019-12-310001605484stellantis:BorrowingsFromBanksMember2020-12-310001605484stellantis:BorrowingsFromBanksMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:BorrowingsFromBanksMember2020-12-310001605484stellantis:BorrowingsFromBanksMember2019-12-310001605484stellantis:BorrowingsFromBanksMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:BorrowingsFromBanksMember2019-12-310001605484stellantis:BorrowingsAssetbackedFinancingMember2020-12-310001605484stellantis:BorrowingsAssetbackedFinancingMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:BorrowingsAssetbackedFinancingMember2020-12-310001605484stellantis:BorrowingsAssetbackedFinancingMember2019-12-310001605484stellantis:BorrowingsAssetbackedFinancingMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LaterThanFiveYearsMemberstellantis:BorrowingsAssetbackedFinancingMember2019-12-310001605484ifrs-full:LeaseLiabilitiesMember2020-12-310001605484ifrs-full:LeaseLiabilitiesMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484ifrs-full:LeaseLiabilitiesMemberifrs-full:LaterThanFiveYearsMember2020-12-310001605484ifrs-full:LeaseLiabilitiesMember2019-12-310001605484ifrs-full:LeaseLiabilitiesMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484ifrs-full:LeaseLiabilitiesMemberifrs-full:LaterThanFiveYearsMember2019-12-310001605484stellantis:BorrowingsOtherMember2020-12-310001605484stellantis:BorrowingsOtherMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2020-12-310001605484stellantis:BorrowingsOtherMemberifrs-full:LaterThanFiveYearsMember2020-12-310001605484stellantis:BorrowingsOtherMember2019-12-310001605484stellantis:BorrowingsOtherMemberifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember2019-12-310001605484stellantis:BorrowingsOtherMemberifrs-full:LaterThanFiveYearsMember2019-12-310001605484stellantis:BorrowingsOtherMemberifrs-full:AssetsAndLiabilitiesClassifiedAsHeldForSaleMember2020-12-310001605484stellantis:MediumTermNoteDueMarch222021Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteDueMarch222021Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteDueMarch222021Member2019-12-310001605484stellantis:MediumTermNoteDueJuly152022Member2020-12-310001605484stellantis:MediumTermNoteDueJuly152022Memberifrs-full:GrossCarryingAmountMember2020-12-310001605484stellantis:MediumTermNoteDueJuly152022Memberifrs-full:GrossCarryingAmountMember2019-12-310001605484stellantis:MediumTermNoteDueJuly72023Member2020-12-310001605484stellantis:MediumTermNoteDueJuly72023Memberifrs-full:GrossCarryingAmountMember2020-12-310001605484stellantis:MediumTermNoteDueJuly72023Memberifrs-full:GrossCarryingAmountMember2019-12-310001605484stellantis:MediumTermNoteDueMarch292024Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteDueMarch292024Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteDueMarch292024Member2019-12-310001605484stellantis:MediumTermNoteDueJanuary52026Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteDueJanuary52026Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteDueJanuary52026Member2019-12-310001605484stellantis:MediumTermNoteDueJuly72028Member2020-12-310001605484stellantis:MediumTermNoteDueJuly72028Memberifrs-full:GrossCarryingAmountMember2020-12-310001605484stellantis:MediumTermNoteDueJuly72028Memberifrs-full:GrossCarryingAmountMember2019-12-310001605484stellantis:MediumTermNoteOthersMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteOthersMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNoteOthersMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNotes1Member2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:MediumTermNotes1Member2019-12-310001605484stellantis:OtherNotesDueApril152020Member2020-12-310001605484stellantis:OtherNotesDueApril152020Memberifrs-full:GrossCarryingAmountMember2020-12-310001605484stellantis:OtherNotesDueApril152020Memberifrs-full:GrossCarryingAmountMember2019-12-310001605484stellantis:OtherNotesDueApril152023Member2020-12-310001605484stellantis:OtherNotesDueApril152023Memberifrs-full:GrossCarryingAmountMember2020-12-310001605484stellantis:OtherNotesDueApril152023Memberifrs-full:GrossCarryingAmountMember2019-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:OtherNotesMember2020-12-310001605484ifrs-full:GrossCarryingAmountMemberstellantis:OtherNotesMember2019-12-310001605484stellantis:HedgingEffectAccruedInterestAndAmortisedCostValuationMember2020-12-310001605484stellantis:HedgingEffectAccruedInterestAndAmortisedCostValuationMember2019-12-310001605484ifrs-full:TopOfRangeMemberstellantis:MediumTermNoteOthersMember2020-12-310001605484stellantis:NotesIssuedThroughTheMediumTermNoteProgrammeMember2020-12-310001605484stellantis:NotesIssuedThroughTheMediumTermNoteProgrammeMember2020-07-010001605484stellantis:MediumTermNoteDueJuly72023Member2020-07-010001605484stellantis:MediumTermNoteDueJanuary52026Member2020-07-010001605484stellantis:MediumTermNoteDueJuly72028Member2020-07-010001605484stellantis:BridgeCreditFacilityMember2020-07-072020-07-07iso4217:CHF0001605484stellantis:MediumTermNoteDueSeptember302019Member2019-09-012019-09-300001605484stellantis:MediumTermNoteDueOctober142019Member2019-10-012019-10-310001605484stellantis:OtherNotesDueApril152020Member2015-12-310001605484stellantis:OtherNotesDueApril152023Member2015-12-310001605484stellantis:OtherNotesDueApril152023Member2015-01-012015-12-310001605484stellantis:OtherNotesDueApril152020Member2020-04-152020-04-150001605484stellantis:EuropeanInvestmentBankBorrowingsMember2020-12-310001605484stellantis:EuropeanInvestmentBankBorrowingsMember2019-12-310001605484stellantis:EuropeanInvestmentBankMaturing500MillionFacilityMember2011-05-310001605484stellantis:EuropeanInvestmentBankMaturing420MillionFacilityMember2018-06-290001605484stellantis:EuropeanInvestmentBankMaturing300MillionFacilityMember2020-03-180001605484stellantis:EuropeanInvestmentBankMaturity485MillionFacilityMember2020-09-180001605484stellantis:BrazilLoansMember2020-12-310001605484stellantis:BrazilLoansMember2019-12-310001605484stellantis:SubsidizedBrazilLoansMember2020-12-310001605484stellantis:SubsidizedBrazilLoansMember2019-12-310001605484stellantis:SubsidizedBrazilLoansConstructionOfPlantInPernambucoMember2020-12-310001605484stellantis:SubsidizedBrazilLoansConstructionOfPlantInPernambucoMember2019-12-31iso4217:BRL0001605484stellantis:BridgeCreditFacilityMember2020-03-260001605484stellantis:IntesaSanpaoloCreditFacilityMember2020-06-240001605484stellantis:IntesaSanpaoloCreditFacilityMember2020-12-310001605484stellantis:RevolvingCreditFacilitiesMember2020-12-310001605484stellantis:RevolvingCreditFacilityTrancheOneMember2020-12-310001605484stellantis:RevolvingCreditFacilityTrancheOneMember2019-12-310001605484stellantis:RevolvingCreditFacilityTrancheOneMember2019-01-012019-12-310001605484stellantis:RevolvingCreditFacilityTrancheOneMemberstellantis:BorrowingsExtensionOptionOneMember2019-01-012019-12-310001605484stellantis:RevolvingCreditFacilityTrancheOneMemberstellantis:BorrowingsExtensionOptionTwoMember2019-01-012019-12-310001605484stellantis:RevolvingCreditFacilityTrancheTwoMember2019-12-310001605484stellantis:RevolvingCreditFacilityTrancheTwoMember2019-01-012019-12-310001605484stellantis:RevolvingCreditFacilitiesMember2018-12-310001605484stellantis:OtherRevolvingCreditFacilitiesMember2020-12-310001605484stellantis:RevolvingCreditFacilitiesMember2019-12-310001605484stellantis:OtherRevolvingCreditFacilitiesMember2019-12-310001605484stellantis:MexicoBankLoanMemberstellantis:OneMonthLondonInterbankOfferedRateLIBORMember2020-12-310001605484stellantis:MexicoBankLoanMember2020-12-310001605484stellantis:MexicoBankLoanMember2019-12-310001605484stellantis:SecuredDebtExcludingFCAUSMember2020-12-310001605484stellantis:SecuredDebtExcludingFCAUSMember2019-12-310001605484ifrs-full:LaterThanOneYearMember2020-12-310001605484ifrs-full:LaterThanOneYearMember2019-12-3100016054842017-01-012017-12-310001605484stellantis:RevenueMember2018-01-012018-12-310001605484stellantis:FinanceIncomeExpenseMember2018-01-012018-12-310001605484stellantis:ServicecontractliabilityMember2019-12-310001605484stellantis:ServicecontractliabilityMember2020-01-012020-12-310001605484stellantis:ServicecontractliabilityMember2020-12-310001605484ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484ifrs-full:LaterThanThreeYearsMember2020-12-310001605484stellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberstellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484stellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484stellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484stellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberstellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484stellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484stellantis:DebtSecuritiesThroughOtherComprehensiveIncomeMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:DebtSecuritiesThroughProfitorLossMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:CollateralDepositsMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:TradeReceivablesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:MoneymarketsecuritiesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level1OfFairValueHierarchyMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level1OfFairValueHierarchyMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:AvailableforsaleSecurities1Memberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2020-01-012020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:AvailableforsaleSecurities1Memberifrs-full:Level3OfFairValueHierarchyMember2020-01-012020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2020-01-012020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2020-01-012020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:AvailableforsaleSecurities1Memberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2018-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:AvailableforsaleSecurities1Memberifrs-full:Level3OfFairValueHierarchyMember2018-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2018-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2018-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:RecurringFairValueMeasurementMemberifrs-full:Level3OfFairValueHierarchyMember2019-01-012019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:AvailableforsaleSecurities1Memberifrs-full:Level3OfFairValueHierarchyMember2019-01-012019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberifrs-full:DerivativesMemberifrs-full:DerivativesMemberifrs-full:Level3OfFairValueHierarchyMember2019-01-012019-12-310001605484ifrs-full:RecurringFairValueMeasurementMemberstellantis:OtherreceivablesMemberifrs-full:Level3OfFairValueHierarchyMember2019-01-012019-12-310001605484ifrs-full:CorporateLoansMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484ifrs-full:CorporateLoansMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:ConsumerLoansMember2020-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberifrs-full:ConsumerLoansMember2019-12-310001605484ifrs-full:LeaseReceivablesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484ifrs-full:LeaseReceivablesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberstellantis:OtherReceivablesFromFinancingMember2020-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberstellantis:OtherReceivablesFromFinancingMember2019-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484stellantis:ReceivablesFromFinancingActivitiesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484stellantis:BorrowingsAssetbackedFinancingMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484stellantis:BorrowingsAssetbackedFinancingMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484stellantis:BorrowingsNotesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484stellantis:BorrowingsNotesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberstellantis:BorrowingsOtherMember2020-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberstellantis:BorrowingsOtherMember2019-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberstellantis:Borrowings1Member2020-12-310001605484ifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMemberstellantis:Borrowings1Member2019-12-310001605484ifrs-full:LeaseLiabilitiesMember2020-12-310001605484ifrs-full:LeaseLiabilitiesMember2019-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:BorrowingsNotesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberstellantis:BorrowingsNotesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484ifrs-full:Level1OfFairValueHierarchyMemberstellantis:BorrowingsNotesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberstellantis:BorrowingsNotesMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberstellantis:BorrowingsOtherMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484ifrs-full:Level3OfFairValueHierarchyMemberstellantis:BorrowingsOtherMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2020-12-310001605484ifrs-full:Level2OfFairValueHierarchyMemberstellantis:BorrowingsOtherMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484ifrs-full:Level3OfFairValueHierarchyMemberstellantis:BorrowingsOtherMemberifrs-full:NotMeasuredAtFairValueInStatementOfFinancialPositionButForWhichFairValueIsDisclosedMember2019-12-310001605484stellantis:ExorN.V.Memberifrs-full:JointControlOrSignificantInfluenceMember2020-12-310001605484stellantis:ExorN.V.Memberifrs-full:JointControlOrSignificantInfluenceMember2020-01-012020-12-310001605484stellantis:SevelS.p.A.Member2020-01-012020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMember2020-01-012020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMember2019-01-012019-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMember2018-01-012018-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:SevelS.p.A.Member2020-01-012020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:SevelS.p.A.Member2019-01-012019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:SevelS.p.A.Member2018-01-012018-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FCABankS.p.AMember2020-01-012020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FCABankS.p.AMember2019-01-012019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FCABankS.p.AMember2018-01-012018-12-310001605484stellantis:GACFCAJVMemberifrs-full:JointVenturesWhereEntityIsVenturerMember2020-01-012020-12-310001605484stellantis:GACFCAJVMemberifrs-full:JointVenturesWhereEntityIsVenturerMember2019-01-012019-12-310001605484stellantis:GACFCAJVMemberifrs-full:JointVenturesWhereEntityIsVenturerMember2018-01-012018-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FiatIndiaAutomobilesLimitedMember2020-01-012020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FiatIndiaAutomobilesLimitedMember2019-01-012019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FiatIndiaAutomobilesLimitedMember2018-01-012018-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:OtherRelatedPartiesMember2020-01-012020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:OtherRelatedPartiesMember2019-01-012019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:OtherRelatedPartiesMember2018-01-012018-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMember2020-01-012020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMember2019-01-012019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMember2018-01-012018-12-310001605484ifrs-full:AssociatesMember2020-01-012020-12-310001605484ifrs-full:AssociatesMember2019-01-012019-12-310001605484ifrs-full:AssociatesMember2018-01-012018-12-310001605484stellantis:CNHIMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-01-012020-12-310001605484stellantis:CNHIMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-01-012019-12-310001605484stellantis:CNHIMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2018-01-012018-12-310001605484stellantis:FerrariN.V.Memberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-01-012020-12-310001605484stellantis:FerrariN.V.Memberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-01-012019-12-310001605484stellantis:FerrariN.V.Memberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2018-01-012018-12-310001605484stellantis:DirectorsStatutoryAuditorsandKeyManagementMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-01-012020-12-310001605484stellantis:DirectorsStatutoryAuditorsandKeyManagementMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-01-012019-12-310001605484stellantis:DirectorsStatutoryAuditorsandKeyManagementMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2018-01-012018-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMemberifrs-full:OtherRelatedPartiesMember2020-01-012020-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMemberifrs-full:OtherRelatedPartiesMember2019-01-012019-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMemberifrs-full:OtherRelatedPartiesMember2018-01-012018-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-01-012020-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-01-012019-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2018-01-012018-12-310001605484ifrs-full:UnconsolidatedSubsidiariesMember2020-01-012020-12-310001605484ifrs-full:UnconsolidatedSubsidiariesMember2019-01-012019-12-310001605484ifrs-full:UnconsolidatedSubsidiariesMember2018-01-012018-12-310001605484ifrs-full:RelatedPartiesMember2020-01-012020-12-310001605484ifrs-full:RelatedPartiesMember2019-01-012019-12-310001605484ifrs-full:RelatedPartiesMember2018-01-012018-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMember2020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMember2019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:SevelS.p.A.Member2020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:SevelS.p.A.Member2019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FCABankS.p.AMember2020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FCABankS.p.AMember2019-12-310001605484stellantis:GACFCAJVMemberifrs-full:JointVenturesWhereEntityIsVenturerMember2020-12-310001605484stellantis:GACFCAJVMemberifrs-full:JointVenturesWhereEntityIsVenturerMember2019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FiatIndiaAutomobilesLimitedMember2020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberstellantis:FiatIndiaAutomobilesLimitedMember2019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:OtherRelatedPartiesMember2020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:OtherRelatedPartiesMember2019-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMember2020-12-310001605484ifrs-full:JointVenturesWhereEntityIsVenturerMember2019-12-310001605484ifrs-full:AssociatesMember2020-12-310001605484ifrs-full:AssociatesMember2019-12-310001605484stellantis:CNHIMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-12-310001605484stellantis:CNHIMemberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-12-310001605484stellantis:FerrariN.V.Memberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-12-310001605484stellantis:FerrariN.V.Memberifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMemberifrs-full:OtherRelatedPartiesMember2020-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMemberifrs-full:OtherRelatedPartiesMember2019-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2020-12-310001605484ifrs-full:KeyManagementPersonnelOfEntityOrParentMember2019-12-310001605484ifrs-full:UnconsolidatedSubsidiariesMember2020-12-310001605484ifrs-full:UnconsolidatedSubsidiariesMember2019-12-310001605484ifrs-full:RelatedPartiesMember2020-12-310001605484ifrs-full:RelatedPartiesMember2019-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:NotLaterThanOneYearMember2020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember2020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember2020-12-310001605484stellantis:TofasTurkOtomobilFabrikasiA.S.Memberifrs-full:JointVenturesWhereEntityIsVenturerMemberifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484stellantis:FCABankS.p.AMember2020-01-012020-12-310001605484stellantis:KeyManagementPersonnelOfEntityOrParentDirectorMember2020-01-012020-12-310001605484stellantis:KeyManagementPersonnelOfEntityOrParentDirectorMember2019-01-012019-12-310001605484stellantis:KeyManagementPersonnelOfEntityOrParentDirectorMember2018-01-012018-12-310001605484stellantis:KeyManagementPersonnelOfEntityOrParentKeyEmployeesMember2020-01-012020-12-310001605484stellantis:KeyManagementPersonnelOfEntityOrParentKeyEmployeesMember2019-01-012019-12-310001605484stellantis:KeyManagementPersonnelOfEntityOrParentKeyEmployeesMember2018-01-012018-12-3100016054842013-02-012013-02-280001605484stellantis:SCUSADomain2013-05-3100016054842013-05-012013-05-310001605484stellantis:SCUSADomain2020-12-310001605484stellantis:SCUSAJune2019Member2019-06-282019-06-2800016054842015-12-012015-12-310001605484ifrs-full:LaterThanThreeYearsAndNotLaterThanFourYearsMember2020-12-310001605484ifrs-full:LaterThanFourYearsAndNotLaterThanFiveYearsMember2020-12-310001605484stellantis:RegulatoryemissioncreditsMember2020-12-310001605484stellantis:UAWLaborAgreementMember2019-12-272019-12-270001605484stellantis:UAWLaborAgreementMember2019-12-270001605484stellantis:ItalianLaborAgreementMember2019-03-012019-03-310001605484stellantis:ItalianLaborAgreementMember2015-04-012015-04-300001605484stellantis:ItalianLaborAgreementMember2020-01-012020-12-310001605484stellantis:ItalianLaborAgreementMember2019-01-012019-12-310001605484stellantis:ItalianLaborAgreementMember2018-01-012018-12-31iso4217:CAD0001605484stellantis:CanadaLaborAgreementMember2020-01-012020-12-31stellantis:numberOfEmployees0001605484ifrs-full:RestructuringContingentLiabilityMember2020-12-310001605484ifrs-full:RestructuringContingentLiabilityMember2019-12-31stellantis:vehiclestellantis:numberOfVehicles00016054842020-07-012020-09-300001605484ifrs-full:OrdinarySharesMember2020-12-310001605484ifrs-full:IssuedCapitalMember2019-12-310001605484ifrs-full:OrdinarySharesMember2019-12-310001605484stellantis:SpecialVotingSharesMember2019-12-310001605484stellantis:LoyaltyVotingRegisterShareholdersMemberstellantis:SpecialVotingSharesMember2020-03-022020-03-020001605484ifrs-full:TreasurySharesMemberstellantis:SpecialVotingSharesMemberstellantis:LoyaltyVotingRegisterShareholdersMember2020-03-022020-03-020001605484stellantis:NewIssueMemberstellantis:SpecialVotingSharesMemberstellantis:LoyaltyVotingRegisterShareholdersMember2020-03-022020-03-020001605484stellantis:LoyaltyVotingRegisterShareholdersMemberstellantis:SpecialVotingSharesMember2020-11-132020-11-130001605484ifrs-full:OrdinarySharesMemberstellantis:LoyaltyVotingRegisterShareholdersMember2020-01-012020-12-310001605484ifrs-full:OrdinarySharesMemberstellantis:KeyManagementPersonnelOfEntityOrParentKeyEmployeesMember2020-01-012020-12-310001605484stellantis:SpecialVotingSharesMemberstellantis:KeyManagementPersonnelOfEntityOrParentKeyEmployeesMember2020-01-012020-12-3100016054842014-10-2900016054842018-12-1800016054842021-01-042021-01-0400016054842021-03-022021-03-02stellantis:segment0001605484ifrs-full:MaterialReconcilingItemsMember2020-01-012020-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:NAFTAMember2020-01-012020-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:LATAMMember2020-01-012020-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:APACMember2020-01-012020-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:EMEASegmentMember2020-01-012020-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:MaseratiMember2020-01-012020-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberifrs-full:AllOtherSegmentsMember2020-01-012020-12-310001605484ifrs-full:MaterialReconcilingItemsMember2019-01-012019-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:NAFTAMember2019-01-012019-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:LATAMMember2019-01-012019-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:APACMember2019-01-012019-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:EMEASegmentMember2019-01-012019-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:MaseratiMember2019-01-012019-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberifrs-full:AllOtherSegmentsMember2019-01-012019-12-310001605484ifrs-full:RestructuringProvisionMember2019-01-012019-12-310001605484stellantis:EMEASegmentMemberifrs-full:RestructuringProvisionMember2019-01-012019-12-310001605484ifrs-full:MaterialReconcilingItemsMember2018-01-012018-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:NAFTAMember2018-01-012018-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:LATAMMember2018-01-012018-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:APACMember2018-01-012018-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:EMEASegmentMember2018-01-012018-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberstellantis:MaseratiMember2018-01-012018-12-310001605484ifrs-full:EliminationOfIntersegmentAmountsMemberifrs-full:AllOtherSegmentsMember2018-01-012018-12-310001605484stellantis:NoncurrentAssetsWithDefiniteUsefulLivesMember2018-01-012018-12-310001605484ifrs-full:RestructuringProvisionMember2018-01-012018-12-310001605484stellantis:LATAMMemberifrs-full:RestructuringProvisionMember2018-01-012018-12-310001605484stellantis:NorthAmerica1Member2020-12-310001605484stellantis:NorthAmerica1Member2019-12-310001605484country:PL2020-12-310001605484country:PL2019-12-310001605484country:RS2020-12-310001605484country:RS2019-12-310001605484stellantis:OtherCountriesMember2020-12-310001605484stellantis:OtherCountriesMember2019-12-310001605484stellantis:U.S.DieselEmissionsProvisionDomain2019-01-012019-12-310001605484stellantis:IntesaSanpaoloCreditFacilityMember2020-01-012020-12-310001605484stellantis:NotesIssuedThroughTheMediumTermNoteProgrammeMember2020-01-012020-12-310001605484stellantis:EuropeanInvestmentBankBorrowingsMember2020-01-012020-12-310001605484stellantis:RevolvingCreditFacilitiesMember2020-01-012020-12-310001605484stellantis:OtherRevolvingCreditFacilitiesMember2020-01-012020-12-310001605484stellantis:ExtraordinaryDividendDomain2019-01-012019-12-310001605484stellantis:BrazilLoansMember2019-01-012019-12-310001605484stellantis:TwoNotesIssuedUnderMTNProgrammeMember2019-01-012019-12-310001605484stellantis:FCAUSTrancheBTermLoanDue2018Member2018-01-012018-12-310001605484stellantis:MediumTermNoteDueMarch152018Member2018-01-012018-12-310001605484stellantis:MediumTermNoteDueJuly92018Member2018-01-012018-12-3100016054842019-01-010001605484stellantis:FinancingactivitiesMember2020-01-012020-12-310001605484stellantis:FinancingactivitiesMember2019-01-012019-12-310001605484stellantis:OperatingactivitiesMember2020-01-012020-12-310001605484stellantis:OperatingactivitiesMember2019-01-012019-12-310001605484ifrs-full:CurrencyRiskMember2020-01-012020-12-310001605484ifrs-full:CurrencyRiskMember2019-01-012019-12-310001605484ifrs-full:FixedInterestRateMemberifrs-full:CurrencyRiskMember2020-01-012020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FixedInterestRateMember2020-01-012020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FixedInterestRateMember2019-01-012019-12-310001605484ifrs-full:CurrencyRiskMemberifrs-full:FloatingInterestRateMember2020-01-012020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FloatingInterestRateMember2020-01-012020-12-310001605484ifrs-full:InterestRateRiskMemberifrs-full:FloatingInterestRateMember2019-01-012019-12-310001605484ifrs-full:CommodityPriceRiskMember2020-01-012020-12-310001605484ifrs-full:CommodityPriceRiskMember2019-01-012019-12-3100016054842021-01-292021-01-290001605484stellantis:FCAAndPSAMergerMember2021-01-16stellantis:Share_Award0001605484stellantis:FCAAndPSAMergerMemberstellantis:PeugeotSocitAnonymeMember2021-01-150001605484stellantis:FCAAndPSAMergerMemberstellantis:PeugeotSocitAnonymeMember2021-01-160001605484stellantis:FiatChryslerAutomobilesN.V.Memberstellantis:FCAAndPSAMergerMember2021-01-150001605484stellantis:FiatChryslerAutomobilesN.V.Memberstellantis:FCAAndPSAMergerMember2021-01-160001605484stellantis:PeugeotSocitAnonymeMemberifrs-full:TreasurySharesMember2021-01-160001605484ifrs-full:EquityMemberstellantis:FCAAndPSAMergerMember2021-01-160001605484ifrs-full:SharebasedPaymentArrangementsMemberstellantis:FCAAndPSAMergerMember2021-01-160001605484stellantis:FaureciaSEMember2020-10-290001605484stellantis:FaureciaSEMember2020-10-292020-10-290001605484stellantis:FaureciaSEMember2021-01-1600016054842021-01-112021-02-120001605484stellantis:PerformanceShareUnitsAndRestrictedShareUnitsMember2021-01-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

 

o			REGISTRATION STATEMENT PURSUANT TO SECTIONS 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2020

OR

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

o			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36675

Stellantis N.V.

