Key Takeaways
- Stellantis said it has an agreement with European car rental firm Sixt for Sixt to buy 250,000 vehicles over the next three years.
- The carmaker said a significant volume of deliveries would be made in the first quarter and continue through 2024.
- The move came shortly after Sixt reportedly told customers it would be selling off its current fleet of Teslas.
Jeep maker Stellantis (STLA) said that Europe’s biggest car rental company, Germany-based Sixt, will purchase 250,000 Stellantis vehicles for use across Europe and in North America by 2026.
The move comes just weeks after Bloomberg reported Sixt told customers it would phase out its fleet of Teslas, citing a sharp decline in used electric vehicle (EV) prices, as well as higher maintenance costs and lack of demand. Just last week, Hertz (HTZ) announced it was slashing its EV fleet by one-third, citing similar reasons.
Stellantis added the deal will have Sixt buying a wide range of its vehicles, including EVs. It noted the first significant volume of deliveries would take place in the first quarter and continue throughout the year.
Stellantis CEO Carlos Tavares said the agreement will give consumers the ability to try out the company’s vehicles, calling it the “ultimate test drive,” which he said is a “critical checkpoint for us in the upcoming years as Stellantis transforms into a sustainable mobility tech company.”
Shares of Stellantis were down 3.1% at $21.60 per share as of about 2:20 p.m. ET Tuesday, while Tesla shares were up 0.6% at $220.09 per share.