What’s currently known about the deal?
The purchase agreement will take effect in the first quarter of the year and continue for the next three years for Stellantis to complete Sixt’s total orders.
Sixt disclosed that it will receive various vehicle models from Stellantis multiple brands, including “Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Opel, Peugeot, Ram, Vauxhall and Maserati.”
These models will consist of a wide range of vehicle types from “city cars to SUVs to vans and trucks (including 7- and 9-seaters), further expanding the Sixt’s rental fleet.
Sixt aims to electrify 90% of its rental cars in the European market by 2030. Therefore, this new partnership with Stellantis will significantly boost its growth strategy.
“This ambition applies to European countries, but of course, also to the US, the largest rental market in the world and the most important growth market for our company.”
Konstantin Sixt, Sixt Co-CEO
For context, Sixt hit nearly 20% global revenue growth in the first three quarters of 2023.
In return, it will also help Stellantis’ expansion in North America. The Fiat 500e is set to become the multinational automaker’s first model entry in the US.
Therefore, Sixt’s enormous orders are a significant boost in Stellantis’ efforts to penetrate the US market.
Sixt drops Tesla EVs from its fleet
Sixt declared plans last month to eliminate Tesla’s electric vehicles from its fleet. According to the rental car firm, Tesla’s major price cuts continue to undermine used car prices. It is alarming for Sixt as the used car market is a key revenue stream for rental car operators.
In addition, Sixth emphasized Tesla cars’ higher repair costs than traditional gas-powered cars.
Stellantis aims to have all-electric vehicles account for 100% of its sales in Europe and 50% in the US by 2030. On the other hand, Sixt is among the leading car rental firms in Europe, with locations in more than 100 nations. It aims to electrify 70% to 90% of its fleet in the same period.