(Exact Name of Registrant as Specified in Its Charter)

The Netherlands
(Jurisdiction of Incorporation or Organization)

Singaporestraat 92-100

Lijnden P7 1175 RA

The Netherlands

Tel. No.: +31 20 3421 707

(Address of Principal Executive Offices)

Giorgio Fossati

Singaporestraat 92-100

Lijnden P7 1175 RA

The Netherlands

Tel. No.: +31 20 3421 707

general.counsel@stellantis.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on which Registered

Common Shares, par value €0.01

STLA

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 1,574,714,499 common shares, par value €0.01 per share, and 449,618,514 special voting shares, par value €0.01 per share.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No þ

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Act of 1934. Yes o No þ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ

Accelerated filer o

Non-accelerated filer o

Emerging growth company o

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. þ

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP o International Financial Reporting Standards as issued by the International Accounting Standards Board þ Other o

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow: Item 17 o or Item 18 o.

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

Stellantis N.V.

(formerly Fiat Chrysler Automobiles N.V.)

Annual Report and Form 20-F

for the year ended December 31, 2020

TABLE OF CONTENTS

						Page
Board of Directors and Independent Auditor						5
BOARD REPORT						6
INTRODUCTION						6
MANAGEMENT REPORT						11
FCA Selected Financial Data						13
Group Overview						15
Expected Merger Synergies						18
Overview of Our Business						19
Sales Overview						30
Environmental and Other Regulatory Matters						43
Financial Overview						52
Results of Operations						60
Liquidity and Capital Resources						76
Risk Management						85
Risk Factors						91
CORPORATE GOVERNANCE						114
Remuneration Report						156
CONTROLS AND PROCEDURES						172
FCA Consolidated Financial Statements at December 31, 2020						174
Consolidated Income Statement						178
Consolidated Statement of Comprehensive Income/(Loss)						179
Consolidated Statement of Financial Position						180
Consolidated Statement of Cash Flows						181
Consolidated Statement of Changes in Equity						182
Notes to the Consolidated Financial Statements						183
OTHER INFORMATION						293
Additional information for Netherlands Corporate Governance						293
Additional Information for U.S. Listing Purposes						297
FORM 20-F CROSS REFERENCE						312
SIGNATURES						315

 

BOARD OF DIRECTORS
Chairman John Elkann
Vice Chairman Robert Peugeot(3)
Chief Executive Officer Carlos Tavares
Directors Andrea Agnelli(1),(3) Henri de Castries(1),(2),(3) Fiona Clare Cicconi(1),(3) Nicolas Dufourcq(1) Ann Frances Godbehere(2) Wan Ling Martello(2),(3) Jacques de Saint-Exupéry Kevin Scott(1)
INDEPENDENT AUDITOR Ernst & Young Accountants LLP (AFM annual report filing)(4) EY S.p.A (SEC Form 20-F filing)(4)

________________________________________________________________________________________________________________________________________________

(1) Member of the Governance and Sustainability Committee

(2) Member of the Audit Committee

(3) Member of the Remuneration Committee

(4) Refer to “About this Report” for additional information relating to these regulatory filings.

BOARD REPORT

INTRODUCTION

About this Report

On January 16, 2021, Peugeot S.A. (“PSA”) merged with and into Fiat Chrysler Automobiles N.V., with Fiat Chrysler Automobiles N.V. as the surviving company in the merger (the “merger”). On January 17, 2021, the combined company was renamed Stellantis N.V., the current members of the board of directors were appointed and the Stellantis articles of association became effective. On this date, the Stellantis management and board of directors collectively obtained the power and ability to control the assets, liabilities and operations of both FCA and PSA. As such, under IFRS 3, Business Combinations, January 17, 2021 is the acquisition date for the business combination.

In 2021, the merger will be accounted for by Stellantis using the acquisition method of accounting in accordance with IFRS 3, which requires the identification of the acquirer and the acquiree for accounting purposes. Based on the assessment of the indicators under IFRS 3 and consideration of all pertinent facts and circumstances, FCA and PSA’s management determined that PSA is the acquirer for accounting purposes and as such, the merger will be accounted for as a reverse acquisition. As a result, the financial statements of Stellantis N.V. in subsequent filings will represent the historical financial statements of PSA.

This document, referred to hereafter as the “Annual Report and Form 20-F”, constitutes both the Statutory annual report in accordance with Dutch legal requirements and the annual report on Form 20-F (“Form 20-F”), applicable to Foreign Private Issuers, pursuant to Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934, for Stellantis N.V., formerly known as Fiat Chrysler Automobiles N.V., for the year ended December 31, 2020, except as noted below.

A table that cross-references the content of this report to the Form 20-F requirements is set out in the FORM 20-F CROSS REFERENCE section included elsewhere in this report.

The Annual Report and Form 20-F is filed with the Netherlands Authority for Financial Markets (Autoriteit Financiële Markten, the “AFM”) and unless otherwise stated, all references in this document to “Annual Report” refer to the AFM filing. The following sections have been removed for our Annual Report filing with the AFM:

•FORM 20-F cover page;

•REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (EY S.p.A. in respect of Internal Control over Financial Reporting for the SEC filing);

•REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (EY S.p.A. in respect of the PCAOB audit of the financial statements for the SEC filing);

•Exhibits; and

•SIGNATURES.

The Annual Report and Form 20-F and related exhibits are filed with the U.S. Securities and Exchange Commission (“SEC”) and unless otherwise stated, all references in this document to “Form 20-F” refer to the SEC filing. The following sections have been removed for our Form 20-F filing with the SEC:

•MESSAGE FROM THE CHAIRMAN AND THE CEO

•CORPORATE GOVERNANCE - Responsibilities in Respect to the Annual Report;

•NON-FINANCIAL INFORMATION;

•CONTROLS AND PROCEDURES - Statement by the Board of Directors;

•2021 STELLANTIS GUIDANCE;

•FCA N.V. COMPANY FINANCIAL STATEMENTS; and

•Independent auditor’s report (Ernst & Young Accountants LLP in respect of the AFM filing).

Where information included in this report is forward-looking in nature or stated as of or after the merger, such information reflects the facts and circumstances relating to Stellantis N.V. following the merger. Where information included in this report relates to historical operations and results for the year ended December 31, 2020, and prior years, this relates to pre-merger Fiat Chrysler Automobiles N.V. unless specified otherwise.

Additionally, the following sections include summary information in relation to the operations of PSA. This information is not intended to meet the reporting requirements of a Form 20-F or Netherlands Annual Report in respect of the standalone operations of PSA for the year ended December 31, 2020, and has been provided for context only:

•GROUP OVERVIEW

◦Overview of Our Business

▪Design and Manufacturing

▪Research and Development

▪Intellectual Property

▪Property, Plant and Equipment

▪Supply of Raw Materials, Parts and Components

▪Employees

◦Sales Overview

•FINANCIAL OVERVIEW - Liquidity and Capital Resources

•RISK MANAGEMENT - Risk Management

•NON-FINANCIAL INFORMATION

•ADDITIONAL INFORMATION FOR U.S. LISTING PURPOSES - Significant Vehicle Assembly Plants

Where information relating to PSA has been presented, this includes the operations of Faurecia S.E. (“Faurecia”), which were included within the continuing operations of PSA as of December 31, 2020. Refer to “Faurecia Distribution” included elsewhere in this report.

Documents on Display

The SEC maintains an internet site at http://www.sec.gov that contains reports, information statements, and other information regarding issuers that file electronically with the SEC. The address of the SEC’s website is provided solely for information purposes and is not intended to be an active link. Reports and other information concerning our business may also be inspected at the offices of the New York Stock Exchange, 11 Wall Street, New York, New York 10005.

We also make our periodic reports, as well as other information filed with or furnished to the SEC, available free of charge through our website, at www.stellantis.com, as soon as reasonably practicable after those reports and other information are electronically filed with or furnished to the SEC. The information on our website is not incorporated by reference in this report.

Certain Defined Terms

In this report, unless otherwise specified, the terms “we”, “our”, “us”, the “Group”, the “Company” and “Stellantis” refer to Stellantis N.V., together with its consolidated subsidiaries, or any one or more of them, as the context may require.

References to “FCA”, “FCA NV” and “FCA Group” mean Fiat Chrysler Automobiles N.V. or Fiat Chrysler Automobiles N.V. together with its consolidated subsidiaries, or any one or more of them, as the context may require.

References to “PSA” and “Groupe PSA” mean Peugeot S.A. or Peugeot S.A. together with its consolidated subsidiaries, or any one or more of them, as the context may require.

References to the “merger” refer to the merger between PSA and FCA completed on January 16, 2021 and resulting in the creation of Stellantis.

Presentation of Financial and Other Data

This report includes the consolidated financial statements of FCA as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as well as IFRS as adopted by the European Union. There is no effect on these consolidated financial statements resulting from differences between IFRS as issued by the IASB and IFRS as adopted by the European Union. The consolidated financial statements and the notes to the consolidated financial statements are referred to collectively as the “Consolidated Financial Statements”.

All references in this report to “Euro” and “€” refer to the currency issued by the European Central Bank. The FCA Group’s financial information is presented in Euro. All references to “U.S. Dollars”, “U.S. Dollar”, “U.S.$” and “$” refer to the currency of the United States of America (“U.S.”).

The language of this report is English. Certain legislative references and technical terms have been cited in their original language in order that the correct technical meaning may be ascribed to them under applicable law.

Certain totals in the tables included in this report may not add due to rounding.

Except as otherwise disclosed within this report, no significant changes have occurred since the date of the audited Consolidated Financial Statements included elsewhere in this report.

Market and Industry Information

In this report, we include or refer to industry and market data, including market share, ranking and other data, derived from or based upon a variety of official, non-official and internal sources, such as internal surveys and management estimates, market research, publicly available information and industry publications. Market share, ranking and other data contained in this report may also be based on our good faith estimates, our own knowledge and experience and such other sources as may be available. Market share data may change and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data-gathering process, different methods used by different sources to collect, assemble, analyze or compute market data, including different definitions of vehicle segments and descriptions and other limitations and uncertainties inherent in any statistical survey of market shares or size. Industry publications and surveys and forecasts generally state that the information contained in such publications, surveys and forecasts has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. Although we believe that this information is reliable, we have not independently verified the data from third-party sources. In addition, we typically estimate market share for automobiles and commercial vehicles based on registration data.

In markets where registration data are not available, we calculate our market share based on estimates relating to sales to final customers. Such data may differ from data relating to shipments to our dealers and distributors. While we believe our internal estimates with respect to our industry are reliable, our internal company surveys and management estimates have not been verified by an independent expert, and we cannot guarantee that a third party using different methods to assemble, analyze or compute market data would obtain or generate the same result. The market share data presented in this report represents the best estimates available from the sources indicated as of the date of this report but, in particular as they relate to market share and our future expectations, involve risks and uncertainties and are subject to change based on various factors, including those discussed in the section Risk Factors in this report.

Cautionary Statements Concerning Forward Looking Statements

Statements contained in this report, particularly those regarding possible or assumed future performance, competitive strengths, costs, dividends, reserves, our growth, industry growth and other trends and projections and estimated company earnings are “forward-looking statements” that contain risks and uncertainties. In some cases, words such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms are used to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and involve significant risks and uncertainties that could cause actual results to differ materially.

These factors include, without limitation:

•our ability to realize the anticipated benefits of the merger, including cost savings, synergies and growth opportunities;

•our ability to attract and retain management personnel and other key employees;

•the fact FCA’s consolidated financial statements and the selected financial information included in this annual report may not be indicative of, and may differ materially from, our future results of operations following the merger;

•business interruptions, including disruptions to the manufacturing and sale of our products and the provision of our services, resulting from the COVID-19 outbreak;

•our ability to maintain vehicle shipment volumes, expand certain of our brands globally and launch products successfully;

•changes in global financial markets, general economic conditions and changes in demand for automotive products, which is subject to cyclicality;

•changes in local economic and political conditions, including as a result of Brexit;

•changes in trade policy, the imposition of tariffs, the enactment of tax reforms and other changes in laws and regulations;

•disruptions arising from political, social and economic instability, or civil unrest;

•our ability to offer innovative, attractive products, and to develop, manufacture and sell vehicles with advanced features, including enhanced electrification, connectivity and automated-driving characteristics;

•various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims, vehicle recalls and environmental claims, investigations and lawsuits;

•material operating expenditures in relation to compliance with environmental, health and safety regulations;

•the intense level of competition in the automotive industry, which may increase due to consolidation;

•our ability to accurately forecast demand for our vehicles;

•our ability to provide or arrange for access to adequate financing for our dealers and retail customers;

•our liquidity and ability to access funding to execute our business strategies and improve our business, financial condition and results of operations;

•a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in our vehicles;

•our ability to realize anticipated benefits from joint venture arrangements in certain emerging markets;

•risks arising from disruptions to our dealers, including as a result of the COVID-19 pandemic;

•disruptions to our supply chain, shortages of raw materials or increases in the cost of raw materials and components used by us;

•developments in labor and industrial relations, including any work stoppages, and developments in applicable labor laws;

•exchange rate fluctuations, interest rate changes, credit risk and other market risks;

•exposure to shortfalls in the funding of our defined benefit pension plans; and

•other factors discussed elsewhere in this report.

Furthermore, in light of the inherent difficulty in forecasting future results, any estimates or forecasts of particular periods that are provided in this report are uncertain. We expressly disclaim and do not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this report or in connection with any use by any third party of such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. We do not undertake an obligation to update or revise publicly any forward-looking statements.

Additional factors which could cause actual results and developments to differ from those expressed or implied by the forward-looking statements are included in the section “Risk Factors” in this report.

MANAGEMENT REPORT

COVID-19 update

During the first half of 2020, the COVID-19 virus spread worldwide and was declared a pandemic by the World Health Organization on March 11, 2020. In response, many governments in affected jurisdictions imposed travel bans, quarantines and other emergency public safety measures. For example, governments imposed restrictions on travel and the movement and gathering of people, as well as restrictions on economic activity. At March 4, 2021, many of these measures are still in place as certain regions have experienced secondary waves of the pandemic, with increased cases in recent months.

As the severity of the COVID-19 pandemic became apparent, FCA leadership took actions to protect its employees and communities, as well as strengthen FCA’s financial position and limit the impact on FCA’s financial performance.

FCA implemented a temporary suspension of production across its facilities: in APAC starting with China on January 23, 2020; in EMEA, starting with Italy from March 11, 2020; in Maserati beginning March 12, 2020; in North America starting progressively from March 18, 2020; and in LATAM on March 23, 2020. The FCA Group also implemented remote working arrangements, where feasible, across all regions at various stages during the first quarter, and has restricted both domestic and international business travel since late February 2020. These arrangements were structured to ensure continuation of critical activities, including, but not limited to, appropriate functioning of FCA’s internal controls and financial reporting systems and processes.

FCA worked closely with all relevant stakeholders, including unions and dealer representatives, to develop and implement plans to restart production and vehicle sales once governments in various jurisdictions permitted, including the development of enhanced sanitizing and health and safety procedures. On February 19 and February 24, 2020, production restarted at the GAC Fiat Chrysler Automobiles Co. joint venture plants in Guangzhou and Changsha, China, respectively. Production restarted in all North American plants by June 1, 2020; in India on May 18, 2020; Latin America by May 20, 2020; on April 27, 2020 production restarted at the Sevel joint operation in Atessa, Italy, increasing progressively at other plants in the EMEA region and achieving pre-COVID shift patterns during the third quarter. Return to work procedures for offices and other facilities were also phased in with continued widespread use of remote working practices.

During 2020, FCA management took several key actions to secure its liquidity and financial position, including drawing on existing bilateral lines of credit totaling €1.5 billion and securing an additional incremental bridge credit facility of €3.5 billion, structured as a bridge to capital markets, which was available to be drawn beginning in April and then replaced as noted below. In addition, measures were taken to reduce cash outflows, including: a temporary suspension of a significant number of capital expenditure programs, with no programs cancelled; delaying non-essential spending; temporary lay-offs, salary cuts and deferrals; and significant reductions to marketing and other discretionary spend. On April 21, 2020, the FCA Group drew down its €6.25 billion syndicated revolving credit facility, which was then subsequently repaid by December 31, 2020. On June 24, 2020, the FCA Group announced that FCA Italy S.p.A., a wholly owned subsidiary of Fiat Chrysler Automobiles N.V., and other Italian companies in the FCA Group had signed a 3-year, €6.3 billion credit facility with Intesa Sanpaolo, Italy’s largest banking group. On July 1, 2020, the FCA Group confirmed pricing of an offering of €3.5 billion of notes under the Medium Term Note Programme, with settlement on July 7, 2020. The offering comprised (i) €1.25 billion in principal amount of 3.375% notes due July 2023, (ii) € 1.25 billion in principal amount of 3.875% notes due January 2026, and (iii) €1.0 billion in principal amount of 4.500% notes due July 2028, each at an issue price of 100% of the applicable principal amount. The issuance replaced in full the €3.5 billion bridge credit facility above, which was fully cancelled on July 7, 2020, in connection with the settlement of the notes offering. Additionally, on September 18, 2020, FCA announced that it entered into an agreement for a €485 million five-year loan with the European Investment Bank (“EIB”) to support production of plug-in hybrid electric (“PHEV”) vehicles, which is in addition to the €300 million facility entered into in March 2020 before the COVID-19 pandemic.

The FCA Group also took actions to support the wider community in the countries in which it operates, including: producing protective masks for healthcare workers and first responders, with over one million shipped worldwide during the first quarter and one hundred million produced in Italy by September; in North America and EMEA working with medical equipment manufacturers to support production of ventilators, other medical equipment and personal protective equipment, such as Siare Engineering International Group (Bologna, Italy); in APAC the FCA Group donated personal protective equipment and vehicles; Maserati provided funding scholarships at medical schools; in LATAM, FCA worked on the creation of two makeshift field hospitals close to our plants in Brazil, with a further 100-bed facility constructed in Argentina, as well as the production of face shields, vehicle fleet support and engineering, and production assistance for the manufacturing and servicing of ventilators.

On March 18, 2020, due to the continued uncertainty of market conditions and regional operating restrictions related to the evolving COVID-19 pandemic, FCA withdrew its FY 2020 Guidance. On April 3, 2020, FCA announced that the Annual General Meeting of the Company’s shareholders (“AGM”) scheduled for April 16, 2020 would be postponed to late June 2020, including the postponement of the resolution on the proposed 2019 €1.1 billion ordinary dividend. Further to the planned 50/50 merger of their businesses announced in December 2019, on May 13, 2020, the board of directors of Fiat Chrysler Automobiles N.V. and the managing board of Peugeot S.A. announced the decision by each company to not distribute an ordinary dividend in 2020 related to financial year 2019, in light of the impact from the COVID-19 crisis. The postponed AGM was held on June 26, 2020.

Amendment to the FCA PSA combination agreement

On September 14, 2020, FCA and PSA announced an amendment to the combination agreement entered into in December 2019 in order to address the liquidity impact on the automotive industry of the COVID-19 pandemic while preserving the economic value and fundamental balance of the original agreement. Specifically, the special dividend to be paid to FCA’s shareholders was set at €2.9 billion (previously €5.5 billion) with PSA's 46% stake in Faurecia to be distributed to all Stellantis shareholders promptly after closing following approval by the Stellantis Board and shareholders. As announced on October 28, 2020, FCA and PSA agreed to permit PSA to dispose of, prior to closing, a portion of its interest in Faurecia not to exceed 7 percent of Faurecia's outstanding share capital with the proceeds of this disposal, along with the remainder of PSA’s current 46% stake in Faurecia, to be distributed to all Stellantis shareholders. The amendment was unanimously approved by the Boards of both companies with the strong support of their reference shareholders.

Additionally, it was also agreed that the Boards of both PSA and FCA would consider a potential distribution of €500 million to the shareholders of each company before closing or, alternatively, a distribution of €1 billion to be paid following the closing to all Stellantis shareholders. Refer to Note 26, Equity within the Consolidated Financial Statements included elsewhere in this report for additional detail on the proposed special cash distribution to holders of Stellantis common shares.

Refer to the following sections for discussion of the related impacts on the results of FCA and mitigating actions taken to protect its workforce, support FCA’s communities and manage liquidity:

•MANAGEMENT DISCUSSION AND ANALYSIS - FCA Group Results

•MANAGEMENT DISCUSSION AND ANALYSIS - Results by Segment

•MANAGEMENT DISCUSSION AND ANALYSIS - Liquidity and Capital Resources

•Risk Factors

•Consolidated Financial Statements

FCA SELECTED FINANCIAL DATA

The following tables set forth selected historical consolidated financial and other data of FCA and have been derived, in part, from:

•the Consolidated Financial Statements of FCA as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018, included elsewhere in this report; and

•the Consolidated Financial Statements of FCA as of December 31, 2018, 2017 and 2016, for the years ended December 31, 2017 and 2016, except for the classification of Magneti Marelli as a discontinued operation as noted below, which are not included in this report.

This data should be read in conjunction with Presentation of Financial and Other Data, Risk Factors, the FINANCIAL OVERVIEW section and the Consolidated Financial Statements and related notes included elsewhere in this report.

________________________________________________________________________________________________________________________________________________

(1) The operating results of FCA for the years ended December 31, 2019, 2018, 2017 and 2016 exclude Magneti Marelli following the classification of Magneti Marelli as a discontinued operation for the year ended December 31, 2018, and until its deconsolidation on completion of the sale transaction on May 2, 2019; Magneti Marelli operating results were excluded from the FCA Group's continuing operations and are presented as a single line within the Consolidated Income Statement data for the years ended December 31, 2019, 2018, 2017 and 2016 presented above, and until its deconsolidation on completion of the sale transaction on May 2, 2019.

(2) Combined shipments include shipments by the FCA Group's consolidated subsidiaries and unconsolidated joint ventures.

(3) Consolidated shipments only include shipments by the FCA Group's consolidated subsidiaries.

