Stellantis (STLA) Loses 8.6% on on Hydrogen Tech Pullout

We recently published These 10 Stocks Fell Hard. Are You Holding Any? Stellantis N.V. (NYSE:STLA) is one of this week’s top performers.

Stellantis saw its shares lose 8.6 percent of their value week-on-week as investors unloaded positions ahead of its earnings release and announcements that it was terminating its hydrogen fuel cell technology development plans.

In a statement, Stellantis N.V. (NYSE:STLA) said that this was due to the lack of developments in the sector, particularly hydrogen refueling infrastructure, high capital requirements, and the need for stronger consumer purchasing incentives.

Stellantis N.V. (NYSE:STLA) added that it does not anticipate adopting hydrogen-powered vehicles before the end of the decade and that it will no longer launch the hydrogen-powered Pro One vehicles this year.

“The hydrogen market remains a niche segment, with no prospects of mid-term economic sustainability. We must make clear and responsible choices to ensure our competitiveness and meet the expectations of our customers with our electric and hybrid passenger and light commercial vehicles offering,” it said.

Stellantis N.V. (NYSE:STLA) is expected to announce the results of its financial and operating performance for the second quarter of the year on July 29.

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