Amazon.Com Inc (NASDAQ:AMZN) and Stellantis (NYSE:STLA) confirmed to Reuters inquiry on Wednesday about mutually agreeing to dump their plans to create in-car software under the SmartCockpit project, which would rely on Amazon’s in-car technology.
Stellaintis had aimed to take on the likes of Tesla Inc (NASDAQ:TSLA) by the move.
However, the companies continue to work together on a range of initiatives.
Also Read: Stellantis Suspends Outlook Over Tariff Woes, Q1 Revenue Slides As Shipments Drop
The companies planned to develop features that would make the cars feel like an extension of the home, detecting the driver and personalizing settings such as the thermostat, navigation, and even home automation, like turning on lights.
Stellantis’s CEO, Carlos Tavares, had announced the plan in 2022. However, Tavares left the automaker abruptly in 2024, and the company on Wednesday named Antonio Filosa, its North American chief, as its new CEO.
Stellantis stock plunged 54% in the last 12 months as it grappled with disappointing sales, especially in North America, coupled with additional headwinds from the Trump administration’s tariff policies.
Stellantis had earlier announced plans to migrate some production away from Mexico to Michigan to offset the uncertainty posed by the tariffs. The company had also pulled its earnings guidance for 2025.
President Trump threatened to impose a 50% tariff on all European Union imports beginning June 1. A 50% tariff could make Stellantis models significantly less competitive versus U.S.-produced alternatives, especially since Trump’s plan would exempt domestically produced goods.
Stellantis Stock Prediction For 2025
Equity research can be a valuable source of information for learning about a company’s fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Stellantis have an average 1-year price target of $13.0, representing an expected upside of 27.14%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Stellantis, while No analysts have bullish ratings. The street high price target from Piper Sandler is $13.0, while the street low from Piper Sandler is $13.0.
Price Action: STLA shares traded lower by 2.48% at $10.22 at last check Wednesday.
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This article Stellantis, Amazon Call Off SmartCockpit Deal As Auto Tech Plans Stall originally appeared on Benzinga.com
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