Consolidated Statement of Financial Position Data

________________________________________________________________________________________________________________________________________________

(1) The assets and liabilities of the cast iron automotive components business of Teksid were classified as Assets held for sale and Liabilities held for sale within the Consolidated Statement of Financial Position at December 31, 2020 and at December 31, 2019, while the assets and liabilities of the cast iron automotive components business of Teksid have not been classified as such within the comparative Consolidated Statements of Financial Position at December 31, 2018, 2017 and 2016. Refer to Note 3, Scope of consolidation within the Consolidated Financial Statements included elsewhere in this report.

(2) The assets and liabilities of Magneti Marelli were classified as Assets held for sale and Liabilities held for sale within the Consolidated Statement of Financial Position at December 31, 2018, while the assets and liabilities of Magneti Marelli have not been classified as such within the comparative Consolidated Statements of Financial Position at December 31, 2017 and 2016.

(3) Refer to Note 26, Equity, within the Consolidated Financial Statements included elsewhere in this report.

(4) On March 2, 2021, the Board of Directors resolved to propose to the Annual General Meeting the approval of a special cash distribution of €0.32 per common share (approximately US$0.39, based on the closing spot rate at December 31, 2020) corresponding to a total distribution of approximately €1 billion. Refer to Note 26, Equity within the Consolidated Financial Statements included elsewhere in this report for additional detail.

In accordance with the combination agreement, on January 4, 2021 FCA declared a conditional special cash distribution of €1.84 per common share (approximately US$2.26 based on the closing spot rate at December 31, 2020) corresponding to a total distribution of approximately €2.9 billion, payable to holders of FCA common shares of record as of the close of business on Friday, January 15, 2021. The cash distribution was paid on January 29, 2021.

The FCA Board of Directors intended to recommend to the 2020 Annual General Meeting of Shareholders an annual ordinary dividend distribution to holders of FCA common shares of €0.70 (approximately US$0.79, based on the closing spot rate at December 31, 2019) per common share. On May 13, 2020, the board of directors of Fiat Chrysler Automobiles N.V. announced the decision to not distribute an ordinary dividend in 2020 related to financial year 2019, in light of the impact from the COVID-19 crisis.

GROUP OVERVIEW

Prior to the completion of the merger, FCA was a global automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems worldwide through over a hundred manufacturing facilities and over forty research and development centers. At December 31, 2020, FCA had operations in forty countries and sold its vehicles directly or through distributors and dealers in more than a hundred and thirty countries. FCA designed, engineered, manufactured, distributed and sold vehicles for the mass-market under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia and Ram brands and the SRT performance vehicle designation. For its mass-market vehicle brands, FCA centralized design, engineering, development and manufacturing operations, to allow it to efficiently operate on a global scale. FCA historically supported its vehicle shipments with the sale of related service parts and accessories, as well as service contracts, worldwide under the Mopar brand name for mass-market vehicles. In addition, it designed, engineered, manufactured, distributed and sold luxury vehicles under the Maserati brand. FCA made available retail and dealer financing, leasing and rental services through its subsidiaries, joint ventures and commercial arrangements with third party financial institutions. In addition, FCA historically operated in the components and production systems sectors under the Teksid and Comau brands. Refer to Note 3, Scope of consolidation in the Consolidated Financial Statements included elsewhere in this report for detail on the expected sale of Teksid's cast iron automotive components business. As announced in December 2019, Stellantis will continue work on the separation of its holding in Comau.

In 2020, FCA shipped 3.4 million vehicles (including the FCA Group's unconsolidated joint ventures), resulting in Net revenues of €86.7 billion and Net profit of €24 million, and generated €0.6 billion of Industrial free cash flows (See Non-GAAP Financial Measures). At December 31, 2020, FCA’s available liquidity was €31.4 billion (including €7.3 billion available under undrawn committed credit lines).

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

In 2020, PSA was the second largest car manufacturer in Europe based on the volume of sold vehicles and operated 18 production sites across the world. PSA sold 2.5 million vehicles and generated revenue of €60.7 billion and operating income of €3.1 billion in the fiscal year ended December 31, 2020. PSA designed, engineered, manufactured, distributed and sold vehicles for the mass-market under the Peugeot, Citroën, DS Automobiles, Opel and Vauxhall brands.

History of FCA

Fiat Chrysler Automobiles N.V. was incorporated as a public limited liability company (naamloze vennootschap) under the laws of the Netherlands on April 1, 2014 and became the parent company of the FCA Group on October 12, 2014.

Fiat S.p.A., the predecessor to FCA, was founded as Fabbrica Italiana Automobili Torino on July 11, 1899 in Turin, Italy as an automobile manufacturer. In 1902, Giovanni Agnelli, Fiat S.p.A.’s founder, became the Managing Director of the company.

FCA US LLC, then known as Chrysler Group LLC, (“FCA US”) acquired the principal operating assets of the former Chrysler LLC in 2009 as part of a government-sponsored restructuring of the North American automotive industry. Between 2009 and 2014, Fiat S.p.A. expanded its initial 20 percent ownership interest to 100 percent of the ownership of FCA US and on October 12, 2014, Fiat S.p.A. completed a corporate reorganization resulting in the establishment of FCA NV as the parent company of the FCA Group, with its principal executive offices in the United Kingdom. FCA common shares commenced trading on the Milan Mercato Telematico Azionario (“MTA”) and the New York Stock Exchange (“NYSE”) on October 13, 2014. As a result, FCA NV, as successor of Fiat S.p.A., became the parent company of the FCA Group.

In January 2011, the separation of Fiat S.p.A.'s non-automotive capital goods business was completed with the creation of Fiat Industrial, now known as CNH Industrial N.V.

The spin-off of Ferrari N.V. from the FCA Group was completed in January 2016. The assets and liabilities of the Ferrari segment were distributed to holders of FCA shares and mandatory convertible securities. 

Magneti Marelli Sale

On October 22, 2018, FCA announced a definitive agreement to sell its Magneti Marelli business to CK Holdings Co., Ltd, completing the sale on May 2, 2019. Refer to Note 3, Scope of consolidation within the Consolidated Financial Statements included elsewhere within this report for additional information.

FCA-PSA Merger

On December 17, 2019, FCA and PSA entered into a combination agreement providing for a merger of their businesses.

On January 16, 2021, PSA merged with and into FCA. By virtue of the merger, FCA issued 1.742 FCA common shares for each outstanding PSA ordinary share and each PSA ordinary share ceased to exist. Each issued and outstanding common share of FCA remained unchanged as one common share in FCA. The surviving entity changed its name to Stellantis N.V. on January 17, 2021, which was the accounting acquisition date for the business combination. Refer to the section “About this report” included elsewhere in this report and Note 31, Subsequent events included within the Consolidated Financial Statements for additional information on the legal and accounting impacts arising from the merger.

Stellantis has sales in more than 130 countries, industrial operations in nearly 30 countries, a strong R&D global footprint and leading market positions in North America, Europe and Latin America.

The principal office of Stellantis is located at Singaporestraat 92-100, Lijnden P7 1175 RA, The Netherlands (telephone number: +31 20 3421 707). Its agent for U.S. federal securities law purposes is Christopher J. Pardi, c/o FCA US LLC, 1000 Chrysler Drive, Auburn Hills, Michigan 48326.

Faurecia Distribution

On January 25, 2021, an extraordinary general meeting of the shareholders was convened in order to approve the distribution by Stellantis to the holders of its common shares of up to 54,297,006 ordinary shares of Faurecia (an automotive equipment supplier) and up to €308 million, which are the proceeds received by Peugeot S.A. from the sale of certain ordinary shares of Faurecia in October 2020. The distribution represents the legacy PSA ownership in Faurecia and approximately 39 percent of the share capital of Faurecia. The extraordinary general meeting of shareholders to approve the distribution will be held on March 8, 2021.

Major Shareholders

As of March 3, 2021, the largest shareholders of Stellantis were Exor N.V. (“Exor”) (holding 14.40 percent of the outstanding common shares), Établissements Peugeot Frères (“EPF”) (holding 7.19 percent of the outstanding common shares), Bpifrance Participations S.A. via Lion Participations SAS (“BPI”) (holding 6.18 percent of the outstanding common shares) and Dongfeng Motor Group Company Ltd. and Dongfeng Motor (Hong-Kong) International Co Ltd. (“Dongfeng”) (holding 5.62 percent of the outstanding common shares). As of March 3, 2021, none of these shareholders held any special voting shares of Stellantis.

Upon the effectiveness of the merger, on January 16, 2021, PSA shareholders received 1.742 FCA common shares for each PSA ordinary share held immediately prior to the merger as consideration in connection with the merger, which represented 1,545,220,196 shares. In addition, all special voting shares of FCA held by Exor were repurchased by FCA for no consideration. Therefore, none of our major shareholders held any special voting shares immediately following the merger. Refer to Note 31, Subsequent events included within the Consolidated Financial Statements included elsewhere in this report for additional detail on the merger.

As of March 3, 2021 the share capital of the Company consists of the following: 3,119,934,695 common shares and 208,622 special voting shares are issued and outstanding.

Based on the information in Stellantis’s shareholder register, regulatory filings with the AFM and the SEC and other sources available to Stellantis, the following persons owned, directly or indirectly, in excess of three percent of Stellantis’s capital and/or voting interest as of March 3, 2021:

________________________________________________________________________________________________________________________________________________

(1)Issued shares includes common shares as well as 449,618,714 special voting shares of which 208,622 are owned by shareholders and 449,410,092 are held in treasury by Stellantis N.V. Refer also to Corporate Governance - Articles of Association and Information on Stellantis Shares - Share Capital for additional information.

(2)Exor owns 449,410,092 common shares (12.59 percent of the issued shares).

(3)EPF, through FFP and its subsidiary Maillot I, owns 224,228,121 common shares (6.28 percent of the issued shares)

(4)BPI owns 192,703,907 common shares (5.40 percent of the issued shares). BPI is a joint venture of EPIC Bpifrance (Bpi Groupe) and Caisse des Dépots et Consignations (both holding a 49.3% interest in Bpifrance SA). Caisse des Dépots et Consignations also (directly and indirectly) holds an additional 9.338.752 Stellantis Common Shares, representing an additional 0.30% of the common shares and 0.26% of the issued share capital and voting rights of Stellantis

(5)Dongfeng owns 175,283,907 common shares (4.91 percent of the issued shares). Refer to “Risk Factors - Resales of Stellantis common shares following the merger may cause the market value of Stellantis common shares to decline.” included elsewhere in this report for additional information on the requirement for Dongfeng to sell part of its shareholding.

Based on the information in FCA’s shareholder register and other sources available to us, as of January 4, 2021, approximately 450 million FCA common shares, or approximately 29% percent of the FCA common shares, were held in the United States. As of the same date, approximately 740 record holders of FCA common shares had registered addresses in the United States. In addition, based on the information in PSA’s shareholders register and other sources available to PSA, as of December 31, 2020, approximately 167 million PSA ordinary shares, or approximately 18.6 percent of the PSA ordinary shares, were held in the United States. Information on the portion of Stellantis common shares held in the United States or the number of record holders in the United States as of a date following the merger is not yet available.

Until the date that is three years after closing of the merger, Exor, BPI and EPF are subject to a lock-up in respect of their shareholdings in Stellantis, except that BPI is permitted to reduce its shareholdings by a stake no greater than 2.5 percent of Stellantis common shares. We have agreed to release each such shareholder from its respective lock-up obligation in the event the Board of Directors recommends a transaction in which a person or group would acquire 50 percent or more of the Stellantis common shares (including a merger of Stellantis with or into another entity unless the shareholders of Stellantis immediately prior to the merger are entitled to receive more than the majority of the share capital and voting rights in the surviving entity of the merger).

Expected Merger Synergies

As a result of the merger, we expect that we will achieve significant synergies from the integration of the legacy FCA and PSA businesses, in particular in the following four areas:

•Technology, Platforms and Products. The sharing and convergence of PSA’s and FCA’s respective platforms, modules and systems, along with the optimization of R&D investments, with manufacturing processes and tooling, is expected to create significant efficiencies, in particular, as investments will be amortized over the combined Group production;

•Purchasing. Procurement savings are expected to result from leveraging the Group’s enlarged scale, leading to lower product costs (in particular in respect to electric or high tech components), improved price alignment and broader access to new suppliers;

•Selling, General and Administrative Expenses (“SG&A”). Savings are expected from the integration of functions such as sales and marketing, and the optimization of costs in regions where both FCA and PSA had a well-established presence (i.e., Europe and Latin America); and

•All Other Functions. Synergies are expected from the optimization of other functions, including logistics, where savings are expected from the optimization of logistics for new cars and the effect of the procurement volume increase on FCA’s and PSA’s combined expenditures, as well as supply chain, quality and after-market operations.

We expect that annual industrial synergies at steady state will be more than €5 billion, with approximately 80 percent of synergies expected to be achieved by the end of 2024. Approximately 75 percent of synergies are expected to arise from technology, platform and product convergences and procurement savings, and the remaining approximately 25% of synergies from SG&A and all other functions. Synergy savings are expected to exceed implementation costs within the first year, and the total one-time costs to achieve these synergies is currently estimated at approximately €4 billion.

Overview of Our Business

FCA’s activities during the year ended December 31, 2020, were carried out through the following five reportable segments:

(i)North America: FCA’s operations to support the distribution and sale of mass-market vehicles in the United States, Canada, Mexico and Caribbean islands, primarily under the Jeep, Ram, Dodge, Chrysler, Fiat, Alfa Romeo and Abarth brands;

(ii)LATAM: FCA’s operations to support the distribution and sale of mass-market vehicles in South and Central America, primarily under the Fiat, Jeep, Dodge and Ram brands, with the largest focus of its business in Brazil and Argentina;

(iii)APAC: FCA’s operations to support the distribution and sale of mass-market vehicles in the Asia Pacific region (mostly in China, Japan, India, Australia and South Korea) carried out in the region through both subsidiaries and joint ventures, primarily under the Jeep, Fiat, Alfa Romeo, Abarth, Fiat Professional, Ram and Chrysler brands;

(iv)EMEA: FCA’s operations to support the distribution and sale of mass-market vehicles in Europe (which includes the 27 members of the European Union, the UK and the members of the European Free Trade Association), the Middle East and Africa, primarily under the Fiat, Fiat Professional, Jeep, Alfa Romeo, Lancia, Abarth, Ram and Dodge brands; and

(v)Maserati: the design, engineering, development, manufacturing, worldwide distribution and sale of luxury vehicles under the Maserati brand.

FCA also owned or held interests in companies operating in other activities and businesses. These activities were grouped under “Other Activities”, which primarily consisted of FCA’s industrial automation systems design and production business, under the Comau brand name, and its cast iron and aluminum business, which produced cast iron components for engines, gearboxes, transmissions and suspension systems, and aluminum cylinder heads and engine blocks, under the Teksid brand name, as well as companies that provided services, including accounting, payroll, tax, insurance, purchasing, information technology, facility management and security for the FCA Group, and managed central treasury activities. Refer to Note 3, Scope of consolidation in the Consolidated Financial Statements included elsewhere in this report for detail on the announced sale of Teksid's cast iron automotive components business.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

During the year ended December 31, 2020, PSA’s business was organized into three main divisions:

•the automotive division, covered the design, manufacture and sale of passenger vehicles and light commercial vehicles under the Peugeot, Citroën and DS brands (collectively, “PCD”), and Opel and Vauxhall brands (collectively, “OV”), as well as after-sales, maintenance, repair and spare parts operations;

•the automotive equipment division, which corresponded to the operations of the Faurecia group and comprised four business groups which included interiors (covering instrument panels, door panels and complete cockpits), seating, clean mobility (covering exhaust systems technology) and Clarion Electronics (covering cockpit electronics and low-speed advanced driver assistance systems); and

•the finance division, corresponded to Banque PSA Finance (“BPF”). BPF which operated in 17 countries and provided retail financing to customers of the Peugeot, Citroën, DS, Opel and Vauxhall brands, as well as wholesale financing to the brands’ dealer networks. BPF primarily operated through two major partnerships in Europe, with Group Santander Consumer Finance (“Santander”) for the Peugeot, Citroën and DS brands, and with BNP Paribas Personal Finance (“BNP”) for the Opel and Vauxhall brands. BPF is a regulated credit institution overseen by European and French banking regulators, including the European Central Bank and the French Autorité de Contrôle Prudentiel et de Résolution.

PSA’s other activities were reported under “Other Businesses”, which mainly included the activities of PSA’s holding company, Peugeot S.A., PSA’s 25 percent interest in the GEFCO Group, an automotive logistics and supply chain management company and its Free2Move brand, which combines PSA’s connected car and mobility service offerings.

Definitions and abbreviations

Passenger cars include sedans, station wagons and three- and five-door hatchbacks, that may range in size from “micro” or “A-segment” vehicles of less than 3.7 meters in length to “large” or “F-segment” cars that are greater than 5.1 meters in length.

Utility vehicles (“UVs”) include sport utility vehicles (“SUVs”), which are available with four-wheel drive systems that provide true off-road capabilities, and crossover utility vehicles, (“CUVs”), which are not designed for heavy off-road use. UVs can be divided among six main groups, ranging from “micro” or “A-segment”, defined as UVs that are less than 3.9 meters in length, to “large” or “F-segment”, defined as UVs that are greater than 5.2 meters in length.

Light trucks may be divided between vans (also known as light commercial vehicles, or “LCVs”), which typically are used for the transportation of goods or groups of people, and pickup trucks, which are light motor vehicles with an open-top rear cargo area. Minivans, also known as multi-purpose vehicles (“MPVs”) typically have seating for up to eight passengers.

A vehicle is characterized as “all-new” if its vehicle platform is significantly different from the platform used in the prior model year and/or it has had a full exterior renewal.

A vehicle is characterized as “significantly refreshed” if it continues its previous vehicle platform but has extensive changes or upgrades from the prior model year.

Design and Manufacturing

FCA has historically sold mass-market vehicles in the SUV, passenger car, truck and LCV markets. FCA’s SUV and CUV portfolio includes the Jeep Gladiator, Grand Cherokee, Cherokee, Wrangler, Renegade, Compass, Maserati Levante, Dodge Durango, Journey and Alfa Romeo Stelvio. The passenger car product portfolio includes vehicles such as the Fiat 500, Alfa Romeo Giulia, Maserati Quattroporte, Dodge Challenger and Charger, Chrysler 300 and Lancia Ypsilon and minivans such as the Chrysler Pacifica. FCA sold light duty and heavy duty pickup trucks such as the Ram 1500, Ram 2500/3500, the Fiat Toro and Fiat Strada, and chassis cabs such as the all-new Ram 3500/4500/5500. FCA’s LCVs include vans such as the Fiat Professional Doblò, Fiat Professional Ducato and Ram ProMaster. In addition, full electric versions of the Fiat 500 and Fiat Ducato, and PHEV versions of the Chrysler Pacifica, Jeep Commander, Jeep Wrangler, Jeep Compass and Jeep Renegade are also offered.

FCA deployed World Class Manufacturing (“WCM”) principles throughout its manufacturing operations. WCM principles were developed by the WCM Association, a non-profit organization dedicated to developing superior manufacturing standards. FCA was the only Original Equipment Manufacturer (“OEM”) that is a member of the WCM Association. WCM fosters a manufacturing culture that targets improved safety, quality and efficiency, as well as the elimination of all types of waste. Unlike some other advanced manufacturing programs, WCM is designed to prioritize issues, focus on those initiatives believed likely to yield the most significant savings and improvements, and direct resources to those initiatives. FCA also offered several types of WCM programs to its suppliers whereby they can learn and incorporate WCM principles into their own operations.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

PSA historically sold mass-market vehicles in the passenger car and LCV markets. PSA’s passenger car product portfolio included vehicles such as Peugeot 108, 208, 308, 2008, 3008, 5008, 508 and Citroën C1, C3, C3 Aircross, C4, C4 Cactus, C4 Spacetourer, C5 Aircross, DS 3 Crossback, DS 7 Crossback and Opel Vauxhall Corsa, Astra, Crossland, Grandland, Mokka, Insignia. PSA’s LCVs included vans such as Peugeot Partner, Expert, Boxer, Rifter and Traveller as well as Citroën Berlingo, Jumpy, Jumper and Spacetourer and Opel Vauxhall Combo, Vivaro, Movano and Zafira Life.

Research and Development

FCA historically engaged in research and development activities aimed at improving the design, performance, safety, energy efficiency, reliability, consumer perception and sustainability of its products and services. As of December 31, 2020, FCA operated 44 research and development centers worldwide with a combined headcount of approximately 18 thousand employees supporting its research and development efforts.

With respect to product development, FCA’s recent research initiatives were mainly concentrated in the areas of mobility electrification, automated driving, and connectivity technologies. Significant activity also continued to reduce overall vehicle energy demand, fuel consumption and emissions based on traditional technologies. In particular, fuel consumption and emissions reduction activities were primarily focused on powertrain technologies, including engines, transmissions, axles and drivelines, hybrid and electric propulsion and alternative fuels.

Vehicle Energy Demand

Vehicle energy demand-focused research and development recently concentrated on reducing weight, aerodynamic drag, tire rolling resistance, brake drag torque, driveline parasitic losses, heating and air conditioning, and electrical loads. FCA also continued to refine technical solutions and systems aimed at improving energy use according to operating conditions, such as active grille shutters, active front air dams, adjustable height suspension, variable speed fuel pumps, variable displacement air conditioning compressors and high efficiency brushless electric motors for cooling fans.

Powertrain Technologies

Electrified Vehicles Technology

FCA’s suite of electrification technologies included 12 volt engine stop/start, 48 volt mild hybrid, high voltage plug-in hybrid, and full battery electric vehicles. These developments occurred at FCA’s technical centers primarily in Auburn Hills (Michigan, USA), Modena and Turin (Italy). Substantial work was also performed with suppliers and universities located around the globe.

In addition, a fully electric variant of the Fiat 500, the Fiat 500e, launched in October 2020 and is manufactured for the European market at the Mirafiori plant in Turin, Italy. The Fiat 500e is offered in electric ranges of 320 km and 180 km. The Fiat Ducato Electric was also unveiled in 2019 and is expected to be launched in early 2021 in Europe.

In 2020, a new 12-volt BSG 3 cylinder 1.0L naturally-aspirated engine was launched in the Fiat Panda, Fiat 500 and Lancia Ypsilon in Europe. The new Maserati Ghibli mild hybrid launched in September 2020 equipped with a 2.0L turbo with ebooster and 48-volt BSG, the first step in Maserati’s electrification path.

The Chrysler Pacifica plug-in hybrid achieves an efficiency rating of 82 miles per gallon equivalent (“MPGe”), based on U.S. Environmental Protection Agency testing standards and has an approximately 72 percent reduction in CO2 compared to the non-hybrid Chrysler Pacifica. Power to the wheels is supplied via a 16 kWh battery through the hybrid electric drive system, which is comprised of a specially adapted version of the award winning Pentastar 3.6L V-6 engine and the eFlite hybrid transmission.

At the 2019 Geneva International Motor Show, FCA presented plug-in hybrid variants of the Jeep Renegade and Jeep Compass. The electric units are integrated into the new 1.3L turbo gasoline engine to increase efficiency and overall power with the simultaneous action of the internal combustion engine and the electric motor delivering up to 240 hp. The Jeep Renegade and Compass 4xe launched in mid-2020 for the European market, with the ability to travel 0-100 km/h in almost 7.5 seconds and drive up to 50 km on full electric propulsion at zero emission. The Jeep hybrid lineup is expected to be further expanded in early 2021 with the launch of the Jeep Wrangler 4xe for North America, Europe and China markets.

In 2018, FCA launched three applications of mild hybrids using belt starter generator (“BSG”) technology. BSG technology offers improvements in fuel economy and a reduction in CO2 emissions. The 48 volt mild hybrid technology is marketed as “eTorque” in the Jeep Wrangler equipped with the 3.6L V-6 engine, and the Ram 1500 5.7L V-8 and 3.6L V-6 applications. The system offers faster and smoother stop/start functionality, a real-time powertrain efficiency optimization manager which balances motor and engine torque, enhanced and extended fuel shut-off during certain maneuvers, and regenerative braking to recharge the 48 volt battery. The system also delivers significant gains in fuel economy.

