Stellantis (STLA) plans to pull out its investment in a joint hydrogen-vehicle initiative with Michelin and Forvia as the automaker reduces its involvement with the emerging technology, Bloomberg reported Tuesday, citing separate statements from Michelin and Forvia and people familiar with the matter.

In an email to Bloomberg, Forvia said it has been notified of Stellantis' plan to cease its hydrogen investments starting in 2026, which includes Symbio, causing significant and immediate operational and financial implications for Symbio's future.

Stellantis, which owns a 33.3% stake in Symbio, informed Forvia and Michelin about the decision in early May, the people reportedly said.

"This unexpected, sudden and uncoordinated decision is all the more surprising given that Stellantis has always stated its ambition to be a pioneer in this new market," Michelin said in an email to MT Newswires. "This reversal will have very serious operational and financial repercussions for Symbio. Michelin is primarily concerned about the impact on Symbio's employees in France and abroad."

Stellantis and Forvia didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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