Michelin has announced that it has set aside €140 million following Stellantis’ withdrawal from their joint venture Symbio, which specialises in hydrogen fuel cells. The provision covers “advances granted to the Symbio joint venture and future risks,” according to the company.
Michelin addressed the situation at a press conference yesterday. The group’s CFO, Yves Chapot, revealed that a mediator has now been appointed. Relations with Stellantis have become so strained that Michelin and Forvia, the other two shareholders, described the withdrawal as an “unexpected, brutal and uncoordinated decision.”
Stellantis’ move has sent shockwaves through the hydrogen and automotive sectors. The decision will have serious financial consequences for the carmaker as well—AFP reports that the end of the hydrogen programme could cost Stellantis around $700 million.
The main casualty is Symbio itself. Its brand-new factory, located in the suburbs of Lyon, had been set to mass-produce fuel cells, with Stellantis accounting for as much as 80% of its planned output.
Beyond Forvia, another French automotive supplier has also been affected by Stellantis’ withdrawal. OPmobility(formerly Plastic Omnium), was expected to provide hydrogen tanks from its new plant in Lachelle, near Compiègne (Oise). “This is impacting the ramp-up of the plant,” said CEO Laurent Favre during the presentation of the group’s half-year results.
OPmobility is currently “in negotiations with Stellantis” for compensation. In the meantime, the company is supplying smaller volumes of tanks for trains, heavy goods vehicles, and BMW, starting in 2028.
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