The development of a Battery Hub at the Mirafiori plant in Turin, Italy, has begun and is expected to be dedicated to battery assembly and also host prototyping. Furthermore, in the Mirafiori plant area and close to the Battery Hub, a Battery Lab with state-of-the-art equipment for battery testing will be set up and be operational in early 2022.

FCA’s internal research and development activities have also been supplemented via collaboration with academic partners. One such example is a project in partnership with McMaster University (Canada), focused on developing next-generation, energy efficient, high performance, cost effective electrified powertrain components and control systems suitable for a range of vehicle applications. In Italy, a partnership with Polytechnic of Turin is in place, mainly focused on resources training and development of new electrified powertrain components.

Engines

In 2020, FCA continued development of the global small and global medium displacement gasoline engine families to improve fuel economy and emissions, adding new versions to better suit market needs. The global small engine (“GSE”) family includes three and four cylinder naturally aspirated and turbocharged versions. Each engine family features a modular approach using a shared cylinder design, allowing for different engine configurations, displacements, efficiency and power outputs. These engine families have been fully deployed to cover a large range of vehicle applications including features and technologies such as direct fuel injection, downsizing, integrated exhaust manifold, MultiAir variable valve lift, turbocharging, and cooled exhaust gas recirculation. All of these features enable the engine families to be competitive with respect to fuel consumption, performance, weight, noise, vibration and harshness behavior.

In 2020, FCA also developed a new 3.0L V-6 gasoline engine adding turbulent jet ignition (TJI) technology, dramatically increasing power output. A 1.0L GSE three cylinder engine mild hybrid was launched in EMEA in 2020, while a high output supercharged version of the global medium engine T4 was developed to support the Maserati lineup.

Transmissions, Axles and Driveline

In support of global fuel consumption and CO2 requirements, FCA introduced two hybridized transmission systems. The 2020 Jeep Renegade 4xe and Compass 4xe feature two electric motors (engine mounted and replacing the rear axle) and a 6-speed automatic transmission to facilitate seamless transitions between conventional and EV driving modes. In the 2021 Jeep Wrangler 4xe, FCA introduced an 8-speed plug-in hybrid transmission with a compact electric motor with output up to 100 kilowatts and 245 Newton-meters of torque. These products join the dedicated hybrid transmission (the eFlite) used in the Chrysler Pacifica plug-in hybrid and Jeep Commander plug-in hybrid produced by GAC Fiat Chrysler Automobiles Co., FCA’s joint venture with Guangzhou Automobiles Group Co., Ltd in China.

Additionally, FCA continued to investigate technologies to improve the efficiency of its 8 and 9-speed transmissions with lower viscosity automatic transmission fluid, auxiliary electric oil pumps and advanced torque converter designs.

The 6-speed manual transmission for rear-wheel drive applications, introduced on the Jeep Wrangler and Jeep Gladiator, offers optimized ratio spread to allow the engine to operate more efficiently. Industrialization began in 2019 for enhanced and updated variants of FCA’s small and midsize front-wheel drive manual transmissions and high efficiency bearings have been incorporated in updates to midsize front-wheel drive manual transmissions.

The 2021 Ram 1500 TRX introduces a new, larger center section rear axle with electronic locking differential and an upgraded front axle for increased performance and off-road capability. Additionally, upgraded axles and drivelines were provided to support increased power and torque ratings on the Maserati Levante, Ghibli and Quattroporte.

The 2021 Jeep Gladiator introduces an Off-Road Plus software feature to enhance traction performance, allowing the rear axle to lock in 4HI mode and at higher speeds. The 2021 Jeep Wrangler 4xe with hybrid transmission offers a transfer case for improved noise, vibration and harshness. The 2021 Ram Heavy Duty Max Tow offers an upgraded rear axle to support increased torque and payload capability. The 2021 Alfa Romeo Giulia and Stelvio offer new front and rear axle ratios that contribute to reduced CO₂. Additionally, the 2021 Chrysler Pacifica also offers an all-wheel drive option for improved all-weather performance.

Compressed Natural Gas

FCA was historically among the EU-market leaders in compressed natural gas (“CNG”) propulsion. From 1997 to 2020, FCA’s output of CNG-powered vehicles in Europe exceeded 780,000 vehicles.

Automated Driving Technology

In July 2020, FCA announced a second phase of its collaboration with Waymo (formerly the Google self-driving car project). The first phase integrated Waymo’s self-driving technology into the Chrysler Pacifica Hybrid as a development platform for the fully automated fleets that Waymo is operating in several cities around the United States. The second phase is expected to focus on LCVs to explore the potential of Level 4 automation for goods distribution.

FCA has launched “partial automation” vehicle technology with SAE Level 2 capability on the all-new full electric Fiat 500 and Maserati Quattroporte models and includes Mobileye vision technology. Previous versions of this technology had been limited to designated highways, but these vehicles allow the technology to be used on a wider variety of road types. Expanded Level 2 capability is expected to be released on additional vehicles in 2021.

Started with Aptiv in 2018, FCA’s development of an SAE Level 2+ (hands-off the wheel) automated driving system is now testing a fleet of vehicles with this capability with a planned launch in 2021.

A team of FCA engineers has been integrated in an autonomous vehicle development team with BMW in Munich, Germany to work on development of an SAE Level 3 (hands-off the wheel, eyes-off the road) capable automated driving platform. Beginning in 2020, FCA had prototype vehicles running early versions of this system on public roads in Italy and the U.S.

Connectivity

FCA launched cloud-based global connectivity in EMEA and China in 2019 and in North America in 2020. The roll-out is expected to be extended to Latin America in early 2021. This connectivity platform allows software updates to key systems in the vehicle and the addition of new or upgraded features via over-the-air services. The connectivity services leverage a new infotainment system based on the Android operating system. The unit, launched in the all-new full electric Fiat 500 in 2020 in EMEA, supports new connected features in the e-Mobility platform. The Dynamic Range Mapping app determines the maximum distance that can be driven based on the state of the charge and other factors, then overlays an area that can be driven onto the display map. The app also allows viewing of the charging points located nearby and displays a graphic indication of those that can be reached based on current battery charge level.

Maps are kept up to date using over-the-air updates. The My Car service can also check the battery charge of the all-new full electric Fiat 500 remotely. The My Remote app enables customers to schedule vehicle charging for the most convenient time slots, locate the nearest public charging stations, pay directly from their smartphone providing access to a network of 200,000 charging points throughout Europe, find the car’s exact location, lock and unlock the doors, turn the lights on and off, and program the air conditioning system. The same e-Mobility features are expected to be progressively made available for all legacy FCA PHEV and BEV vehicles.

Compliance-focused Initiatives by Region

The regulatory environment outlook across FCA’s four major regions showed continued CO2 reductions, ranging from 25-30 percent between 2019 and 2024. This anticipated regulatory stringency balanced with customer preferences guided research and development for future products and is highlighted below by region and key product segment.

North America

The U.S. policy is complex with three separate CO2 regulations, but it also contains a flexible array of new technology incentives to encourage industry movement toward an electrified future. For instance, U.S. regulation includes a tax credit to purchasers of up to U.S.$7,500 to incentivize demand and help to offset relatively low fuel prices and increasing consumer preference for SUVs and pickup trucks. This incentive is available on the first 200,000 qualifying electrified vehicles sold by each OEM and then begins to phase-out.

U.S. consumers tend to have long commutes and ready access to charging capability at home. FCA planned, by 2022, for more than 5 percent of its overall fleet (including commercial vehicles) to be high voltage electrified powertrain versions, with a focus on plug-in systems, more than 15 percent of the fleet to be equipped with mild hybrid systems and less than 80 percent to retain conventional internal combustion engines. The compliance strategy for the combined company is currently being assessed by Stellantis management.

Canadian CO2 policy largely mirrors U.S. requirements without the separate Corporate Average Fuel Economy (“CAFE”) rules. FCA’s technology plan and mix rates in Canada were consistent with its U.S. plans. Within Canada, British Columbia and Quebec have separate zero emission vehicle (“ZEV”) mandates which FCA expected to meet with a combination of ZEV vehicle sales and purchased credits.

LATAM

With its ability to grow sugar cane in high volume, Brazil is able to address CO2 reduction with a different approach. Today about 30 percent of vehicle fuel usage in Brazil consists of sugar cane produced ethanol. Sugar cane ethanol is 80 percent renewable from “well” (or field) to wheels and provides approximately 12.5 percent CO2 reduction on an equivalent 30/70 fuel mix E100/E22 basis. The Brazilian government recently launched a plan (RenovaBio) to improve quality and productiveness of ethanol, targeting an increase of share on Ethanol E100 in the fuel matrix from the current 30 percent to 40 percent in 2022 and to 55 percent in 2030. In addition, the Brazilian government and we are working very closely on research and development opportunities to further reduce CO2 emissions through improvements to ethanol-fueled engines.

Brazilian consumers already widely use ethanol fuel, readily available in the current retail fuel market. FCA expected that Brazilian CO2 fleet reduction targets would be met through 2025 with increased usage and efficiency of its ethanol based engines and without any high voltage electrification. The compliance strategy for the combined company is currently being assessed by Stellantis management.

APAC

China is leading the rapid change in this region. The Chinese government has stated intentions to become the global leader in electrification, connectivity and autonomous driving in the next decade. The regulatory policies include requirements on corporate fuel economy and new energy vehicle credit and incentives for new energy vehicles which are defined as battery electric, plug-in hybrid, or fuel cell vehicles.

Some large cities provide consumers with license plate incentives for new energy vehicles. Given these incentives can be as high as €12,500 per vehicle, we believe they will be successful in driving the market toward electrification.

From a consumer perspective, China has the highest number of first time car buyers in the world. Since much of the vehicle consumer demographic resides in urban areas, access to public charging is expected to be a critical element to achieving China’s electrified objectives.

FCA’s plan was, by 2022, for more than 18 percent of its overall fleet (including commercial vehicles) to use high voltage electrification, 10 percent of the fleet to be equipped with a mild hybrid system and approximately 72 percent of the fleet to retain conventional internal combustion engines. The compliance strategy for the combined company is currently being assessed by Stellantis management.

In contrast to China, India continues to be a cost sensitive market with a developing infrastructure. As a result, increased regulatory requirements were expected to be met through application of shared conventional technologies while the industry continues to investigate electrification options.

EMEA

Europe represents the most challenging combination of regulatory stringency and consumer price sensitivity. The EU drove a significant reduction in CO2 in 2020, and metropolitan areas are implementing low emission zones in an attempt to improve air quality in city centers. Conventional internal combustion engine applications will likely be restricted, especially with aging vehicles. The CO2 financial penalty structure is very significant.

Many consumers in Europe need reduced cost of vehicle ownership given high fuel prices and pressure on disposable income. As the demand for diesels continues to decrease, we intend to use mild hybrids as a replacement. The region will need to address the development of charging infrastructure so that zero emission vehicles are more convenient for consumers.

As previously announced, FCA introduced electrification technology on several models in 2020 including plug-in hybrid versions of the Jeep Renegade and Jeep Compass, an all-new full battery electric Fiat 500, as well as the inclusion of mild hybrid technology on the Fiat 500, Fiat Panda and Lancia Ypsilon. Maserati also launched a mild hybrid on the Ghibli in 2020. Leasys, a rental services subsidiary of FCA’s joint venture with Crédit Agricole Consumer Finance S.A., is expected to play a meaningful role in supporting these technologies to the market by leveraging its suite of mobility services. The compliance strategy for the combined company is currently being assessed by Stellantis management.

PSA

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

PSA historically focused on innovation and research and development in order to address the challenges faced by the automotive industry, including environmental and safety regulations, emerging mobility trends, networking needs and autonomous driving. PSA aimed to address customers’ expectations, limit the environmental impact of its vehicles by reducing their CO2 and other pollutant emissions and offer additional services, such as connectivity and autonomous driving.

Key areas of focus were clean technologies, optimization of internal combustion engines, new electric powertrains, vehicle optimization, connected cars and self-driving.

During the year ended December 31, 2020, PSA’s global research and development function was structured around five hubs, with around 15 thousand R&D employees.

During the same period, the R&D hub in Europe was comprised of:

•a R&D center in France that served as the main research and development site of PSA and was focused on the design and engineering of vehicles and sub-assemblies, as well as PSA’s core technology strategy, which sought to develop environmentally-friendly vehicles that support the energy transition, and intelligent, connected and autonomous cars to assist drivers.

•a R&D center in Germany that was tasked with developing all new Opel and Vauxhall cars, light commercial vehicles for all of PSA’s brands, fuel-cell vehicle innovations and the next four-cylinder petrol engine generation of PSA.

The R&D hub in Morocco supported R&D projects (such as Citroën AMI) and technologies and contributed to PSA’s growth in the Middle East and Africa region.

The R&D hub in China was responsible for the development of vehicles for sale in the Asian market and contributed to core technologies development, engine adaptation, local integration and industrialization.

The R&D hub in Latin America was dedicated to flex fuel engines, derivative body styles, local integration and manufacturing.

The R&D hub in India focused on developing PSA’s “smart car” program.

Intellectual Property

FCA historically owned a significant number of patents, trade secrets, licenses, trademarks and service marks, including, in particular, the marks of its vehicle and component and production systems brands, which related to its products and services. We expect the number to grow as we continue to pursue technological innovations. We file patent applications in Europe, the U.S. and around the world to protect technology and improvements considered important to our business. No single legacy FCA patent is material to our business as a whole.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

PSA historically developed a portfolio of valuable innovations protected by intellectual property rights. While we consider all of the legacy PSA intellectual property to be important, we do not believe that the expiration or termination of any specific subset of such patents, trademarks, design patents or utility model registrations would materially affect our business as a whole.

Property, Plant and Equipment

As of December 31, 2020, FCA operated 109 manufacturing facilities (including vehicle and light commercial vehicle assembly, powertrain and components plants, and excluding joint ventures), of which 28 were located in Italy, 11 in the rest of Europe, 28 in the U.S., 11 in Mexico, 9 in Canada, 13 in Brazil, 2 in Argentina, 3 in China with the remaining plants in various other countries. FCA companies have also historically owned other significant properties including parts distribution centers, research laboratories, test tracks, warehouses and office buildings. The total carrying value of FCA’s property, plant and equipment as of December 31, 2020 was €27.6 billion.

A number of FCA’s manufacturing facilities and equipment, including land and industrial buildings, plant and machinery and other assets, were and are subject to mortgages and other security interests granted to secure indebtedness to certain financial institutions. As of December 31, 2020, property, plant and equipment reported as pledged as collateral for loans amounted to approximately €1.1 billion, excluding Right-of-use assets (refer to Note 11, Property, plant and equipment).

FCA was not aware of any environmental issues that would materially affect the utilization of FCA’s fixed assets. See Industrial Environmental Control.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

As of December 31, 2020, PSA operated 34 manufacturing facilities, of which 15 were located in France, 15 in the rest of Europe, two in Brazil, one in Argentina and one in Morocco. PSA also owned significant properties, including distribution centers, research laboratories, test tracks, warehouses and office buildings.

In addition, PSA operated several joint ventures for the production of vehicles and for the production of powertrains.

Supply of Raw Materials, Parts and Components

FCA historically purchased a variety of components (including mechanical, steel, electrical and electronic, plastic components as well as castings and tires), raw materials, supplies, utilities, logistics and other services from numerous suppliers. The purchase of raw materials, parts and components historically typically accounted for 70-80 percent of total Cost of revenues. Of these purchases, 10-15 percent historically related to the cost of raw materials, including steel, rubber, aluminum, resin, copper, lead, and precious metals (including platinum, palladium and rhodium).

FCA’s historical focus on quality improvement, cost reduction, product innovation and production flexibility required the company to rely upon suppliers with a focus on quality and the ability to provide cost reductions. FCA had value relationships with suppliers, and in recent years, worked to establish closer ties with a significantly reduced number of suppliers by selecting those that enjoy a leading position in the relevant markets. In addition, FCA sourced some of the parts and components for vehicles internally from Teksid. Subsequent to the announced sale of Teksid's cast iron business, Stellantis expects to enter into a long-term supply agreement with the acquirer, Tupy S.A. FCA previously agreed to a multi-year supply agreement with Magneti Marelli in connection with the sale of that business. FCA did not experience any major loss of production as a result of material or parts shortages in recent years, although, like most of its competitors, FCA regularly sourced some of its systems, components, parts, equipment and tooling from a single provider or limited number of providers. However, we are at risk of production delays and lost production should any supplier fail to deliver goods and services on time. For example, a global semiconductor shortage impacted our production volumes in early 2021. See also “Risk Factors - We face risks associated with increases in costs, disruption of supply or shortages of raw materials, parts, components and systems used in our vehicles.” and “Risk Factors - Business interruptions resulting from the coronavirus (COVID-19) pandemic could continue to cause disruption to the manufacture and sale of our products and the provision of our services and adversely impact our business.”

Supply of raw materials, parts and components can also be disrupted or interrupted by natural disasters. In such circumstances, FCA historically worked proactively with suppliers to identify material and part shortages and take steps to mitigate their impact by deploying additional personnel, accessing alternative sources of supply and managing its production schedules. FCA also continued to refine processes to identify emerging capacity constraints in the supplier tiers given the ramp up in manufacturing volumes to meet volume targets. Furthermore, FCA continuously monitored supplier performance according to key metrics such as part quality, delivery, performance, financial solvency and sustainability.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

PSA’s automotive division purchases historically included:

•direct material parts: purchases of vehicle parts, mechanical subassemblies and raw materials;

•purchases of spare parts and accessories; and

•indirect machinery and equipment: selling, general and administrative expenses attributable to the automotive division’s purchases and costs related to services, commercial facilities, motorsport, information technology and telecommunications.

______________________________________________________________________________________________________________________________

(1) Refers to the geographical area and not FCA’s North America reporting segment.

FCA maintained dialogue with trade unions and employee representatives to achieve consensus-based solutions for responding to different market conditions in each geographic area. We have had no significant instances of labor unrest overall, and no significant local labor actions in the past three years.

In Europe, FCA established a European Works Council (the “EWC”) in 1997 to ensure workers the right to information and consultation as required by European Union regulations applicable to community-scale undertakings. The EWC was established on the basis of an agreement initially signed in 1996 and subsequently revised and amended with a further amendment executed in July 2016. The amendment increased the number of total seats from 20 to 24 so that additional employees from new countries within the scope of the EWC are represented.

The exit of Magneti Marelli from the FCA Group required the composition of the European Works Council (EWC), to be redefined, which was not completed during 2020. At the request of the Trade Unions, an extraordinary meeting was granted on December 18, 2020, in order to guarantee the continuity of information and consultation, especially in view of the merger project between FCA and PSA.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

At December 31, 2020, PSA employed approximately 204,000 employees, out of which approximately 110,000 were employed in the Automotive Division, approximately 3,000 in the Finance Division and approximately 91,000 in the Automotive Equipment Division, under permanent or fixed term contracts, including apprenticeships. Approximately 73 percent of PSA’s employees were based in Europe.

Trade Unions and Collective Bargaining

FCA employees were historically free to join any trade union provided they do so in accordance with local law and the rules of the related trade union. The FCA Group historically recognized and respected the right of its employees to be represented by trade unions or other representatives in accordance with local applicable legislation and practice.

During the year ended December 31, 2020, a large portion of FCA’s workers in Italy, the U.S., Canada and Mexico were represented by trade unions. In addition to the rights granted to all Italian trade unions and workers concerning freedom of association, in the Italian collective labor agreement FCA agreed an additional service by paying the trade union dues on behalf of the employees.

Collective bargaining at various levels resulted in major agreements being reached with trade unions on both wage and employment conditions in several countries. Based on an average figure that includes the Sevel plant (Italy), 87 percent of FCA’s employees worldwide are covered by collective bargaining agreements.

In Italy, substantially all of FCA’s employees were covered by collective bargaining agreements. FCA continued to apply the terms of the company-specific collective labor agreement (CCSL), which was renewed on March 11, 2019 until December 2022 with the Trade Unions FIM-CISL, UILM-UIL, FISMIC, UGLM and AQCFR. The Agreement covered about 52,300 employees and includes:

•the increase in the basic contractual salary of 2 percent per year;

•the strengthening (+1.5 percent) of the annual bonus calculated on the basis of production efficiencies achieved and the plant’s WCM audit status;

•the increase (+0.5 percent) of the contribution paid by the company to supplementary pension fund;

•several further initiatives aimed at increasing the flexibility of working time and new ways of working linked to the technological and organizational evolution of work; and

•a new classification of workers, capable of interpreting the continuous evolution of professional skills.

During the year, also in consideration of the COVID-19 pandemic, new regulations on agile work, introduced by the CCSL renewal, were widely implemented. In April 2020, a Protocol, containing the guidelines for dealing with the health emergency and operating safely in the workplace, was signed with all the Trade Unions. This Protocol was updated several times during the year, in line with the evolution of the pandemic risk.

In December 2019, the UAW-represented workforce ratified a new four-year collective bargaining agreement that builds on the company’s commitment to grow its U.S. manufacturing operations by providing for total investments of U.S.$9 billion and the creation of 7,900 new or secured jobs. The provisions of the agreement continued certain opportunities for success-based compensation upon meeting certain quality and financial performance metrics. The agreement, which covers about 49,200 employees, included a ratification bonus of U.S.$9,000 for “Traditional” and “In-progression” employees and U.S.$3,500 for temporary employees, as well as lump-sum payments, both of which are in lieu of further wage increases, totaling U.S.$499 million (€446 million) that were paid to UAW members on December 27, 2019. Lump sum payments made in lieu of future wage increases are being amortized over the contract period.

In September 2020, the four-year collective bargaining agreement that was entered into in September 2016 with Unifor in Canada expired. FCA entered into a three-year labor agreement with Unifor in Canada that was ratified on October 19, 2020. The terms of this agreement provides a $7,250 Canadian dollars (“CAD$”) lump sum payment for all active employees, CAD$500 for all eligible temporary part-time employees, up-front lump sum payments of CAD$7,250 to all employees on indefinite layoff and lump sum retirement allowance of CAD$3,625 for employees who retired during 2020. The total ratification bonus of approximately CAD$59 million (€38 million) was paid on November 20, 2020. The agreement covers more than 9,200 employees and expires in October 2023. The lump sum payments, which were made in lieu of future wage increases, are being amortized ratably over three-year contract period.

Refer to "About this Report" included elsewhere in this report for further detail on the PSA information presented below:

PSA historically actively supported employee freedom of association and representation and respected the independence and pluralism of unions at all its facilities. As of December 31, 2020, 98 percent of PSA’s Automotive Division employees were represented by unions or by employee representatives.

As of December 31, 2020, 93 percent of PSA’s Automotive Division employees worldwide were covered by a collective bargaining agreement.

The Global Works Council of PSA was the body bringing together employee representatives of PSA at the global level.

PSA also established a Union-Management Strategy Committee, an international body designed to allow more and earlier involvement of the employee representatives in PSA’s strategy.

Sales Overview

New vehicle sales represented sales of FCA vehicles primarily by dealers and distributors, or, directly by FCA in some cases, to retail customers and fleet customers. Sales included mass-market and luxury vehicles manufactured at FCA plants, as well as vehicles manufactured by joint ventures and third party contract manufacturers and distributed under FCA brands. Sales figures excluded sales of vehicles that FCA contract manufactured for other OEMs. While vehicle sales were illustrative of FCA’s competitive position and the demand for its vehicles, sales were not directly correlated to Net revenues, Cost of revenues or other measures of financial performance in any given period, as such results were primarily driven by vehicle shipments to dealers and distributors. For a discussion of FCA’s shipments, see FINANCIAL OVERVIEW—FCA Shipment Information. The following table shows FCA new vehicle sales by geographic market for the periods presented.

