Stellantis on Thursday announced a $70 billion turnaround strategy that aims to refocus the automaker on core brands, partnerships and more efficient use of factory capacity.

The investment is over five years and includes the production of 60 new models by 2030, including a mix of internal combustion engine, hybrid and fully electric vehicles.

The pivot marks a shift under the leadership of new CEO Antonio Filosa to more external partnerships for Stellantis – the parent company of brands such as Chrysler, Jeep, Dodge and Ram.

“The plan is grounded in reality,” Filosa told investors at the company’s capital markets day. “It is designed to create a condition for profitable and sustainable growth.”

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New partnerships for Stellantis include production tie-ups with Chinese firms Leapmotor and Dongfeng, as well as cooperation with Tata Motors and its U.S. unit JLR. 

Those partnerships will allow Stellantis to utilize some of its excess manufacturing capacity to generate revenue through contract production by third-parties instead of unused plants sitting idle and accumulating costs.

The strategic shift also includes technology partnerships with Qualcomm, Applied Intuition and self-driving startup Wayve. The approach will allow the company to share costs with partners while accelerating development in areas like software and autonomous driving.

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Ticker	Security	Last	Change	Change %
STLA	STELLANTIS NV	7.56	+0.03	+0.40%

Filosa also outlined a new hierarchical structure for Stellantis’ 14 brands that will affect how product investment is directed.

Stellantis will focus about 70% of brand and product investment on Jeep, Ram, Peugeot and Fiat, as well as its Pro One division that makes commercial vehicles.

Brands like Chrysler and Alfa Romeo will be repositioned to have more of a regional focus, while Lancia and DS will shift into specialized roles under Fiat and Citroen.

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The product focus at Stellantis will focus on a range of more affordable vehicles that can support volume growth in addition to profitability.

Stellantis said it’s planning to invest over $27 billion in its platforms, powertrains and technologies, while it’s aiming to cut nearly $7 billion in annual costs by 2028 compared with a year ago.

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Shares in the automaker were up slightly with prices up 0.2% as of early afternoon Thursday, rebounding after the stock opened the day in the red. Stellantis shares are down nearly 34% year to date and over 28% in the last year.

Reuters contributed to this report.

Hyundai Motor Company is recalling more than 54,000 Elantra Hybrid vehicles in the U.S. due to a defect in the hybrid power system that could overheat and spark a fire, federal regulators said.

The recall covers certain 2024–2026 Hyundai Elantra Hybrid models. About 54,337 vehicles are being recalled, though Hyundai estimates only 1% may actually contain the defect, according to notices this past week from the National Highway Traffic Safety Administration (NHTSA).

At the center of the recall is the vehicle’s hybrid power control unit (HPCU), which regulates electrical power in the hybrid system. NHTSA said a transistor inside the unit can overheat under heavy electrical loads.

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Drivers could experience a “no start” condition, reduced-power “limp mode,” or warning lights while driving. In rare cases, the overheating could damage internal components and raise the risk of a fire.

“Overheating of the HPCU could increase the risk of a fire,” NHTSA said.

Hyundai said it knows of four U.S. incidents tied to the issue, including one reported fire. No injuries or crashes have been reported.

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Hyundai dealers will fix the problem with a free HPCU software update. Owner notification letters are expected to be mailed starting July 13.

“All owners of the subject vehicles will be notified by first class mail with instructions to bring their vehicle to a Hyundai dealer, where technicians will update the HPCU software,” NHTSA said. 

“This remedy will be offered at no cost to owners for all affected vehicles.”

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Earlier this year, Hyundai said it was recalling more than 61,000 Palisade SUVs in the U.S. after an issue with powered seats was linked to the death of a child.

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Hyundai did not immediately respond to FOX Business’ request for comment.

ET Intelligence Group: ITC‘s cigarette business reported margin pressure in the March quarter due to the recent increase in taxes. While other segments such as FMCG and paperboards showed improved profitability, their smaller size meant they could not fully offset the decline in cigarette margins.

To manage the impact of higher tax, the company is implementing tactics around pricing and product portfolio. It has taken multiple steps in recent months to strengthen its portfolio and protect market share. However, revenue growth and profitability in the near term remain exposed to the risk of higher illicit cigarette trade.

The stock has dropped nearly 24% so far in 2026, reflecting concerns around the company’s growth prospects following the tax increase. While valuations appear attractive, with the price-to-earnings (P/E) multiple at around 18 times, below its three- and five-year average of 23-24 times, the stock is likely to remain under pressure until there is more clarity on how the company navigates these challenges and whether its strategies deliver results.

The company stated that sharp tax hikes have historically fuelled illicit trade, with India being the fourth-largest market globally, according to Euromonitor estimates. It makes up nearly one-third of the legal market. The recent tax increase may further widen price gaps and encourage illicit activity.
ITC’s margin was weighed down by weakness in the cigarette business, which accounted for nearly half of revenue. The standalone operating margin before depreciation and amortisation (EBITDA margin) on gross revenue basis dropped to 50% from 61% in the year ago quarter.

The agri segment’s margin also contracted to 5.8% from 7% during the period due to US tariffs, climate-related supply issues and West Asia-led logistical disruptions. Domestically, the government’s imposition on stock limits and export curbs on key commodities restricted business opportunities.
This was partly offset by margin expansion in the FMCG segment to 8.3% from 6.3%.

Mumbai: Foreign investors continued to pare exposure to financials in the first half of May, pulling out ₹17,960 crore from the sector, nearly 47% of the overall foreign outflows during the period, amid concerns over tighter banking margins and India’s lower appeal compared to other emerging markets.

“Banks are facing headwinds from higher bond yields, which could impact treasury income, while implementation of Expected Credit Loss (ECL) norms, requiring higher provisioning, is expected to keep return ratios volatile in the near term,” said Pankaj Pandey, head of retail research at ICICI Securities.

Between January and April, overseas investors dumped more than ₹91,000 crore worth of financials, a sector with the highest foreign ownership in India.

The Bank Nifty has fallen nearly 7% over the past month, compared with a 4% decline in the benchmark Nifty.

“The valuations in the banking space remain reasonable, and the foreign outflows in the sector are due to these investors wanting to cut exposure to India as a whole, as they find better bets in the rest of the emerging markets,” said Siddarth Bhamre, head of research, Asit C Mehta Intermediates. “They cannot reduce weightage in India without selling banking stocks.”

Overall, foreign investors sold shares worth ₹38,443 crore across 19 sectors in the first half of May, according to NSDL data. Oil & gas saw outflows of ₹6,885 crore, while telecom stocks witnessed selling worth ₹2,542 crore, extending the pressure seen in April.
Overseas investors bought shares worth ₹11,395 crore across four sectors, with nearly 60% of the inflows directed in the services sector. “The services sector, which includes Adani Group stocks such as Adani Ports and Adani Enterprises, performed well after resolving issues related to the US Securities and Exchange Commission (SEC),” said Pandey.Pandey said that the MSCI rebalancing next week could draw some foreign inflows, but that is a one-time event.