Franco-Italian automaker Stellantis has signed a multi-billion-euro frame agreement with leasing and fleet management company Ayvens to sell up to 500,000 vehicles across Europe over the next three years. As a part of the agreement, Ayvens’ affiliates will buy the vehicles for the company’s long-term leasing fleet across the bloc. The first delivery volumes are expected to begin in the first half of this year. Stellantis owns brands like Chrysler, Jeep and Fiat.
The carmaker has said that specific details of the deal with Ayvens including order quantity, compositions and delivery dates beyond the volumes already planned for 2024 can be flexibly agreed between the two companies, depending on fleet requirements and demand. Customers at Ayvens’ will be able to choose from brands such as Alfa Romeo, DS Automobiles, Fiat, Opel, Peugeot, and Vauxhall, as per a statement from the leasing platform, Reuters reported. It added that the brand availability can be extended in the future to cover Stellantis’ entire portfolio.
The agreement “will aid the progressive transition of Ayven’s client base to choosing more sustainable mobility options,” Stellantis Chief Executive Carlos Tavares said. The leasing platform was created when ALD Automotive, a subsidiary majority owned by French lender Societe Generale, acquired fleet management and mobility company LeasePlan last year.
In a separate development, Stellantis recently boosted the total compensation of CEO Carlos Tavares by 56% to 36.49 million euros (USD 39.5 million) in 2023, the Franco-Italian automaker said on Thursday. Last year, he received 23.47 million euros in cash and vested equity, including a 10 million euro transformation incentive. The latter component has been disbursed to meet milestones tied to challenges the industry is facing on global mobility, technology and electric vehicles.
Another component of his package includes 13 billion euros in long-term incentives linked to specific performance targets, which might not be achieved and result in full payment. The company shareholders’ non-binding vote on executive remuneration last year approved the 23.5 million euro 2022 package for Tavares after rejecting his compensation the previous year.