________________________________________________________________________________________________________________________________________________

(1) Certain fleet sales that were accounted for as operating leases are included in vehicle sales.

(2) Estimated market share data presented were based on management’s estimates of industry sales data, which used certain data provided by third-party sources, including IHS Markit and Ward’s Automotive.

The following table presents estimated new vehicle market share information for FCA and FCA’s principal competitors in the U.S., historically FCA’s largest market in the North America segment:

U.S. industry sales, including medium and heavy-duty vehicles, increased from 10.6 million units in 2009 to 14.9 million units in 2020. The strong recovery in the automotive sector, from 2009 through 2019, was supported by robust macroeconomic and automotive specific factors, such as growth in per capita disposable income, improved consumer confidence, the increasing age of vehicles in operation, improved consumer access to affordably priced financing and higher prices of used vehicles. The decrease in the 2020 U.S. industry sales was significantly driven by the impacts of COVID-19 on the U.S. automotive industry.

FCA’s vehicle line-up in the North America segment primarily leveraged the brand recognition of the Jeep, Ram, Dodge and Chrysler brands to offer utility vehicles, pickup trucks, cars and minivans under those brands. Vehicle sales and profitability in the North America segment were generally weighted towards larger vehicles such as utility vehicles, trucks and vans, consistent with overall industry sales trends in the North America segment, which have become increasingly weighted towards utility vehicles and trucks in recent years.

The decrease in 2020 sales compared to 2019, resulted primarily from COVID-19 related suspension of production during the first half of 2020, partially offset by the positive performance of the Jeep Gladiator, which was launched during 2019, which despite the impact of COVID-19 saw strong sales for the full year 2020.

North America Distribution

In the North America segment, FCA’s vehicles were sold primarily to dealers in its dealer network for sale to retail consumers and to fleet customers. Fleet sales in the commercial channel were typically more profitable than sales in the government and daily rental channels since they more often involve customized vehicles with more optional features and accessories; however, vehicle orders in the commercial channel were usually smaller in size than the orders made in the daily rental channel. Fleet sales in the government channel were generally more profitable than fleet sales in the daily rental channel primarily due to the mix of products included in each respective channel.

North America Dealer and Customer Financing

In the North America segment, FCA did not have a captive finance company or joint venture and instead relied upon independent financial service providers, including Santander Consumer USA Inc. (“SCUSA”) to provide financing for dealers and retail customers in the U.S. In February 2013, FCA entered into a private label financing agreement with SCUSA (the “SCUSA Agreement”), under which SCUSA will continue to provide a wide range of wholesale and retail financial services to dealers and retail customers in the U.S., under the Chrysler Capital brand name and covering the Chrysler, Jeep, Dodge, Ram, Fiat and Alfa Romeo brands.

The SCUSA Agreement has a ten year term expiring in April 2023, subject to early termination in certain circumstances, including the failure by a party to comply with certain of its ongoing obligations under the agreement. Under the SCUSA Agreement, SCUSA has certain rights, including limited exclusivity to participate in specified minimum percentages of certain retail financing rate subvention programs. SCUSA’s exclusivity rights which will continue to be subject to SCUSA maintaining certain performance standards and price competitiveness based on minimum approval rates and market benchmark rates to be determined through a steering committee process as set out in the SCUSA Agreement.

On June 28, 2019, FCA US entered into an amendment (the “Amendment”) to the SCUSA Agreement. The Amendment modified certain terms of the agreement, with the remaining term unchanged through to April 2023, and in connection with its execution, SCUSA made a one-time, nonrefundable, non-contingent, cash payment of U.S.$60 million (€53 million) to FCA US as part of a negotiated resolution of open matters. Refer to Note 25, Guarantees granted, commitments and contingent liabilities, within FCA’s Consolidated Financial Statements included elsewhere in this report.

As of December 31, 2020, SCUSA provided wholesale lines of credit to approximately 8 percent of FCA’s dealers in the U.S., while Ally Financial Inc. (“Ally”) was at 32 percent. For the year ended December 31, 2020, approximately 88 percent of the vehicles purchased by FCA’s U.S. retail customers were financed or leased, of which approximately 53 percent financed or leased through SCUSA (39 percent) and Ally (14 percent). Alfa Romeo brand development within the U.S. was also supported by dealer and retail customer financing with primary financial institutions. Additionally, FCA had arrangements with a number of financial institutions to provide a variety of dealer and retail customer financing programs in Canada and a private label agreement with Inbursa Group in Mexico.

 _______________________________________________________________________________________________________________________________________________

(1) Estimated market share data presented were based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including IHS Markit, National Organization of Automotive Vehicles Distribution and Association of Automotive Producers.

The following table presents FCA’s mass-market vehicle market share information and FCA’s principal competitors in Brazil, FCA’s largest market in the LATAM segment:

________________________________________________________________________________________________________________________________________________

(1) FCA’s estimated market share data presented were based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including IHS Markit, National Organization of Automotive Vehicles Distribution and Association of Automotive Producers.

Automotive industry volumes within the countries in which the LATAM segment historically operated decreased 27.3 percent from 2019 to 3.0 million vehicles (cars and light commercial vehicles) in 2020, which was primarily driven by the impact of COVID-19 on the LATAM automotive industry. Overall there was a 26.7 percent decrease in vehicle sales in Brazil, reflecting COVID-19 related impacts partially offset by continued improvement in market conditions during the second half of 2020, and a 26.5 percent decline in vehicle sales in Argentina, reflecting the impact of COVID-19 and the continued economic challenges in Argentina.

The FCA Group's market share in LATAM increased 260 basis points from 13.9 percent to 16.5 percent, primarily reflecting market share growth in Brazil. In Brazil, overall market share increased 350 basis points to 22.2 percent from 18.7 percent while, in Argentina, overall market share increased 280 basis points to 15.2 percent from 12.4 percent in 2019.

FCA’s vehicle line-up in LATAM historically leveraged the brand recognition of Fiat, as well as the relatively urban population of countries like Brazil, and offered vehicles in smaller segments, such as the all-new Fiat Uno as well as the Fiat Mobi, Argo and Cronos. Fiat also led the pickup truck market in Brazil, with the Fiat Strada and all-new Fiat Strada (27.9 percent market share) and the Fiat Toro (18.8 percent market share). Jeep led the SUV segment in Brazil with 20.8 percent market share based on the performance of the Jeep Renegade and the Jeep Compass.

LATAM Distribution

In the LATAM segment, FCA historically entered into multiple dealer agreements with individual dealerships. Outside the major markets of Brazil and Argentina, FCA mainly distributed its vehicles through general distributors.

LATAM Dealer and Customer Financing

In the LATAM segment, FCA provided access to dealer and retail customer financing both through 100 percent owned captive finance companies and also through strategic relationships with financial institutions.

FCA will continue to have two 100 percent owned captive finance companies in the LATAM segment that offered dealer and retail customer financing: Banco Fidis S.A. (“Banco Fidis”) in Brazil and FCA Compañia Financiera S.A. in Argentina. In addition, in Brazil FCA will continue to have two significant commercial partnerships with Banco Itaù and Bradesco to provide financing to retail customers purchasing FCA branded vehicles. Banco Itaù is a leading vehicle retail financing company in Brazil and FCA’s partnership was renewed in August 2013 for a ten-year term ending in 2023. Under this agreement, which applied only to FCA’s retail customers purchasing Fiat branded vehicles, Banco Itaù will continue to have exclusivity on FCA’s promotional campaigns and preferential rights on non-promotional financing. FCA will continue to receive commissions in connection with each vehicle financing above a certain threshold. In July 2015, FCA Fiat Chrysler Automoveis Brasil (“FCA Brasil”) and Banco Fidis signed a ten-year partnership contract with Bradesco, one of the leading Brazilian banks, through its affiliate Bradesco Financiamentos, whereby Bradesco Financiamentos finances retail sales of Jeep, Chrysler, Dodge and Ram vehicles in Brazil. Under this agreement, Bradesco will continue to have exclusivity on promotional campaigns and FCA Brasil promotes Bradesco as FCA Brasil’s official financial partner. Banco Fidis will continue to be in charge of the commercial management of this partnership and received commissions for this partnership agreement and for acting as banking agent, based on profitability and penetration.

________________________________________________________________________________________________________________________________________________

(1) Estimated market share data presented were based on management’s estimates of industry sales data, which use certain data provided by third-party sources, including IHS Markit and China Association of Automobile Manufacturers. Effective January 2019, industry data sourced from China Passenger Car Association.

(2) Sales data include vehicles shipped by FCA’s joint venture in China.

(3) India market share is based on wholesale volumes.

(4) Sales reflect retail deliveries. APAC industry reflects aggregate for major markets where the FCA Group competes (China, Australia, Japan, South Korea, and India). Market share is based on retail registrations except, as noted above, in India where market share is based on wholesale volumes.

The automotive industry in the APAC segment has shown a year-over-year decline, with industry sales in the five key markets (China, India, Japan, Australia and South Korea) decreasing by 7.8 percent to 28.8 million. The 2020 decline in the market was primarily due to the impacts of COVID-19 on the automotive industry. Overall for the ten year period in the five key markets in which FCA competes, industry sales have historically increased from 16.1 million in 2009 to 28.8 million in 2020, a compound annual growth rate (“CAGR”) of approximately 5 percent. Industry demand decreased from 2019 to 2020 with decreases in China (6.4 percent), Australia (13.9 percent), India (18.0 percent), and Japan (11.4 percent) partially offset by increases in industry demand in South Korea (6.8 percent).

FCA sold a range of vehicles in the APAC segment, including small and compact cars and utility vehicles. Although FCA’s smallest mass-market segment by vehicle sales, FCA believed the APAC segment represents a significant growth opportunity and invested in building relationships with key joint venture partners in China and India in order to increase FCA’s presence in the region. In 2010, GAC Fiat Chrysler Automobiles Co. (“GAC FCA JV”), FCA’s joint venture with Guangzhou Automobiles Group Co., Ltd., was formed. In 2015, local production was expanded with the production of the Jeep Cherokee and in 2016 the Jeep Renegade and the Jeep Compass. In 2016, the Jeep brand also made its return to India, with the launches of the imported Jeep Wrangler and Jeep Grand Cherokee. In 2017, FCA launched the imported Alfa Romeo Giulia and Alfa Romeo Stelvio in China and local production of the Jeep Compass was launched in the Ranjangaon, India plant. In 2018, FCA launched the Grand Commander in China, a premium seven-seater SUV produced at the GAC FCA JV plant in Changsha, China, with the Jeep Commander PHEV, a 5-passenger plug-in hybrid SUV developed for China, following in 2019. In other parts of the APAC segment, FCA distributed vehicles that were manufactured in the U.S., Europe and India through FCA’s dealers and distributors.

APAC Distribution

In the key markets in the APAC segment (China, Australia, India, Japan and South Korea), FCA sold its vehicles through 100 percent owned subsidiaries or through FCA’s joint venture to local independent dealers. In other markets where FCA did not have a substantial presence, FCA had agreements with general distributors.

APAC Dealer and Customer Financing

In the APAC segment, FCA operated a 100 percent owned captive finance company, FCA Automotive Finance Co., Ltd, which supports FCA sales activities in China on a non-exclusive basis through dealer and retail customer financing. Cooperation agreements are also in place with third-party financial institutions to provide dealer network and retail customer financing in India, South Korea, Australia and Japan.

________________________________________________________________________________________________________________________________________________

* 27 members of the European Union, and the UK for the periods presented, and members of the European Free Trade Association (other than Italy, Germany, UK, France, and Spain).

** Market share not included in Other EMEA because FCA presence was less than one percent.

(1) Certain fleet sales accounted for as operating leases were included in vehicle sales.

(2) Estimated market share data were presented based on the European Automobile Manufacturers Association (ACEA) Registration Databases and national Registration Offices databases.

(3) Sale data includes vehicle sales by FCA’s joint venture in Turkey.

The following table summarizes new passenger vehicle market share information and FCA’s principal competitors in Europe, historically FCA’s largest market in the EMEA segment:

________________________________________________________________________________________________________________________________________________

(1) Including all 27 European Union (EU) Member States (and the UK for the periods presented) and the 4 European Free Trade Association member states, or EFTA member states.

(2) Market share data were presented based on the European Automobile Manufacturers Association, or ACEA Registration Databases, which also includes Maserati within FCA Group for all periods presented.

In 2020, the automotive industry in EU 27+EFTA+UK declined 24.3 percent, with all major markets recording double digit decreases, primarily reflecting the impacts of COVID-19. Despite the decline in the industry demand, the Fiat brand continued its leadership in the European A minicar segment with Fiat 500 and Fiat Panda accounting for 36.0 percent of market share in the segment (up 694 basis points from 2019) with the Fiat 500 remaining segment leader. The Jeep Brand posted sales of more than 125 thousand vehicles, with sales of the Alfa Romeo Brand decreasing in comparison to 2019.

In Europe, FCA’s sales were historically largely weighted to passenger cars, with 39 percent of total vehicle sales in the small car segment for 2020, reflecting demand for smaller vehicles due to driving conditions prevalent in many European cities and stringent environmental regulations.

EMEA Distribution

In Europe, FCA’s relationship with individual dealer entities may have been represented by a number of contracts (typically, we enter into one agreement per brand of vehicles to be sold), and the dealer can sell those vehicles through one or more points of sale.

In Europe, FCA sold its vehicles directly to independent and FCA owned dealer entities located in most European markets, as well as to fleet customers (including government and rental). In other markets in the EMEA segment in which FCA did not have a substantial presence, FCA had agreements with general distributors.

EMEA Dealer and Customer Financing

In the EMEA segment, dealer and retail customer financing was primarily managed by FCA Bank, FCA’s joint venture with Crédit Agricole Consumer Finance S.A. (“CACF”). FCA Bank operated in Europe, including the five major markets of Italy, France, Germany, Spain and the UK, and provided dealer and retail financing and, within selected countries, also rentals to support the mass-market vehicle brands. FCA Bank provided its services to the Maserati luxury brand, as well as certain other OEMs, including Ferrari. FCA began this joint venture in 2007 and have agreed with Crédit Agricole to extend its term through December 31, 2024, which may be automatically renewed unless notice of non-renewal is provided no later than three years before end of the term.

FCA also operated a joint venture, Koç Fiat Kredi, providing financial services mainly to retail customers in Turkey, and operate vendor programs with bank partners in other markets to provide access to dealer and retail customer financing in those markets.

Maserati

Maserati, a luxury vehicle brand founded in 1914, became part of the FCA Group in 1993. In 2013, the Maserati brand was re-launched by the introduction of the next generation Quattroporte and the introduction of the Ghibli (both luxury four-door sedans), the first in the flagship large sedan segment and the second in the luxury full-size sedan vehicle segment. Maserati’s vehicles also include the GranTurismo, the brand’s first modern two-door, four-seat coupe, also available in a convertible version and the Maserati Levante, the first SUV in Maserati's history.

In July 2020, Maserati debuted the new Ghibli Hybrid. In addition, the brand started production in 2020 of the refreshed versions of the Ghibli, Quattroporte and Levante. On September 9, 2020 and September 10, 2020, Maserati hosted the “MMXX: Time to be Audacious” event in Modena, Italy, to reaffirm its commitment to invest in and elevate the iconic brand. The event started with the world premiere of the all-new Maserati MC20 super sport car, equipped with the new Maserati-built Nettuno engine. A fully electric version of the MC20 will also be available in 2022.

The following table shows the distribution of Maserati sales by geographic regions as a percentage of total sales for each of the years ended December 31, 2020, 2019 and 2018:

________________________________________________________________________________________________________________________________________________

(1) Europe Top 4 Countries by sales are Italy, UK, Germany and Switzerland.

In 2020, a total of 17 thousand Maserati vehicles were sold to retail consumers, a decrease of 35 percent compared to 2019 as a result of reduced sales in China, the U.S., EMEA and other key markets, partially due to lower industry volumes in Maserati relevant segments as a result of COVID-19.

FCA Bank historically provided access to dealer and retail customer financing for Maserati brand vehicles in Europe and FCA’s 100 percent owned captive finance company, FCA Automotive Finance Co. Ltd, provided dealer and retail financing on a non-exclusive basis in China. In other regions, FCA relied on local agreements with financial services providers for the financing of Maserati brand vehicles to dealers and end customers.

(2) Including approximately 144,000 vehicles sold in 2018 in Iran by Iran Khodro and IKAP, of which 141,000 were sold under a Peugeot license.

Cyclical Nature of the Business

As is typical in the automotive industry, FCA’s vehicle sales were highly sensitive to general economic conditions, availability of low interest rate vehicle financing for dealers and retail customers and other external factors, including fuel prices, and as a result could vary substantially from quarter to quarter and year to year. Retail consumers historically tended to delay the purchase of a new vehicle when disposable income and consumer confidence were low. In addition, FCA’s vehicle production volumes and related revenues could vary from month to month, sometimes due to plant shutdowns, which could occur for several reasons including production changes from one model year to the next and actions to balance vehicle supply and demand fluctuations and also to adjust dealer stock levels appropriately. Plant shutdowns, whether associated with model year changeovers or other factors such as temporary supplier interruptions, could have a negative impact on FCA’s revenues and working capital as FCA continued to pay suppliers under established terms while FCA did not receive proceeds from vehicle sales. Refer to Liquidity and Capital Resources—FCA Liquidity Overview for additional information, including discussion of the impact of the COVID-19 pandemic and the actions taken by FCA in response.

Legal Proceedings

Various legal proceedings, claims and governmental investigations are pending against the Group on a wide range of topics including vehicle safety, emissions and fuel economy, competition, tax and securities matters, alleged violations of law, labor, dealer, supplier and other contractual relationships, intellectual property rights, product warranties and environmental matters. Some of these proceedings allege defects in specific component parts or systems (including airbags, seats, seat belts, brakes, ball joints, transmissions, engines and fuel systems), in various vehicle models or allege general design defects relating to vehicle handling and stability, sudden unintended movement or crashworthiness. These proceedings seek recovery for damage to property, personal injuries or wrongful death and in some cases include a claim for exemplary or punitive damages. For a further discussion of legal proceedings which may have, or have had in the recent past, significant effects on our financial position or profitability, refer to the description below and to Note 25, Guarantees granted, commitments and contingent liabilities within the Consolidated Financial Statements included elsewhere in this report.

FCA

Takata airbag inflators

Putative class action lawsuits were filed in March 2018 against FCA US in the U.S. District Courts for the Southern District of Florida and the Eastern District of Michigan, asserting claims under federal and state laws alleging economic loss due to Takata airbag inflators installed in certain of our vehicles.

Emissions Matters

On January 10, 2019, FCA announced that FCA US had reached final settlements on civil environmental and consumer claims with the U.S. Environmental Protection Agency (“EPA”), the Civil Division of the U.S. Department of Justice (“DoJ”), the California Air Resources Board, the State of California, 49 other States and U.S. Customs and Border Protection, for which FCA accrued €748 million during the year ended December 31, 2018. Approximately €350 million of the accrual was related to civil penalties to resolve differences over diesel emissions requirements. A portion of the accrual was attributable to settlement of a putative class action on behalf of consumers in connection with which FCA US agreed to pay an average of $2,800 per vehicle to eligible customers affected by the recall. That settlement received final court approval on May 3, 2019. Nevertheless, we continue to defend individual claims from approximately 3,200 consumers that have exercised their right to opt out of the class action settlement and pursue their own individual claims against us (the “Opt-Out Litigation”). FCA US has engaged in further discovery in the Opt-Out Litigation and participated in court-sponsored settlement conferences, but have reached settlement agreements with less than 100 of these remaining plaintiffs. As of December 31, 2020, FCA’s best estimate of a probable loss was reflected in the amount previously accrued.

In the U.S., FCA US remains subject to a diesel emissions-related investigation by the DoJ, Criminal Division. In September 2019, the DoJ filed criminal charges against an employee of FCA US for, among other things, fraud, conspiracy, false statements and violations of the Clean Air Act primarily in connection with efforts to obtain regulatory approval of the vehicles that were the subject of the civil settlements described above. FCA has continued discussions with the DoJ, Criminal Division to determine whether it can reach an appropriate resolution of their investigation as it relates to FCA US, which may involve the payment of penalties and other non-financial sanctions. While the outcome of these discussions is uncertain and we cannot predict whether or when any settlement may be reached with the DoJ, Criminal Division, or the ultimate outcome of its investigation, FCA accrued approximately €200 million during the three months ended September 30, 2020 as its best estimate of probable loss with regard to matters under discussion. We also remain subject to a number of related private lawsuits (the “Non Opt-Out Litigation”). In September 2020, FCA settled the diesel emissions-related investigation with the U.S. Securities and Exchange Commission (the “SEC”) for an amount that is not material to the FCA Group and which had been accrued during the three months ended June 30, 2020.

FCA also received inquiries from other regulatory authorities in a number of jurisdictions as they examine the on-road tailpipe emissions of several automakers’ vehicles and, when jurisdictionally appropriate, we continue to cooperate with these governmental agencies and authorities.

In Europe, we are working with the Italian Ministry of Transport (“MIT”) and the Dutch Vehicle Regulator (“RDW”), the authorities that certified FCA diesel vehicles for sale in the European Union, and the UK Driver and Vehicle Standards Agency in connection with their review of several of our vehicles.

FCA also initially responded to inquiries from the German authority, the Kraftfahrt-Bundesamt (“KBA”), regarding emissions test results for its vehicles, and discussed the KBA reported test results, its emission control calibrations and the features of the vehicles in question. After these initial discussions, the MIT, which has sole authority for regulatory compliance of the vehicles it has certified, asserted its exclusive jurisdiction over the matters raised by the KBA, tested the vehicles, determined that the vehicles complied with applicable European regulations and informed the KBA of its determination. Thereafter, mediations were held under European Commission (“EC”) rules, between the MIT and the German Ministry of Transport and Digital Infrastructure, which oversees the KBA, in an effort to resolve their differences. The mediation was concluded with no action being taken with respect to FCA. In May 2017, the EC announced its intention to open an infringement procedure against Italy regarding Italy's alleged failure to respond to EC's concerns regarding certain FCA emission control calibrations. The MIT has responded to the EC's allegations by confirming that the vehicles' approval process was properly performed.

In December 2019, the MIT notified us that the Dutch Ministry of Infrastructure and Water Management (“I&W”) had been communicating with the MIT regarding certain irregularities allegedly found by the RDW and the Dutch Center of Research TNO in the emission levels of certain Jeep Grand Cherokee Euro 5 models and a vehicle model of another OEM that contains a Euro 6 diesel engine supplied by us. In January 2020, the Dutch Parliament published a letter from the I&W summarizing the conclusions of the RDW regarding those vehicles and engines and indicating an intention to order a recall and report their findings to the Public Prosecutor, the EC and other Member States. FCA engaged with the RDW to present its positions and cooperate to reach an appropriate resolution of this matter. FCA proposed certain updates to the relevant vehicles that have been tested and approved by the RDW and are now being implemented. Nevertheless, this matter is still pending. In addition, at the request of the French Consumer Protection Agency, the Juge d’Instruction du Tribunal de Grande Instance of Paris is investigating diesel vehicles of a number of automakers including FCA, regarding whether the sale of those vehicles violated French consumer protection laws.

In July 2020, unannounced inspections took place at several of FCA’s sites in Germany, Italy and the UK at the initiative of the Public Prosecutors of Frankfurt am Main and of Turin, as part of their investigations of potential violations of diesel emissions regulations and consumer protection laws. We are cooperating with the investigations. Several FCA companies and its Dutch dealers were recently served with a purported class action filed in the Netherlands by a Dutch foundation seeking monetary damages and vehicle buybacks in connection with alleged emissions non-compliance of certain FCA E5 and E6 diesel vehicles. A similar claim has been announced in the UK but not yet served on the Company. We are also defending a number of individual consumer claims alleging emissions non-compliance of certain of our vehicles in Germany.

