Stellantis Withdraws from Hydrogen Vehicle Joint Venture with Michelin and Faurecia

According to foreign media reports, Stellantis has announced its withdrawal from the hydrogen vehicle joint venture formed with Michelin and Faurecia. This move indicates that Stellantis is reducing its investment in emerging hydrogen technologies, casting uncertainty on the future development of the project. Michelin, a French tire manufacturer, and Faurecia, a global automotive technology supplier, confirmed in response to inquiries from Bloomberg that Stellantis plans to cease its investment in the hydrogen fuel cell company Symbio by 2026. However, Stellantis declined to comment on the matter. Faurecia confirmed that it has been informed of Stellantis's plan to stop investing in hydrogen businesses, including Symbio, starting in 2026. In a statement, Faurecia emphasized that this decision would have a significant and direct impact on Symbio's future operations and financial condition. Two years ago, Stellantis acquired a one-third stake in Symbio to strengthen its hydrogen van product line, with Faurecia revealing that Stellantis accounts for nearly 80% of Symbio's business volume. Michelin expressed surprise at the suddenness and lack of coordination of this decision, especially given that Stellantis has consistently claimed its intention to be a pioneer in the emerging hydrogen fuel vehicle market. The company added that its primary concern is the impact of this decision on Symbio's employees in France and abroad. According to Symbio's official website, the company has approximately 650 employees, primarily based in France, providing hydrogen solutions for vans, buses, and trucks. Insiders revealed that Stellantis informed Faurecia and Michelin of this decision in early May, just days after the approval of Symbio's latest long-term business plan. It remains unclear how Stellantis plans to handle its stake in Symbio. Media representatives from Michelin and Faurecia declined to comment further on Stellantis's decision and its implications for Symbio's future. Notably, hydrogen fuel cell companies face challenges such as high fuel costs, lack of standard systems, and weak infrastructure, making large-scale development difficult; meanwhile, pure electric powertrains have become the mainstream technological route for replacing gasoline and diesel engines in light commercial vehicles and passenger cars. After a challenging period under former CEO Carlos Tavares, Stellantis is focused on improving its sales performance in Europe and the U.S. New CEO Antonio Filosa is expected to adjust the company's product strategy, introducing more competitively priced models to address trade barriers.