In December 2018, the Korean Ministry of Environment (“MOE”) announced its determination that approximately 2,400 FCA vehicles imported into Korea during 2015, 2016 and 2017 were not emissions compliant and that the vehicles with a subsequent update of the emission control calibrations voluntarily performed by FCA, although compliant, would have required re-homologation of the vehicles concerned. In May 2019, the MOE revoked certification of the above-referenced vehicles and announced an administrative fine for an amount not material to the Group. FCA appealed the MOE’s decision. Our subsidiary in Seoul, Korea is also cooperating with local criminal authorities in connection with their review of this matter, with the Korean Fair Trade Commission regarding a purported breach of the Act on Fair Labeling and Advertisement in connection with the subject vehicles and with the MOE in connection with their review of other legacy FCA vehicles.

U.S. Sales Reporting Investigations

On September 27, 2019, the SEC announced the resolution of its investigation into FCA’s reporting of vehicle sales to end customers in the U.S. which included its agreement to pay an amount that was not material to the FCA Group. FCA also cooperated with a DoJ investigation into the same issues, the outcome of which remains uncertain. Any resolution of that matter may involve the payment of penalties and other sanctions.

As previously reported, two putative securities class action lawsuits were filed against FCA in the U.S. District Court for the Eastern District of Michigan making allegations with regard to its reporting of vehicle unit sales to end consumers in the U.S. These lawsuits were consolidated into a single action and on October 4, 2018, FCA entered into an agreement in principle to settle the consolidated litigation, subject to court approval, for an amount that was not material to the FCA Group. On June 5, 2019, the Court granted final approval to this settlement.

National Training Center

On January 27, 2021, FCA US announced that it reached an agreement with the U.S. Attorney’s Office for the Eastern District of Michigan to resolve its investigation into past misconduct of certain former FCA US employees involving the UAW-Chrysler National Training Center (“NTC”). Pursuant to the agreement, which remains subject to court approval, FCA US agreed to plead guilty to a single count of conspiracy to violate the Labor Management Relations Act and the payment of a fine in an amount that is not material to the financial statements and which had previously been accrued during the quarter ended September 30, 2020. FCA US also agreed to implement an independent compliance monitor for three years with respect to the dissolution of the NTC and internal controls as they relate to the trusts being implemented to replace the NTC.

Several putative class action lawsuits have been filed against FCA US in U.S. federal court alleging harm to UAW workers as a result of these acts. Those actions have been dismissed both at the trial court stage and on appeal. Three plaintiffs in these lawsuits also filed charges alleging unfair labor practices with the U.S. National Labor Relations Board (the “Board”). The Board issued a complaint regarding these allegations and is seeking a cease and desist order as well as the posting of a notification with respect to the alleged practices.

On July 20, 2020, a group of employees in our Toledo, Ohio Jeep plant filed a lawsuit in U.S. District Court for the Northern District of Ohio against FCA US, the UAW and certain individuals claiming violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and civil conspiracy. On October 20, 2020, FCA US filed a motion to dismiss and the plaintiffs filed a motion for leave to file a second amended complaint on December 13, 2020. On October 16, 2020, a group of current and former employees in FCA’s Trenton Engine Complex filed a lawsuit in U.S. District Court for the Eastern District of Michigan, making similar claims.

General Motors Litigation

On November 20, 2019, General Motors LLC and General Motors Company (collectively, “GM”) filed a lawsuit in the U.S. District Court for the Eastern District of Michigan against FCA US, FCA NV and certain individuals, claiming violations of the RICO Act, unfair competition and civil conspiracy in connection with allegations that FCA US paid bribes to UAW officials that corrupted the bargaining process with the UAW and as a result FCA US enjoyed unfair labor costs and operational advantages that caused harm to GM. GM also claimed that FCA US had made concessions to the UAW in collective bargaining that the UAW was then able to extract from GM through pattern bargaining which increased costs to GM and that this was done by FCA US in an effort to force a merger between GM and FCA NV.

On July 8, 2020, the court dismissed GM’s lawsuit with prejudice. On August 3, 2020, GM filed a motion requesting that the court amend or alter its judgement, which the court denied. GM has appealed the dismissal to the U.S. Court of Appeals for the Sixth Circuit and oral argument on that appeal is scheduled for March 4, 2021. Following dismissal of its Federal court case, GM also filed an action against FCA US and FCA NV in Michigan state court, making substantially the same claims as it made in the federal litigation. On November 24, 2020, FCA US and FCA NV filed a motion for summary disposition in the state court case and GM filed a motion to compel discovery on December 16, 2020. Oral arguments on FCA’s motion for summary disposition and GM’s motion for expedited discovery were held on February 26, 2021 and were adjourned to be continued on March 5, 2021.

Tigershark Engine

Putative class action lawsuits have been filed against FCA US and consolidated into a single action in U.S. District court in Michigan asserting claims under federal and state laws claiming manufacturing and design defects in certain vehicles equipped with the 2.4L Tigershark engine, which has been installed in approximately 1.6 million vehicles sold in the U.S. The claims allege excessive oil consumption and related excess emissions.

PSA

Anticompetitive Practices in the Automotive Equipment Market

The European Commission and the United States Department of Justice (on March 25, 2014), the Competition Commission of South Africa (on November 27, 2014) and the Brazilian competition authority (CADE) (on May 19, 2017) initiated an inquiry covering certain suppliers of emission control systems, including Faurecia, on the basis of allegations of anticompetitive practices in this market involving the exchange of commercially sensitive information between competitors. These investigations have been closed or resolved with respect to Faurecia: the European Commission terminated the investigation on April 28, 2017; an agreement was reached with the CADE on September 5, 2018; in December 2018, the United States Department of Justice informed Faurecia that it was no longer subject to an inquiry; and on May 18, 2020 an agreement was reached with the Competition Commission of South Africa, involving the payment of a non-material settlement amount by Faurecia.

Faurecia has reached agreements, for non-material amounts, with plaintiffs in all three class actions that were filed in the United States District Court for the Eastern District of Michigan against several suppliers of emissions control systems, including Faurecia, alleging anticompetitive practices with respect to exhaust systems. The settlement agreements have been validated by the court.

In Canada, two class actions for similar allegations have been filed. They have been subject to agreements for non-material amounts. These agreements are under validation by the court. All the inquiries that have been initiated are now closed.

Finance

Following an investigation conducted in May 2017 against various financial captives located in Italy, including Banca PSA Italia S.p.A. (and extended to BPF in its capacity as parent company) and Opel Finance S.p.A, aiming for possible exchanges of sensitive information between these captives, notably through professional associations, the Italian competition authority, in early 2019, sentenced all captives, as well as their parent companies, and professional associations for a cumulative amount exceeding €678 million.

BPF, Banca PSA Italia S.p.A. and Opel Finance S.p.A., which were fined approximately €38.5 million, €6 million and €10 million respectively (it being specified that Opel Finance S.p.A. was jointly and severally convicted with General Motors, which was, at the beginning of the proceedings, its parent company), had appealed against this decision.

On November 24, 2020, the court (TAR Lazio in Rome) overturned the Italian competition authority’s decision in its entirety. At the end of December 2020, the Italian competition authority decided to appeal this decision before the Council of State.

Diesel Emissions Investigation and Recalls

In April 2016, the French Directorate General for Competition, Consumer Affairs and Fraud Control (“DGCCRF”) initiated an investigation regarding emissions from diesel engines, including engines used in PSA vehicles. In February 2017, the French Ministry of Economy issued a press release announcing that the DGCCRF referred the case to the prosecutor’s office of Versailles. None of PSA or its employees have been charged with any criminal offence. PSA continues to cooperate with the relevant French judicial authorities and present PSA’s position on any concerns raised during this investigation.

PSA’s subsidiary Opel Automobile GmbH is performing recalls of 95,781 Opel vehicles built by Adam Opel GmbH between 2013 and 2016 to update the emissions control system software to improve real driving emissions. After Opel Automobile GmbH initiated voluntary field campaigns on these vehicles, as agreed with the KBA, the KBA ordered in 2018 that these campaigns be changed into mandatory recalls to update all outstanding vehicles. As of December 31, 2020, more than 78 percent of the vehicles have so far received the software update, and specifically in Germany, more than 96 percent. Opel Automobile GmbH also faces a number of related private lawsuits (not class actions).

Environmental and Other Regulatory Matters

As Stellantis, we engineer, manufacture and sell our products and offer our services around the world, subject to requirements applicable to our products that relate to vehicle emissions, fuel economy, emission control software calibration and on-board diagnostics, as well as those applicable to our manufacturing facilities that relate to stack emissions, the treatment of waste, water and hazardous materials, prohibitions on soil contamination, and worker health and safety. Our vehicles and the engines that power them must also comply with extensive regional, national and local laws and regulations and industry self-regulations (including those that regulate end-of-life vehicles (“ELVs”) and the chemical content of our parts). In addition, vehicle safety regulations are becoming increasingly strict.

We believe we are substantially in compliance with the relevant global regulatory requirements affecting our facilities and products taken as a whole, although we may from time to time fail to meet a particular regulatory requirement. We consistently monitor the relevant global regulatory requirements affecting our facilities and products and adjust our operations and processes as we seek to remain in compliance. Compliance with these requirements involves significant costs and risks. See “Risk Factors-Risks Related to the Legal and Regulatory Environment in which We Operate-Current and more stringent future or incremental laws, regulations and governmental policies, including those regarding increased fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions, have a significant effect on how we do business and may increase our cost of compliance, result in additional liabilities and negatively affect our operations and results. ” and “Risk Factors-Risks Related to the Legal and Regulatory Environment in which We Operate-We remain subject to ongoing diesel emissions investigations by several governmental agencies and to a number of related private lawsuits, which may lead to further claims, lawsuits and enforcement actions, and result in additional penalties, settlements or damage awards and may also adversely affect our reputation with consumers.”

Automotive Tailpipe Emissions

Numerous laws and regulations place limits on vehicle emissions, including standards on tailpipe exhaust emissions standards and evaporative emissions. These standards govern a category of emissions called “criteria emissions” that does not include greenhouse gases (“GHGs”). Related laws impose requirements on how vehicles’ emission control software is designed to ensure emissions are controlled in all driving conditions, as well as requirements to employ diagnostic software to identify and diagnose problems with emission control components, which if undiagnosed could lead to higher emissions. This diagnostic software is called an on-board diagnostic system (“OBD”).

All global jurisdictions require manufacturers to conduct pre- and post-production vehicle testing to demonstrate compliance with these emissions limits for the useful life of a vehicle as a prerequisite to obtaining emission compliance certification before any vehicle can be sold.

These requirements become more challenging each year, especially in light of increased global scrutiny of diesel emission control software calibration and we expect these emissions and certification requirements will continue to become even more rigorous worldwide.

North America Region

The U.S. Environmental Protection Agency (“EPA”) has established federal Tier 3 emissions standards, and federal law allows the California Air Resource Board (“CARB”) to also establish its Low Emission Vehicle (“LEV”) III emission standards. The stringencies of these parallel federal and state emissions standards are generally aligned.

EPA and CARB both review manufacturers’ emission control software design as part of their emission certification evaluation, whereas EPA has delegated to CARB to administer OBD software requirements.

In addition to its LEV III emissions standards, CARB regulations also require that a specified percentage of cars and certain light-duty trucks sold in California qualify as zero emission vehicles, such as electric vehicles, hybrid electric vehicles or hydrogen fuel cell vehicles. Per the EPA’s and NHTSA’s September 2019 (“SAFE 1 Rule”) and April 2020 (“SAFE 2 Rule”) greenhouse gas and fuel economy rulemaking, the SAFE 1 Rule provides that NHTSA’s corporate average fuel economy constitutionally preempts California’s zero emission vehicle (“ZEV”) program. California and other stakeholders have challenged the SAFE 1 and SAFE 2 Rules in federal court.

Federal law further allows other states to adopt CARB’s LEV III criteria emission, GHG and ZEV standards. Thirteen other states currently enforce California’s LEV III standards in lieu of the federal EPA standards, and ten states, as well as the Canadian Provinces of Quebec and British Columbia, have also adopted California’s ZEV requirements.

Manufacturers must comply with EPA’s and CARB’s criteria emission standards at a vehicle-level as well as a sales-weighted fleet level, whereas CARB’s ZEV requirements, to the extent enforceable, are fleet-only standards. For purposes of reporting fleet compliance, both EPA and CARB require that the Group’s U.S. fleet include FCA Italy-produced and Maserati-branded vehicles sold in the U.S.

For a discussion of inquiries into our compliance with certain regulations in the U.S., see Note 25, Guarantees granted, commitments and contingent liabilities within the Consolidated Financial Statements included elsewhere in this report. See also “Risk Factors-Risks Related to the Legal and Regulatory Environment in which we Operate-Current and future more stringent or incremental laws, regulations and governmental policies, including those regarding increased fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions, have a significant effect on how we do business and may increase our cost of compliance and negatively affect our operations and results.”

LATAM Region

Certain countries in South America follow U.S. procedures, standards and OBD requirements, while others follow the European procedures, standards and onboard diagnostic requirements described below under —EMEA Region. In Brazil, vehicle emission standards are regulated by the Ministry of the Environment and have been in place since 1988 for passenger cars and light commercial vehicles. The next phase of regulations (PROCONVE L7) is expected to be aligned with fuel efficiency and safety standards in January 2022 and a second step (PROCONVE L8) will come into effect in January 2025 with fleet target limits (US BIN methodology) and real driving emission limits. Argentina has implemented regulations that mirror the European Commission Euro 5 standards for all new vehicles. In Chile, implementation of Euro 6 standards is set for 2022.

APAC Region

China 6 standards were released in 2016 and are required nationwide beginning in January 2021 with China 6a thresholds and by July 2023 with China 6b thresholds. China 6a and 6b have more stringent tailpipe emissions thresholds than Euro 6, implement OBD requirements similar to U.S. OBD and evaporative emission control requirements, and add real driving emissions (“RDE”) and U.S. onboard refueling vapor recovery requirements. Some regions within China implemented China 6b in 2019 such as Shanghai, Guangzhou, Shenzhen, Yangtze River Delta, Pearl River Delta, Chengdu, Chongqing and Tianjin. Beijing implemented China 6b at the beginning of 2020.

South Korea implemented regulations that are similar to California’s LEV III regulations beginning in 2016 and became fully required in 2019 for all gasoline vehicles. Diesel vehicles are required to meet Euro 6 EU emissions requirements. Japan adopted the Worldwide Harmonized Light Vehicle Testing Procedures (“WLTP”) without Extra High phase in 2018 for new models and for all models beginning January 2021. WLTP is a global harmonized standard for regulating greenhouse gas (“GHG”) emissions, non-GHG pollutants, and fuel or energy consumption for light-duty vehicles and electric range for battery electric vehicles or hybrids. India implemented nationwide Bharat Stage VI (“BSVI”) Emission norms (equivalent to Euro 6) beginning April 2020. Stage 2 of BSVI norms (with more stringent OBD limits, RDE and an in-use performance ratio) will be implemented beginning April 2023. In addition, Australia is developing a revised Regulatory Impact Statement to introduce mandatory Euro 6 standards beginning in 2027 while Euro 5 standards are expected to remain in force until that time.

EMEA Region

In Europe, emissions are regulated by the European Commission (“EC”) and the United Nations Economic Commission for Europe (“UNECE”). The EC imposes standardized emission control requirements on vehicles sold in all 27 EU member states, while non-EU countries bound by the “1958 UN Agreement” (an agreement concerning the adoption of uniform technical prescriptions for wheeled vehicles, equipment and parts which can be fitted or used on wheeled vehicles and the conditions for reciprocal recognition of approvals granted on the basis of these prescriptions) apply regulations under the UNECE framework. EU Member States can provide tax incentives for the purchase of vehicles that meet emission standards earlier than the compliance date. As a result, vehicles must meet emission requirements and receive specific approval from an appropriate Member State authority before they can be sold in any EU Member State. These regulatory requirements include random testing of newly assembled vehicles and a manufacturer in-use surveillance program.

Euro 6 emission levels are in effect for all passenger cars and light commercial vehicles and require additional technologies and further increase the cost of diesel engines compared to prior Euro 5 standards. These new technologies have put additional cost pressures on the already challenging European market for small and mid-size diesel-powered vehicles. Further requirements of Euro 6 have been developed by the EC and are effective for all new passenger cars and light commercial vehicles. In addition to WLTP, the new RDE test procedure to directly assess the regulated emissions of light duty vehicles under real driving conditions is effective. More stringent test requirements related to RDE, as well as requirements relating to On-board Fuel and/or Energy Consumption Monitoring Device for Fuel Consumption Monitoring, is effective for all new passenger cars registered after January 1, 2021 and will become effective for new light commercial vehicles registered after January 1, 2022. For a discussion of inquiries from relevant governmental agencies in the European Union, see Note 25, Guarantees granted, commitments and contingent liabilities within the Consolidated Financial Statements included elsewhere in this report. See also “Risk Factors-Risks Related to the Legal and Regulatory Environment in which we Operate-We remain subject to diesel emissions investigations by several governmental agencies and to a number of related private lawsuits, as well as other claims and lawsuits which may lead to further enforcement actions, penalties or damage awards and may also adversely affect our reputation with consumers”

Automotive Fuel Economy and Greenhouse Gas Emissions

FCA historically pursued compliance with fuel economy and greenhouse gas regulations in the markets where it operated through the most cost effective combination of developing, manufacturing and selling vehicles with better fuel economy and lower GHG emissions, purchasing compliance credits, and, as allowed by the U.S. federal Corporate Average Fuel Economy (“CAFE”) program, paying regulatory penalties. The cost of each of these components of FCA’s strategy has increased and is expected to continue to increase in the future. The compliance strategy for the combined company is currently being assessed by Stellantis management.

North America Region

In the U.S., since the enactment of the 1975 Energy Policy and Conservation Act, the National Highway Traffic Safety Administration (“NHTSA”) has enforced minimum CAFE for fleets of new passenger cars and light-duty trucks sold in the U.S. for each model year. CAFE standards apply to all domestic and imported passenger car and light-duty truck fleets and currently require year-over-year increases in fuel economy through 2025. The requirement is scaled based on vehicle footprint size. The CAFE standards require that passenger cars imported into the U.S. from outside of North America are averaged separately from those manufactured within North America, and domestic cars and light duty trucks are also considered separately.

In 2012, EPA promulgated its GHG rule under the federal Clean Air Act, which required manufacturers to comply with a similar footprint-based GHG standard, the stringency of which also increases year-over-year through 2025. The GHG rule does not require separate domestic passenger car compliance reporting but, like the CAFE program, light trucks are reported separately from passenger cars. Various flexibilities exist to comply with the two standards, including utilizing advanced technology components and more environmentally friendly refrigerants. A civil fine cannot be paid to achieve compliance with GHG standards. The U.S. issued EPA’s GHG standards and NHTSA’s CAFE fuel economy standards as a joint rule, and in so doing, allowed CARB to enforce its own GHG rule, so long as CARB did not apply a different standard of stringency to EPA’s GHG rule. The CAFE statute specifically preempts states from enforcing a fuel economy rule.

In 2018 EPA and NHTSA were required to conduct a “mid-term review” to evaluate the appropriateness of model year 2022-2025 CAFE/GHG standards (the stringency of which had been established in 2016) as well as the original market- and technology cost consumer tolerance-based assumptions the agencies made as a basis for those standards. This review concluded that those standards were inappropriate, which required the U.S. government to adopt a new Joint Rule with new GHG and CAFE standards. In late 2018, California withdrew its commitment to the federal government that California would enforce its GHG rule to the identical stringency of the prevailing federal rule.

In September 2019, EPA and NHTSA issued the first two parts of a new rule, which the agencies called the Safer Affordable Fuel Efficient Vehicle Rule (the “SAFE Rule”). SAFE Rule Part 1 establishes that due to the significant similarity of the determination of any vehicle’s fuel economy and associated GHG emissions, the CAFE statute preempts California’s GHG and ZEV programs. In a parallel determination, EPA withdrew its permission for CARB to enforce its own GHG and ZEV programs. California and other stakeholders challenged SAFE Part 1 in federal court. FCA and other OEMs formed a coalition, which intervened in this litigation supporting EPA and NHTSA’s position. The coalition subsequently withdrew from the litigation.

In April 2020, EPA and NHTSA issued SAFE Part 2, which established new and much less stringent GHG and CAFE standards. Again, California and other stakeholders challenged SAFE Part 2 in federal court; in this case, FCA and several members of its automotive trade association, the Alliance for Automotive Innovation (the “AAI”), intervened supporting EPA and NHTSA’s position.

On August 31, 2020, the U.S. Court of Appeals for the Second Circuit vacated a final rule published by NHTSA in July 2019 that had reversed NHTSA’s 2016 increase to the base rate of the CAFE penalty from $5.50 to $14.00. The base rate applies to each tenth of a mile per gallon (“MPG”) that a manufacturer’s fleet-wide average MPG is below the CAFE standard, and is multiplied by the number of vehicles in the manufacturer’s fleet to arrive at an aggregate penalty. On January 14, 2021, NHTSA published an interim final rule with immediate effect, the result of which would be to apply the increased fine rate that resulted from the Second Circuit’s ruling to future model years. In particular, NHTSA’s new rule imposes a CAFE penalty base rate of $5.50 through 2021 Model Year and increases the CAFE penalty base rate to $14.00 prospectively from the 2022 Model Year. Several non-governmental organizations and state attorneys general have initiated litigation to overturn NHTSA’s interim final rule.

For heavy duty vehicles (>8,500 pound gross vehicle weight rating), the GHG and fuel consumption standard is utility based (payload and towing) and is increasing in stringency through 2027. Similar to passenger cars GHG standards, flexibilities exist to meet the regulation. A civil fine cannot be paid to achieve compliance with heavy duty vehicle GHG standards.

The Canadian and Mexican markets have adopted GHG standards derived from the U.S. government’s footprint-based structure and generally align with its technology-adoption compliance approach.

In 2012, Mexico adopted a fleet average target of 155.1-199.5 grams of CO2 per kilometer. The annual target is based on the footprint of each vehicle and since 2012 the stringency of the annual target has increased annually and will do so until 2025, when it will reach 85-116.7 grams of CO2 per kilometer. The Mexican government has also made available CO2 credits for the use of efficient technologies, including electric vehicles, off-cycle technologies and efficient air conditioning systems.

LATAM Region

In July 2018, the first regulations related to the Rota 2030 Program were enacted in Brazil. Rota 2030 is a long-term program (three cycles of five years each) that replaced the Inovar Auto Program and establishes mandatory requirements for vehicle commercialization in Brazil: (a) adhesion to Vehicle Labeling Program; (b) commitment to achieve a minimum level of energy efficiency; and (c) commitment to achieve a minimum level of structural performance and driver assistance technologies. The regulation for the next phase of Energy Efficiency (CO2/fuel efficiency) beginning in 2022 incorporates three fleets split into passenger, large SUV and light commercial vehicle categories. Among other things, the rule rewards the improvement of sugar cane ethanol combustion efficiency and also recognizes and provides credit flexibilities for technologies that provide benefits in conditions that are not seen on the standardized government test cycles.

In Argentina, although there is no current mandatory greenhouse gas requirement, the government is in the process of a CO2 standard revision which is expected to be finalized by year end 2021.

APAC Region

In China, Phase IV of the Corporate Average Fuel Consumption (“CAFC”) is currently in place and provides an industry target of 5.0 liters per 100 kilometers by 2020. Each OEM must meet a specific fleet average fuel consumption target related to vehicle weight. The phase-in of this fleet-average requirement began in 2016, with increasing stringency each year through 2020. Additional provisions for Phase IV include meeting a quota for New Energy Vehicles (“NEVs”) credit beginning in 2019. NEVs consist of plug-in electric hybrids, battery electric vehicles, and fuel cell vehicles. Currently, no off-cycle credit flexibilities exist in the China regulation, although credit multipliers are granted for NEVs.

In September 2017, China’s Ministry of Industry and Information Technology released administrative rules regarding CAFC and NEV credits that became effective in April 2018. Non-compliance with the CAFC target in these administrative rules can be offset through carry-forward CAFC credits, transfer of CAFC credits within affiliates, the OEMs use of its own NEV credits, or the purchase of NEV credits. Non-compliance with the NEV target can only be offset by the purchase of NEV credits. The homologation of new products that exceed CAFC targets will be suspended for OEMs that are unable to offset CAFC and/or NEV deficits until the deficits are offset.

Beginning in 2021, China will adopt WLTP for conventional and plug-in hybrid electric vehicles and a unique Chinese test cycle will be applicable to battery electric vehicles in the same year. The 2021-2023 Phase V CAFC and NEV Credit rules have been released by the Chinese government with increasing stringency reaching a target of 4.6 liters per 100 kilometers by 2025. The final management rules for 2024-2025 CAFC and NEV Credits are expected to be issued at a later date.

Additional markets within the APAC region have enacted fuel consumption and GHG targets. For example, India began enforcing phase I CAFC targets (CO2~130gm/km @ 1037 kg) starting in April 2017 with more stringent phase II CAFC targets (CO2~113gm/km @ 1145 kg) beginning in April 2022. South Korea implemented a phase II of CAFE/CO2 standards beginning in 2016. Phase III, with more stringent targets, became effective January 1, 2021. Japan implemented a new fuel economy standard in 2020 that switches from vehicle weight class average to corporate average fuel economy. In Australia, although there is no mandatory GHG standard, the Federal Chamber of Automotive Industries (“FCAI”) member companies implemented a voluntary CO2 target for light vehicles starting in 2020.

EMEA Region

Each automobile manufacturer must meet a specific sales-weighted fleet average target for CO2 emissions as related to vehicle weight. This regulation sets an industry fleet average target of 95 grams of CO2 per kilometer starting in 2020 for passenger cars (130g/km until 2019). In order to promote the sale of ultra-efficient vehicles, automobile manufacturers that sell vehicles emitting less than 50 grams of CO2 per kilometer earn additional CO2 credits from 2020 to 2022. Furthermore, automobile manufacturers that make use of innovative technologies, or eco-innovations, which improve real-world fuel economy but may not show in the test cycles, such as solar panels or LED lighting, may gain an average credit for the manufacturer's fleet of up to seven grams of CO2 per kilometer.

The EU has also adopted standards for regulating CO2 emissions from light commercial vehicles (“LCVs”). This regulation requires that new LCVs meet a fleet average CO2 target of 147 grams of CO2 per kilometer in 2020 (175g/km until 2019).

In April 2019, the Regulation (EU) 2019/631 which sets new CO2 emissions targets starting from 2025 and 2030 was adopted and requires a 15 percent reduction from 2021 levels in 2025 (both passenger cars and LCV), a 37.5 percent reduction for passenger cars and a 31 percent reduction for LCV in 2030 from 2021 levels.

WLTP entered into force in September 2018 for all registered passenger cars and in September 2019 for all registered LCVs. WLTP is expected to provide CO2 emissions and fuel consumption values that are more representative of real driving conditions.

The quantity of CO2 emissions in 2021 will be affected not only by market evolution (such as the expected reduction of diesel market share), but also by the commercialization of low-emission and electrified vehicles. Finally, according to applicable EU regulations, current pooling arrangements for emissions compliance for passenger cars entered into by FCA are expected to apply in 2021. In 2020, FCA entered into a pooling arrangement for emissions compliance for LCVs with another OEM.

Other countries in the EMEA region outside of the EU perimeter, such as Switzerland and Saudi Arabia, have introduced specific regulations aimed to reduce vehicle CO2 emissions or fuel consumption. The United Kingdom is expected to continue following the EU GHG policy post-Brexit.

Management of end-of-life products

In European markets, pursuant to the EU End-of-Life Vehicle Directive (2000/53/EC) (the “EU ELV Directive”), all vehicle manufacturers are required to collect and recycle their own branded vehicles from the vehicles’ last owners or holders, when such cars have reached the end of their lives. The EU has decided to review the EU ELV Directive. The European Automobile Manufacturers Association (Association des Constructeurs Européens d’Automobiles) is currently focusing on defining country-specific best-practice processes for the treatment of ELVs in order to ensure better environmental results.

Vehicle Safety

North America Region

Under U.S. federal law, all vehicles sold in the U.S. must comply with Federal Motor Vehicle Safety Standards (“FMVSS”) promulgated by NHTSA, and must be certified by their manufacturer as being in compliance with all such standards at the time of the first purchase of the vehicle. In addition, if a vehicle contains a defect that is related to motor vehicle safety or does not comply with an applicable FMVSS, the manufacturer must notify NHTSA and vehicle owners and provide a remedy at no cost. Moreover, the TREAD Act authorized NHTSA to promulgate regulations requiring Early Warning Reporting (“EWR”). EWR requires manufacturers to provide NHTSA several categories of information, including all claims which involve one or more fatalities or injuries; all incidents of which the manufacturer receives actual notice which involve fatalities or injuries alleged or proven to have been caused by a possible defect in such manufacturer’s motor vehicle or motor vehicle equipment in the U.S.; and all claims involving one or more fatalities in a foreign country when the possible defect is in a motor vehicle or motor vehicle equipment that is identical or substantially similar to a motor vehicle or motor vehicle equipment offered for sale in the U.S., as well as aggregate data on property damage claims from alleged defects in a motor vehicle or in motor vehicle equipment; warranty claims; consumer complaints and field reports about alleged or possible defects. The rules also require reporting of customer satisfaction campaigns, consumer advisories, recalls, or other activity involving the repair or replacement of motor vehicles or items of motor vehicle equipment, even if not safety related.

NHTSA has secured a voluntary commitment from manufacturers, including FCA, to equip future vehicles with automatic electronic braking systems. The commitment will make these braking systems standard on virtually all light-duty cars and trucks with a gross vehicle weight of 8,500 pounds or less beginning no later than September 1, 2022 and on virtually all trucks with a gross vehicle weight between 8,501 pounds and 10,000 pounds beginning no later than September 1, 2025.

In September 2019, the Alliance of Automobile Manufacturers, Inc. and the Association of Global Automakers, Inc. announced a voluntary commitment from auto manufacturers, including FCA, to introduce technology including a combination of auditory and visual alerts to remind parents and caregivers to check the back seat upon leaving a vehicle to help address the risk of pediatric heatstroke in children left in cars. The commitment is to install such technology in essentially all new cars and trucks by the 2025 model year or sooner.

At times, organizations like NHTSA or the U.S. Insurance Institute of Highway Safety (“IIHS”) issue or reissue safety ratings applicable to vehicles. In October 2019, NHTSA announced a plan to propose significant updates and upgrades to its New Car Assessment Program, also known as the Five-star Safety Ratings Program. The details are not known at this time, but are expected to include new test dummies, changes to the mandatory label, new test procedures and evaluation of new technologies. Depending on the content of the final changes, this set of changes could impact the market competitiveness of the affected vehicles.

In 2016, NHTSA issued a Notice of Proposed Rulemaking (“NPRM”) designed to enable vehicle-to-vehicle communication technology. Rulemaking in this area has been inactive since then, and any additional costs that would have been associated with the NPRM are deferred for the foreseeable future. However, NHTSA has engaged with industry to confirm continued interest in facilitating the growth of this technology.

Furthermore, NHTSA has issued non-binding guidelines for addressing cybersecurity issues in the design and manufacture of new motor vehicles, as well as guidance for the investigation and validation of cybersecurity measures.

In November 2020, voters in the State of Massachusetts passed a ballot initiative appearing to conflict with NHTSA cybersecurity guidelines and may require manufacturers to disable or compromise some of the cybersecurity measures they have put in place. The complete effects of this new law are still under review. In the meantime, the AAI, an association to which FCA belongs, has filed a lawsuit seeking to enjoin enforcement of the new law and the litigation is pending.

A new Federal Motor Vehicle Safety Standard requiring artificial sound in electric and hybrid electric vehicles will take effect for new motor vehicles built on or after March 1, 2021. The artificial sound is intended to provide audible notice of the presence of the electric or hybrid electric vehicle to persons with impaired vision.

In January 2018, Mexico issued an amendment to the Consumers' Protection Law (“CPL”) regarding safety regulations based on U.S. standards. The CPL, among other things, includes a deadline for vehicle manufacturers to provide to the Federal Consumer Protection Agency (i) the launch date and a detailed description of every safety campaign applicable to vehicles sold in Mexico, (ii) mandatory recall campaigns, based on international agencies' investigations and guidelines, (iii) mandatory repurchase, repair or replacement (with a new vehicle model having the same characteristics) of vehicles that risk the consumer's safety, health or life or threatens the consumer's personal financial condition, and (iv) mandatory product withdrawal, when the Federal Consumer Protection Agency determines that the vehicle could risk the consumer's safety, health or life or affect the consumer's personal financial condition. The rules of the CPL became effective as of December 20, 2019 and in addition to the rules mentioned above, the consumer may also be eligible for compensation related to a recall.

LATAM Region

Vehicles sold in the LATAM region are subject to different vehicle safety regulations according to each country, generally based on European and United Nations standards. Brazil published a draft of its 10 year safety regulatory roadmap in 2017. This roadmap provides a staged approach to implementation of new testing requirements and active safety technology. The more costly active safety technologies would be scheduled for implementation after 2024. In July 2018, the first regulation related to Rota 2030 was enacted. Rota 2030 is a long-term program (three cycles of five years each) which includes principles related to mandatory safety for all vehicles sold in Brazil. These regulations were approved by the Brazilian Congress and sanctioned by the Brazilian President in December 2018 as well as ordinary regulations to address certain minimum requirements and other metrics.

APAC Region

Many countries in the Asia Pacific region, including Australia, China, India, Japan and South Korea have adopted their own new car assessment program and vehicle safety regulations. As UN ECE1958 agreement countries, Australia, Japan and South Korea accept UN ECE safety requirements and are harmonizing their regulations with UN ECE. The U.S.-Korea Free Trade Agreement allows for the sale in Korea of U.S. vehicles that are manufactured in the U.S.

Most of the Chinese vehicle safety regulations are equivalent to UN ECE, but China has unique electric vehicle safety regulations and has developed a roadmap of the autonomous driving and connectivity regulations. China published the Regulation for Administration of Recall of Defective Vehicles effective in 2013 and the Implementation Provisions on the Regulation for Administration of Recall of Defective Vehicles effective in 2016. In 2019, State Administration for Market Supervision and Regulation in China issued a notice requiring close supervision of defects reporting and recall of new energy vehicles.

India has implemented vehicle crash regulations effective in 2019 for all models and pedestrian protection regulations effective in 2020 for all models. The draft rules for vehicle recalls was published by the Indian Government for public objection or suggestion and the final rules will be published in the near future. Also, brake and electronic stability control system regulations will be aligned to EU regulations beginning in 2022 for all models.

In South Korea, amendments to provisions relating to vehicle accidents, fire incidents, defect reporting and recall procedures have been proposed that may considerably increase the liabilities and penalties of vehicle manufacturers.

EMEA Region

Vehicles sold in Europe are subject to vehicle safety regulations established by the EU or, in very limited cases and aspects, by individual Member States. In 2009, the EU established a uniform legal framework for vehicle safety, repealing more than 50 then-existing directives and replacing them with a single regulation known as the “General Safety Regulation” (“GSR”) aimed at incorporating relevant United Nations standards. The incorporation of United Nations standards commenced in 2012. In 2014, discussions began in Europe for a comprehensive upgrade to the GSR; implementation of the upgraded GSR for new vehicles and vehicle types will begin in 2022. The updated GSR will lead to the implementation of a variable suite of passive and active safety technologies, depending on vehicle type and classification. The significant items for the most common vehicles include advanced emergency braking, intelligent speed assistance, emergency lane keeping, driver drowsiness and attention warning, advanced driver distraction warning, reversing detection, event data recorder, protection of pedestrians, cyclists and other vulnerable road users, and an expanded scope of front and side crash testing. Also included are the introduction of automated vehicle provisions, such as a driver availability monitoring system or vehicle platooning. Effective as of September 1, 2020, Regulation (EU) 2018/858 improved the current legal framework for EU type-approval and, in particular, has introduced new provisions on market surveillance. This new regime on market surveillance specifies the obligations of the economic operators in the automotive supply chain (manufacturers, manufacturer’s representatives, importers and distributors), the responsibilities of the enforcement authorities in the Member States, and the measures to be taken when vehicles and related components on the market appear to be affected by serious safety or environmental risks. In addition, in-vehicle emergency call systems became mandatory for new type-approved vehicles in the EU, Israel and Turkey markets in 2018. In Russia, a similar in-vehicle emergency call system became mandatory in 2015 and there are currently draft regulations for these systems in some countries in the Middle East region.

Industrial Environmental Control

Our operations are subject to a wide range of environmental protection laws including those laws regulating air emissions, water discharges, waste management and environmental clean-up. Certain environmental statutes require that responsible parties fund remediation actions regardless of fault, legality of original disposal, or ownership of a disposal site. Under certain circumstances, these laws impose liability for related damages to natural resources. FCA’s Environmental Management System (“EMS”) formalized its commitment to responsible management of methodologies and processes designed to prevent or reduce the environmental impact of our manufacturing activities. ISO 14001 is an internationally agreed standard that sets out the requirements for an EMS. At December 31, 2020, the majority of FCA's manufacturing plants had an ISO 14001 certified EMS in place.

Workplace Health and Safety

FCA’s goal of achieving zero accidents was formalized in the targets set by FCA, as well as through global adoption of an Occupational Health and Safety Management System certified to the then-applicable Occupational Health and Safety Assessment Series (“OHSAS”) 18001 governing standard. The International Organization for Standardization later adopted the OHSAS 18001 standard as ISO 45001. At December 31, 2020, the vast majority of FCA’s manufacturing plants were ISO 45001 certified.

PSA’s global health and safety policy was revised in September 2019 and aimed at eliminating avoidable workplace injuries and illnesses for every individual working for PSA, including temporary employees and contractors. PSA’s workplace health and safety management system was based on the health and safety recommendations of the International Labour Organization (ILO-OSH 2001).

Applicability of Banking Law and Regulation to Financial Services

Several of FCA's legacy finance companies are regulated as financial institutions in the jurisdictions in which they operate. In Italy, FCA Bank S.p.A. is subject to European Central Bank (“ECB”) and Bank of Italy supervision. Within FCA Bank Group, two subsidiaries (the Austrian FCA Bank G.m.b.H. and the Portuguese FCA Capital Portugal I.F.I.C., S.A.), are subject to the supervision of the ECB and of the local central banks, whereas certain other subsidiaries are subject to the supervision of the local Supervisory Financial or Banking Authority. Banco Fidis S.A. is subject to Brazilian Central Bank supervision. FCA Compañia Financiera S.A., incorporated in Argentina, is subject to Argentinian Central Bank supervision. FCA Automotive Finance Co., Ltd, is subject to the supervision of the Chinese Banking and Insurance Regulatory Commission and People’s Bank of China.

PSA’s legacy finance companies are also regulated as financial institutions. In France, Compagnie pour la location de véhicules (CLV), Crédipar, Opel Bank SA and PSA Banque France are subject to the supervision of ECB and the French local supervisory banking authority. In Germany, PSA Bank Deutschland GmbH is subject to the supervision of the ECB and the German local supervisory banking authority. In Italy, Banca PSA Italia S.p.A. is subject to ECB and Bank of Italy supervision. In Spain, PSA Financial Services Spain EFC SA is subject to the supervision of the Bank of Spain. Banco Fidis S.A. and Banco PSA Finance Brasil S.A. are subject to Brazilian Central Bank supervision. Dongfeng Peugeot Citroën Auto Finance Company Ltd and Dongfeng Peugeot Citroën Financial Leasing are subject to the supervision of the Chinese Banking and Insurance Regulatory Commission and People’s Bank of China.

As a result of the regulation described above, these companies are subject to regulation in a wide range of areas including solvency, capital requirements, reporting, customer protection and account administration, among other matters.

FINANCIAL OVERVIEW

Management's Discussion and Analysis of the Financial Condition and Results of Operations

The following discussion of FCA’s financial condition and results of operations should be read together with the information included under “GROUP OVERVIEW”, “FCA SELECTED FINANCIAL DATA” and the FCA Consolidated Financial Statements included elsewhere in this report. This discussion includes forward-looking statements and involves numerous risks and uncertainties relating to Stellantis, including, but not limited to, those described under “Cautionary Statements Concerning Forward Looking Statements” and “Risk Factors”. Actual results may differ materially from those contained in any forward looking statements.

Management's Discussion and Analysis of the Financial Condition and Results of Operations of the FCA Group for the year ended December 31, 2018 was previously included in the section “FINANCIAL OVERVIEW” in the 2019 Annual Report and Form 20-F, as filed with the SEC on February 25, 2020, and has not been included in this report.

Trends, Uncertainties and Opportunities

The trends, uncertainties and opportunities facing Stellantis are summarized below:

Impact of the COVID-19 pandemic. Our operations have been, and continue to be, affected by the recent and ongoing outbreak of COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020. In response to the pandemic, many governments in affected jurisdictions have imposed travel bans, quarantines, lockdowns and other emergency public safety measures including closures of businesses.

In the first half of 2020, both FCA and PSA temporarily suspended production across their facilities for extended periods of time. Both companies restarted production and vehicle sales once governments in various jurisdictions permitted, in accordance with applicable health and safety protocols. New restrictions were imposed by the governments of several jurisdictions in which we operate during the last quarter of 2020, as a result of the “second wave” of the outbreak.

The COVID-19 crisis has resulted in disruptions in our manufacturing operations and our supply chain, lower capacity utilization, shutdowns at our facilities as well as unfavorable working capital movements (for example because under our supply terms, during periods when our facilities were shutdown, we were required to pay suppliers for components purchased in an earlier high volume environment), with an adverse impact on FCA and PSA’s results.

The COVID-19 pandemic also resulted in significant decline in the demand for our products. In 2020 compared to 2019, FCA’s Net revenues decreased by 20 percent and consolidated shipments fell by 24 percent. PSA’s business was similarly impacted by the COVID-19 pandemic during the course of 2020, as PSA’s revenues decreased by 19 percent and total world sales fell by 28 percent. The COVID-19 pandemic continues to have a severe and negative impact on the global economy.

During 2020, FCA took several key actions to secure its liquidity and financial position, including drawing on existing bilateral lines of credit, securing additional credit facilities and issuing notes under its Medium Term Note Programme. In addition, measures were taken to reduce cash outflows, including a temporary suspension of a significant number of capital expenditure programs, delaying non-essential spending, temporary lay-offs, salary cuts and deferrals, and significant reductions to marketing and other discretionary spend. PSA also took several actions in order to secure its liquidity and financial position. In April 2020, PSA signed a new €3 billion syndicated line of credit and in May 2020, it issued €1 billion of 2.75 percent notes due 2026 under its European Medium-Term Notes program.

While the second half of 2020 signaled a steady recovery for FCA’s and PSA’s operations, given the dynamic nature of the outbreak, the extent to which COVID-19 will in the future impact our business, results of operations and financial condition remains highly uncertain and cannot be accurately predicted at this time.

Shipments and Sales. Vehicle shipments are generally driven by expectations of consumer demand for vehicles, which is affected by economic conditions, availability and cost of dealer and customer financing and incentives offered to retail customers, as discussed further below.

In FCA’s historical financial information presented in this report, transfer of control, and therefore revenue recognition, generally corresponds to vehicle shipment to dealers or distributors. This generally occurs upon the release of the vehicle to the carrier responsible for transporting the vehicle to the dealer or distributor, or when the vehicle is made available to the dealer or distributor. Shipments and revenue recognition are not necessarily directly correlated with retail sales by dealers, which may be affected by other factors including dealer decisions as to appropriate inventory levels.

PSA historically recognized revenue at the same time as the transfer of risks and rewards of the ownership of goods sold. For new vehicles, this transfer generally corresponded to the date when the vehicles were made available to independent dealers or, in the case of direct sales to end-customers through owned dealers, the delivery date of the vehicle to end-customers.

Product Development and Technology. A key driver of consumer demand, and therefore our performance, has been the continued refresh, renewal and evolution of our vehicle portfolio, and we have committed significant capital and resources toward the introduction of new vehicles on new platforms, with additions of new powertrains and other new technologies. In order to realize a return on the significant investments we have made to sustain market share and to achieve competitive operating margins, we will have to continue significant investment in new vehicle launches. We believe efforts in developing common vehicle platforms and powertrains have accelerated the time-to-market for many of FCA’s vehicle launches and over time resulted in cost savings. We expect this positive trend to be further supported by the combination with PSA, as a result of the ongoing integration. However, achieving the benefits of integration and particularly the convergence of platforms will require significant investments over the medium term.

The costs associated with product development, vehicle improvements and launches can impact our Net profit. In addition, our ability to continue to make the necessary investments in product development, and recover the related costs, depends in large part on the market acceptance and success of the new or significantly refreshed vehicles we introduce. New launches are supported by marketing and profitability studies carried out several years prior to their actual launch, which increases the risk of not meeting customer preference, resulting in lower volumes than forecasted or selling at lower prices and impacting profitability.

Costs FCA incurred in the initial research phase for new projects (which may relate to vehicle models, vehicle platforms, powertrains or technology) were historically expensed as incurred and reported as Research and development costs. Costs FCA incurred for product development were historically capitalized and recognized as intangible assets if and when the following two conditions were both satisfied: (i) development expenditures can be measured reliably and (ii) the technical feasibility of the project, and the anticipated volumes and pricing indicate it is probable that the development expenditures will generate future economic benefits. Capitalized development expenditures included all costs that may be directly attributed to the development process. Such capitalized development expenditures were amortized on a straight-line basis commencing from start of production over the expected economic useful life of the product developed and based on an end date that FCA estimated to correspond to the end of the useful life of such product, FCA recognized and reported such amortization as Research and development costs in its Consolidated Income Statement. Any changes in the expected end date of vehicle production (extensions, accelerations or terminations) resulted in a prospective change in the period over which the asset was amortized.

PSA’s research and development expenses historically included the cost of scientific and technical activities, intellectual property rights, and the education and training necessary for the development, production or implementation and marketing of new or substantially improved materials, methods, products, processes, systems or services. Development expenditures were historically recognized as an intangible asset if PSA could demonstrate (i) its intention to complete the intangible asset as well as the availability of technical, financial and other resources for this purpose; (ii) that it was probable that the future economic benefits attributable to the development expenditure will flow to the entity; and (iii) that the cost of the asset could be measured reliably. Capitalized development costs included related borrowing costs.

Future developments in our product portfolio could lead to significant capitalization of development assets. Time to market for FCA and PSA was historically at least 24 months, but varied depending on our product, from the date the design is signed-off for tooling and production, after which the project goes into production, resulting in an increase in amortization. Therefore, our operating results are impacted by the cyclicality of our research and development expenditures based on our product portfolio strategies and our product plans.

In order to meet expected changes in consumer demand and regulatory requirements, we intend to invest significant resources in product development and research and development. New markets for alternative fuel source vehicles and autonomous vehicles are also continuing to emerge and we expect both to invest resources in these areas and to optimize our R&D investments as a result of the progressive integration with the PSA business. In addition, global demand continues to shift from passenger cars to utility vehicles and away from diesel-powered vehicles.

Profitability. Our results of operations reflect the profitability of the vehicles we sell, which tends to vary based upon a number of factors, including vehicle size and model, the content of those vehicles, brand positioning, and the mix of internal-combustion, electric and hybrid engines. Vehicle profitability also depends on sales prices to dealers and fleet customers, net of sales incentives, costs of materials and components, as well as transportation and warranty costs.

FCA’s and PSA’s larger vehicles, such as UVs and pickup trucks, have historically been more profitable on a per vehicle basis than smaller vehicles. In recent years, consumer preferences for certain larger vehicles, such as SUVs, have increased; however, there is no guarantee this trend will continue.

Newly introduced internal-combustion models are generally more profitable than older models, and vehicles equipped with additional options are generally more profitable than those with fewer options. As a result, our ability to offer attractive vehicle options and upgrades is critical to our ability to increase our profitability on these vehicles. In addition, in the U.S. and Europe, our vehicle sales to dealers for sale to their retail consumers are normally more profitable than our fleet sales, in part because the retail consumers are more likely to prefer additional optional features while fleet customers increasingly tend to concentrate purchases on smaller, more fuel-efficient vehicles with fewer optional features, which have historically had a lower profitability per unit.

Vehicles sold under certain brand and model names are generally more profitable when there is strong brand recognition of those vehicles. In some cases this is tied to a long history of the brands and models, and in other cases to customers identifying these vehicles as being more modern and responsive to customer needs.

In addition, against a backdrop of significant technological development, changing consumer patterns and new competitive forces, the cost of complying with tightening regulatory requirements could negatively impact our profitability. Vehicle models that are equipped with electric or PHEV engines tend to be less profitable than those equipped with internal-combustion engines, with the significant costs of batteries largely accounting for this differential. Although battery prices are expected to gradually decline in the coming years and are partially offset in some cases by governmental subsidies and tax exemptions, we expect that in the near term the profitability of vehicles equipped with electric or PHEV engines will continue to lag behind those equipped with internal-combustion engines.

In addition, competition among manufacturers for market share in the growing electric vehicle and PHEV market has led to a race to reduce prices, which adversely impacts profitability. We expect that this trend will continue in the near term.

Pricing. Our profitability depends in part on our ability to maintain or improve pricing on the sale of our vehicles to dealers and fleet customers and will also be significantly impacted by our ability to pass along the increased costs of the technology needed to meet increased regulatory compliance requirements as well as emerging trends in the automotive industry, such as electrification, autonomous driving, mobility and connected cars.

Import duties and tariffs affecting raw materials or component pricing may in some instances increase the price charged to our customers, where the market can accept such price increases in that particular market, or otherwise decrease our profitability if we are unable to increase prices to our customers.

In addition, the automotive industry continues to experience intense price competition resulting from the variety of available competitive vehicles and excess global manufacturing capacity. Historically, manufacturers have promoted products by offering dealer, retail and fleet incentives, including cash rebates, option package discounts, and subsidized financing or leasing programs, leading to increased price pressure and sharpened competition within the industry. The amount and types of incentives are dependent on numerous factors, including market competition level, consumer demand, economic conditions, marketing strategy, model age and time of year, due to industry seasonality. We plan to continue to use such incentives to price vehicles competitively and to manage demand and support inventory management profitability.

Production costs. Production costs include purchases (including costs related to the purchase of components and raw materials), labor costs, depreciation, amortization, logistic and product warranty and recall campaign costs. We purchase a variety of components, raw materials, supplies, utilities, logistics and other services from numerous suppliers. Fluctuations in production costs are primarily related to the number of vehicles we produce and sell along with shifts in vehicle mix, as newer models of vehicles generally have more technologically advanced components and enhancements and therefore higher costs per unit.

Production costs may also be affected by fluctuations in raw material prices. For example, some of the batteries integrated in our electric and hybrid models integrate rare raw materials, which are exposed to heightened shortage risks and potentially rising procurement costs. The cost of raw materials has historically comprised 10-15 percent of FCA’s total purchases described above, while the remaining portion of purchases is made of components, conversion of raw materials and overhead costs. In 2020, PSA’s purchases of raw materials amounted to around 23 percent of its total purchasing budget (including raw materials used in the manufacturing of components and systems purchased from suppliers) in Europe for its automotive division.

We typically seek to manage these costs and minimize their volatility by using fixed price purchase contracts, commercial negotiations and technical efficiencies. PSA has also traditionally used commodity hedging instruments.

Despite our efforts, our production costs related to raw materials and components have increased as a result of tariffs introduced in recent years; uncertainty related to tariffs and trade policy in our larger markets including the U.S., the European Union and China has made it more difficult to predict our raw material and components costs. Our production costs have also increased as we have significantly enhanced the content of our vehicles as we renew and refresh our product offerings. Over time, technological advancements and improved material sourcing may reduce the cost to us of the additional enhancements. In addition, we seek to recover higher costs through pricing actions, but even when market conditions permit this, there may be a time lag between the increase in our costs and our ability to realize improved pricing. Accordingly, our results are typically adversely affected, at least in the short term, until price increases are accepted in the market.

Further, in many markets where our vehicles are sold, we are required to pay import duties on those vehicles, which are included in production costs. We reflect these costs in the price charged to our customers to the extent market conditions permit. However, for many of our vehicles, particularly in the mass-market vehicle segments, we cannot always pass along increases in those duties to our dealers and distributors and remain competitive. Our ability to price our vehicles to recover those increased costs has affected, and will continue to affect, our profitability.

Economic Conditions. Demand for new vehicles tends to reflect economic conditions in the various markets in which we operate because retail sales depend on individual purchasing decisions, which in turn are affected by many factors including employment levels, consumer confidence and levels of disposable income. Fleet sales and sales of light commercial vehicles are also influenced by economic conditions, which drive vehicle utilization and investment activity. Further, demand for light commercial vehicles and pickup trucks is driven, in part, by construction and infrastructure projects. Therefore, our performance is affected by the macroeconomic trends in the markets in which we operate.

Regulation. We are subject to a complex set of regulatory regimes throughout the world in which vehicle safety, emissions and fuel economy regulations have become increasingly stringent and the related enforcement regimes increasingly active. These developments may affect our vehicle sales as well as our profitability and reputation. We are subject to applicable national and local regulations with which we must comply in order to continue operations in every market, including a number of markets in which we derive substantial revenue. Developing, engineering and manufacturing vehicles that meet these requirements and therefore may be sold in those markets requires a significant expenditure of management time and financial resources.

FCA historically pursued compliance with fuel economy and greenhouse gas regulations in the markets where it operated through the most cost effective combination of developing, manufacturing and selling vehicles with better fuel economy and lower emissions, purchasing regulatory emissions credits and paying regulatory penalties. However, we expect that, as a result of the integration of the FCA and PSA business following the merger, we will be able to deploy electrification technologies and CO2 abating technologies across our range of brands in a shorter timeframe and react more quickly to changes in regulation, with potential savings in the compliance effort. However, these costs and the costs incurred to meet other regulatory requirements may be difficult to pass through to customers, so the increased costs may affect our results of operations and profitability.

Further, developments in regulatory requirements in China, the largest single market in the world in 2020, limit in some respects, the product offerings we can pursue as we expand the scope of our operations in that country. Refer to “Risk Factors-Risks Related to the Legal and Regulatory Environment in which We Operate- Current and more stringent future or incremental laws, regulations and governmental policies, including those regarding increased fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions, have a significant effect on how we do business and may increase our cost of compliance, result in additional liabilities and negatively affect our operations and results. ” for more information. In addition, a U.S. federal regulation prohibits U.S. states such as California from imposing their own environmental greenhouse gas regulatory requirements on the vehicles that we sell, which has resulted in litigation and uncertainty regarding the applicability of those state regulations. The U.S. federal government is also undertaking a review of federal environmental regulations applicable to our vehicles, as well as the stringency of nationwide fuel economy standards.

Merger integration. The combination of FCA and PSA was completed on January 16, 2021. The merger was implemented by way of a legal cross-border merger of PSA with and into FCA. The merger has been accounted for using the acquisition method of accounting in accordance with IFRS 3, Business Combinations, with PSA being identified as the acquirer for accounting purposes. The merger is not reflected in the historical financial statements of FCA presented in this report.

We expect that the integration of the FCA and PSA businesses will foster our innovation capability and further drive development in new energy vehicles, sustainable mobility, autonomous driving and connectivity. The integration process started immediately after the merger, and we expect that it will allow us to achieve savings, gains and synergies in several areas, including technology, platforms and products, procurement, selling, general and administrative expenses, logistics and other functions, and that such synergies will result in improved profitability. The integration process involves inherent costs which will impact our results in the near term, although we expect that those costs will be more than offset by the positive effects of the integration. Challenges in the integration process may arise and the anticipated benefits of the integration may take longer than expected to be realized or not be realized at all.

Tariffs and Trade Policy. There has been a recent and significant increase in activity and speculation regarding tariffs and duties between governments in various regions, in particular the United States and its trading partners, China and the European Union, as well as between the European Union and the United Kingdom. Tariffs or duties may reduce consumer demand and/or make our products less profitable. In addition, the availability and price at which we are able to source components and raw materials globally may be adversely affected.

Dealer and Customer Financing. Given that a large percentage of the vehicles we sell to dealers and retail customers worldwide are financed, the availability and cost of financing is a significant factor affecting our vehicle shipment volumes and Net revenues. Availability of customer financing could affect the vehicle mix, as customers who have access to greater financing are able to purchase higher priced vehicles, whereas when customer financing is constrained, vehicle mix could shift towards less expensive vehicles. The low interest rate environment in recent years has had the effect of reducing the effective cost of vehicle ownership. While interest rates in the U.S. and Europe have been at historically low levels, the availability and terms of financing will likely continue to change over time, impacting our results.

Effects of Foreign Exchange Rates. We are affected by fluctuations in foreign exchange rates (i) through translation of foreign currency financial statements into Euro for consolidation, which we refer to as the translation impact, and (ii) through transactions by entities in the Group in currencies other than their own functional currencies, which we refer to as the transaction impact. Given our presence in numerous countries outside the Eurozone, a strengthening of foreign currencies (in particular of the U.S. Dollar, given the size of our U.S. operations) against the Euro generally would have a positive effect on our financial results, which are reported in Euro, and on our operations in relation to sales in those countries of vehicles and components produced in Europe. Foreign exchange rates, including the U.S. Dollar/Euro exchange rate, have fluctuated significantly in 2020, and may continue to do so in the future. Additionally, a significant portion of our operating cash flow is expected to be generated in U.S. Dollars and, although a portion of our debt is denominated in U.S. Dollars, the majority of our indebtedness is denominated in Euro. Given the mix of our debt and liquidity, strengthening of the U.S. dollar against the Euro generally would have a positive impact on our net cash position.

In order to reduce the impacts of foreign exchange rates, FCA historically hedged a percentage of certain exposures. Refer to Note 30, Qualitative and quantitative information on financial risks within the Consolidated Financial Statements included elsewhere in this report for additional information.

FCA Shipment Information

As discussed in GROUP OVERVIEW—Overview of Our Business, FCA’s activities were carried out through five reportable segments: four regional mass-market vehicle segments (North America, LATAM, APAC and EMEA) and the Maserati global luxury brand segment. The following table sets forth vehicle shipment information by segment. Vehicle shipments are generally aligned with current period production which is driven by plans to meet consumer demand. Revenue was recognized when control of FCA’s vehicles, services or parts had been transferred and the FCA Group’s performance obligations to customers had been satisfied. FCA historically determined that its customers from the sale of vehicles and service parts were generally dealers, distributors or fleet customers. Transfer of control, and therefore revenue recognition, generally corresponded to the date when the vehicles or service parts were made available to the customer, or when the vehicles or service parts were released to the carrier responsible for transporting them to the customer. New vehicle sales through the Guaranteed Depreciation Program (“GDP”) were recognized as revenue when control of the vehicle transferred to the fleet customer, except in situations where the FCA Group issued a put option for which there was a significant economic incentive to exercise. Refer to Note 2, Basis of preparation, within the Consolidated Financial Statements included elsewhere in this report for further details on FCA’s revenue recognition policy.

For a description of FCA’s dealers and distributors see GROUP OVERVIEW—Sales Overview. Accordingly, the number of vehicles sold does not necessarily correspond to the number of vehicles shipped for which revenues were recorded in any given period.

For discussion of shipments for North America, LATAM, APAC, EMEA and Maserati for 2020 as compared to 2019, refer to —Results by Segment below.

Non-GAAP Financial Measures

During the financial years presented within this report, FCA monitored its operations through the use of several non-generally accepted accounting principles (“non-GAAP”) financial measures: Adjusted Earnings Before Interest and Taxes (“Adjusted EBIT”), Adjusted net profit, Adjusted diluted earnings per share (“Adjusted diluted EPS”), Industrial free cash flows and certain information provided on a constant exchange rate (“CER”) basis. We believe that these non-GAAP financial measures provided useful and relevant information regarding FCA’s operating results and enhanced the overall ability to assess FCA’s financial performance. They provided comparable measures which facilitated FCA management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These and similar measures are widely used in the industry in which FCA operated, however, these financial measures may not be comparable to other similarly titled measures of other companies and are not intended to be substitutes for measures of financial performance as prepared in accordance with IFRS as issued by the IASB as well as IFRS adopted by the European Union. The purpose of the non-IFRS financial measures outlined below is primarily to provide investors with relevant and useful information on FCA's financial performance.

These non-GAAP measures should not be considered indicative of the non-GAAP measures that will be used by Stellantis going forward, which may include alternative measures in addition to, or in place of, these measures. Where Stellantis will use the same or a similar measure going forward, these may be defined differently to the measures presented below.

Adjusted EBIT: excludes certain adjustments from Net profit from continuing operations including gains/(losses) on the disposal of investments, restructuring, impairments, asset write-offs and unusual income/(expenses) that are considered rare or discrete events that are infrequent in nature, and also excludes Net financial expenses and Tax expense/(benefit).

Adjusted EBIT was used for internal reporting to assess performance and as part of the FCA Group's forecasting, budgeting and decision making processes as it provides additional transparency to the FCA Group's core operations. We believe this non-GAAP measure was useful because it excludes items that are not believed to be indicative of the FCA’s ongoing operating performance and allowed management to view operating trends, perform analytical comparisons and benchmark performance between periods and among FCA’s segments. We also believe that Adjusted EBIT was useful for analysts and investors to understand how management assessed the FCA Group’s ongoing operating performance on a consistent basis. In addition, Adjusted EBIT was one of the metrics used in the determination of the annual performance bonus and the achievement of certain performance objectives established under the terms of the 2019-2021 and the 2020-2022 equity incentive plans for the FCA Chief Executive Officer and other eligible employees, including members of the FCA Group Executive Council (“GEC”).

Refer to the sections FCA Group Results and Results by Segment below for further discussion and for a reconciliation of this non-GAAP measure to Net profit from continuing operations, which is the most directly comparable measure included in the Consolidated Income Statement. Adjusted EBIT should not be considered as a substitute for Net profit from continuing operations, cash flow or other methods of analyzing FCA’s results as reported under IFRS.

Adjusted net profit: is calculated as Net profit from continuing operations excluding post-tax impacts of the same items excluded from Adjusted EBIT, as well as financial income/(expenses) and tax income/(expenses) considered rare or discrete events that are infrequent in nature.

We believe this non-GAAP measure was useful because it also excludes items that we do not believe are indicative of FCA’s ongoing operating performance and provides investors with a more meaningful comparison of FCA’s ongoing operating performance. We also believe that Adjusted net profit was useful for analysts and investors to understand how management assessed its ongoing operating performance on a consistent basis. In addition, Adjusted net profit was one of the metrics used in the determination of the annual performance bonus for the FCA Chief Executive Officer and other eligible employees, including members of the FCA Group Executive Council.

Refer to the section FCA Group Results below for further discussion and for a reconciliation of this non-GAAP measure to Net profit from continuing operations, which is the most directly comparable measure included in the Consolidated Income Statement. Adjusted net profit should not be considered as a substitute for Net profit from continuing operations, cash flow or other methods of analyzing FCA’s results as reported under IFRS.

Adjusted diluted EPS: is calculated by adjusting Diluted earnings per share from continuing operations for the impact per share of the same items excluded from Adjusted net profit.

We believe this non-GAAP measure was useful because it also excludes items that FCA did not believe were indicative of its ongoing operating performance and provided investors with a more meaningful comparison of FCA's ongoing quality of earnings. Its purpose was to provide investors relevant and useful information in this respect.

Refer to the section FCA Group Results below for a reconciliation of this non-GAAP measure to Diluted earnings per share from continuing operations, which is the most directly comparable measure included in the Consolidated Financial Statements. Adjusted diluted EPS should not be considered as a substitute for Basic earnings per share, Diluted earnings per share from continuing operations or other methods of analyzing quality of earnings as reported under IFRS.

Industrial free cash flows: was FCA’s key cash flow metric, and is calculated as Cash flows from operating activities less: cash flows from operating activities from discontinued operations; cash flows from operating activities related to financial services, net of eliminations; investments in property, plant and equipment and intangible assets for industrial activities; adjusted for net intercompany payments between continuing operations and discontinued operations; and adjusted for discretionary pension contributions in excess of those required by the pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables and the payment of accounts payable, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the FCA Group’s control.

We believe this non-GAAP measure was useful because it provides investors with relevant information on how management assessed and measured its cash flows from ongoing operating activities and as such was FCA's key cash flow metric. Its purpose was to provide both management and investors relevant and useful information about FCA's cash generation capacity and performance.

Refer to Liquidity and Capital Resources—Industrial free cash flows for further information and the reconciliation of this non-GAAP measure to Cash flows from operating activities, which is the most directly comparable measure included in the Consolidated Statement of Cash Flows. Industrial free cash flows should not be considered as a substitute for Net profit from continuing operations, cash flow or other methods of analyzing results as reported under IFRS.

Constant Currency Information: the discussion within the section FCA Group Results includes information about FCA’s results at CER, which is calculated by applying the prior year average exchange rates to translate current financial data expressed in local currency in which the relevant financial statements are denominated (see Note 2, Basis of preparation, within the Consolidated Financial Statements included elsewhere in this report for the exchange rates applied). Although FCA management did not believe that this non-GAAP measure is a substitute for GAAP measures, they believe that results excluding the effect of currency fluctuations provided additional useful information to investors regarding the operating performance and trends in FCA’s business on a local currency basis. The purpose of this non-GAAP measure is to provide such useful information to investors.

Results of Operations

FCA Group Results – 2020 compared to 2019

The following is a discussion of FCA’s results of operations for the year ended December 31, 2020 as compared to the year ended December 31, 2019.

COVID-19 impacts

The COVID-19 pandemic had significant negative impacts on FCA's results for the year ended December 31, 2020. The contraction of global demand, temporary suspensions of production in all regions and closure of a majority of dealerships during the first quarter significantly contributed to reduced combined shipments. This trend continued into the second quarter, with further market and production disruption before recovering significantly during the third and fourth quarter. As a result, combined shipments were down 22.2% for the year ended December 31, 2020, as compared to the same period in 2019. There were related reductions in both Net revenues (of 19.9%) and Cost of revenues (of 18.5%) for the year ended December 31, 2020, as compared to the same period in 2019. Selling, general and other costs were down 14.8% for the year ended December 31, 2020, as compared to the same period in 2019, primarily due to mitigating actions taken in response to the pandemic, including reductions in marketing and advertising expenses. Adjusted EBIT decreased 43.9% for the year ended December 31, 2020, as compared to the same period in 2019, primarily due to reduced volumes despite strong North America results. Industrial free cash flows of €0.6 billion for the year ended December 31, 2020, primarily reflected strong cash generation during the second half of the year more than offsetting significant pandemic-related cash absorption during the first half.

For a discussion of Net revenues for each of the five FCA reportable segments (North America, LATAM, APAC, EMEA and Maserati) for 2020 as compared to 2019 see Results by Segment below.

Cost of revenues included purchases (including commodity costs), labor costs, depreciation, amortization, logistic, product warranty and recall campaign costs.

The decrease in Cost of revenues in 2020 compared to 2019 was primarily related to lower volumes across all segments, mainly due to the temporary suspension of production during the first half of the year and demand disruptions as a result of COVID-19, as well as foreign exchange translation impacts, partially offset by improved mix in North America and EMEA.

•During the year ended December 31, 2020, impairment losses and supplier obligations of €927 million were recognized. Of this, €13 million of supplier obligations were recognized within Cost of revenues in the Consolidated income statement and impairments totaling €914 million were recognized, primarily in relation to:

•For the three months ended March 31, 2020, the FCA Group reviewed its business and operations to take into consideration the estimated impacts and effects of the COVID-19 pandemic, including the estimated impact on the macroeconomic environment, the market outlook and the FCA Group’s operations. Using the updated information, FCA performed an assessment of the recoverability of certain of its assets as of March 31, 2020. Specifically, FCA reviewed FCA’s cash generating units (“CGUs”) and goodwill and intangible assets with indefinite useful lives for indicators of impairment. Certain CGUs, primarily those that were expected to be more sensitive to the current market outlook, in North America, EMEA, LATAM and Maserati segments, as well as goodwill allocated to EMEA and LATAM segments, were found to have indicators of impairment, and were therefore subject to impairment testing. As a result of this impairment testing, impairment charges totaling €450 million, primarily as a result of reduced volume expectations, were recognized on CGUs within the EMEA, LATAM and Maserati segments composed of €247 million of Property, plant and equipment recognized within Cost of revenues and €203 million of previously capitalized development costs recognized within Research and development costs. Of these charges, €178 million relates to the EMEA segment, €161 million relates to the LATAM segment, and €111 million relates to the Maserati segment, which is incremental to the impairment recognized in the Maserati segment discussed below.

•In addition to the impairments discussed above, during the three months ended March 31, 2020, certain assets within the Maserati segment were impaired in connection with decisions that were made regarding the planned utilization of certain assembly assets to more efficiently utilize the FCA Group's manufacturing capacity as part of the implementation of the previously announced Maserati product renewal activities. As a result of these decisions, impairment charges were recognized totaling €177 million, composed of €85 million of Property, plant and equipment recognized within Cost of revenues and €92 million of previously capitalized development expenditures recognized within Research and development costs. Impairment expense of €16 million was also recognized in North America for property, plant and equipment relating to idled assets.

•During the three months ended September 30, 2020, the FCA Group changed FCA’s strategy for the future B-Segment platform in EMEA, which was under development. As a result of the change in strategy, assets totaling €74 million were impaired within the EMEA segment, composed of €4 million of Property, plant and equipment and €70 million of previously capitalized research and development expenditures, which were recognized within Cost of revenues and Research and development costs, respectively, as well as €13 million of supplier obligations.

•During the three months ended December 31, 2020, impairment losses totaling €197 million were recognized, of which €120 million related to vehicle platform impairments in the North America segment as a result of the increase in the CAFE fine rate applicable starting with model year 2022 vehicles, composed of €37 million of Property, plant and equipment recognized within Cost of revenues and €83 million of previously capitalized development expenditures recognized within Research and development costs. In addition, impairment expense of €56 million was recognized in relation to capitalized development costs which were no longer planned to be used by the FCA Group. Of these, €44 million was not allocated to a specific region as the impaired assets were used to produce vehicles sold in several of FCA’s regions, while €9 million relates to the Maserati segment and €3 million relates to the EMEA segment. Furthermore, impairment expense of €18 million was also recognized in North America for property, plant and equipment for idled assets.

Included within Cost of revenues for 2020 were amounts of €706 million (€425 million in 2019), which represent primarily the accrual of regulatory expenses and the utilization of regulatory credits, mainly in North America and EMEA.

Cost of revenues also included significant costs that contribute to regulatory compliance but which are not separately quantifiable as they are elements within broader initiatives, such as technology deployment in terms of powertrain upgrades and alternative powertrains, along with actions to improve vehicle demand energy. For further detail, refer to Environmental and Other Regulatory Matters included elsewhere in this report.

The decrease in Selling, general and other costs in 2020 as compared with 2019 was primarily driven by lower advertising expenses, due to lower market demand as a result of COVID-19, as well as cost containment actions taken in response to COVID-19, partially offset by a provision of €222 million recognized in 2020 for estimated probable loss to settle matters under investigation by the U.S. Department of Justice primarily related to criminal investigations associated with U.S. diesel emissions matters (refer to Note 25, - Guarantees granted, commitments and contingent liabilities in the Consolidated Financial Statements included elsewhere in this report for further information).

Selling, general and other costs included advertising, personnel and administrative costs. Advertising costs amounted to 39 percent and 47 percent of total Selling, general and other costs for the years ended December 31, 2020 and 2019 respectively.