Ladies and gentlemen, good afternoon to everyone, and thank you for joining us today. On behalf of the board, I would like to welcome you to our F irst Annual General Meeting of Shareholders of Stellantis N.V. Before we begin our formal business, I and all my colleagues hope that you and your families are safe and well in these difficult times. These difficult times are the reason we're holding today's meeting in a virtual-only format. I am pleased that you're able to join us, albeit remotely. 2020 was an extremely challenging year, and a reminder that even when we make the best of plans, we must always be ready for the unexpected. Difficult times also reveal the true character of an organization and its people. Not only did FCA and PSA move quickly to safeguard the health and welfare of their people with proper safety protocols across all our locations worldwide, we also stepped in to help our local communities and provide support to first responders and healthcare workers across the globe. I would like to personally thank all of our colleagues for the vital assistance they provided during this unprecedented period. Some of the initiatives we were involved in included building two fully equipped field hospitals in Brazil and one in Argentina. Producing and donating dozens of millions of face masks and face shields with permanent production capacity installed in our manufacturing plants in the U.S., China, Italy, and France. Using our industrial knowhow to produce and repair ventilators with over 10,000 units produced in less than two months by employees volunteering during the lockdown. Providing vehicles and ambulances to first responders in many countries. Bringing exceptional support to the Tous Unis Contre le Virus alliance in France. Funding medical scholarship in China and scholarship programs in India, and donating over 15 million meals to school-aged children in the U.S. This commitment and solidarity is a true testament to the extraordinary spirit of Stellantis people. 2020 was also a year of contrast, made of disruption and creativity together. At the same time as addressing the many challenges and safeguarding our businesses, we were also taking giant strides towards the creation of something new and very special, Stellantis. It's important to remind ourselves that FCA and PSA came together in this ambitious and exciting combination, delivering remarkable results and showing great resilience against all sorts of headwinds. Under Carlos Tavares' leadership, PSA continued to deliver impressive performance, which confirmed the strength and depth of the change the company has undergone in the last six years. I would also like to express our gratitude to Mike Manley and his team for leading FCA with great skill and determination through such a challenging year, so that it emerged stronger than ever. We are very happy indeed that he will continue to play a determining role in the future of Stellantis as Head of Americas. We are living through an era of profound and accelerating change in our industry that will be even more intense in the coming decade than during the last century, and requires a reimagining of mobility as we know it. Indeed, this is at the heart of our decision to create Stellantis, a company that today has the scale, the technology, and the ambition, not only to meet the challenges of a new era, but more importantly, to shape the future of transportation with innovative and sustainable mobility products and services. In entering this new decade, it is worth recalling that the auto industry has been synonymous with innovation and progress for over a century, enabling previously unimaginable freedom of movement. It has been a major contributor to worldwide economic growth and a major factor in improving living standards across the globe. This transformation was driven by people who look to the future with optimism and excitement. People who, although they may not have had all the answers as they set out their journey of invention, were confident in their ability to find new and often ingenious ways of overcoming obstacles and challenges. They may never have imagined the time when the industry would sell 80 million cars a year, or that the automobile would influence almost every aspect of our culture and redefine our concepts of freedom. They did surely believe that what they were doing would change the future for the better. We believe that continuing this positive journey is our responsibility. Stellantis was born with the courageous and visionary spirit of our founding fathers, in order to seize the huge opportunities the 21st century presents. We can already see examples of that pioneering spirit throughout our new company. From the revolutionary projects of self-driving cars with the Pacifica Waymo, and our car sharing approach with Free2move and Leasys, to the state-of-the-art global electrified offering with the widest range of pure electric vehicles in the B segments in Europe that perfectly express our idea of electric mass mobility for the near future. To the only electric Citroën Ami, a very affordable city mobility solution that doesn't even require a license. To the Maserati MC20, a super sports car made almost entirely of carbon fiber, developed with the most advanced techniques, and with the world premiere Formula 1 technology. To the innovative initiatives we launched in Latin America, like the new connectivity platform, Jeep Adventure Intelligence. To the three new hydrogen fuel cell vans we're launching on the European market this year under the Peugeot, Citroën, and Opel brands. To the vehicle-to-grid pilot project in Turin, the largest of its kind in the world. To the creation of the ACC joint venture to master the technology and produce batteries with the highest level of performance worldwide. To Aramisauto, whose innovative business model has turned a small company into the leading online retailer of used cars in Europe. To our recent partnership with Archer to develop electric vertical take-off and landing devices for urban mobility. These are just a few examples of the pioneering spirit in action that Stellantis inherits from its founding companies, and they express our determination to play a leading role in building the future of mobility and the freedom of movement that we have learned to value more than ever this past year. We are also very proud of the international awards collected by our products all over the world. MotorTrend Truck of the Year for the Ram brand, three times in a row. Over 20 Pickup of the Year titles for the Nova Fiat Strada in Latin America. European Car of the Year and Argentina's Car of the Year with the Peugeot 208. The extraordinary J.D. Power quality results reached by Jeep in China. These recognitions will only encourage us to continue our drive to innovate and excel. As a company, we will also strive to ensure that ambitious ESG commitments are embedded in our strategy, and that our growth objectives are compatible with sustainable development practices. This approach is based on our commitment to support our environment, contributing to a decarbonized economy by engaging our organization on the path to carbon neutrality across our products and footprint. As part of our social focus, we strongly believe in the importance of education, supporting and promoting many initiatives in our communities. Among them, the ambitious and innovative project with the CERN in Geneva, the Science Gateway, which is expected to welcome more than 300,000 people every year to learn and discover the wonders of science in every dimension, from the universe to particle physics. In terms of governance, we are committed to diversity and inclusions, which are an intrinsic part of our company's fabric. We recently established our first-ever global diversity council, as we believe this is one of the distinctive strengths of Stellantis. We are working to ensure Stellantis has the best organization possible with talented and effective leaders, bringing different perspectives and a shared appetite for change. After appointing the top executive team in January, we're now completing the leadership appointments, resulting in a well-balanced team between FCA and PSA. I'm pleased to report that a quarter of all these leaders are women. What I've seen in these early days gives me huge confidence for the future, and the extraordinary things we can achieve together. Let me conclude these remarks by extending my thanks, firstly, to all my colleagues in Stellantis, wherever they are around the world, for their dedication and continuing contributions after such an incredibly difficult year. I would also like to thank all our board members, who with their unique professional backgrounds and different experiences, will contribute to the dynamic and innovative spirit that fuels Stellantis. Finally, dear shareholders, I would like to thank you for your continued trust and support, which is of great importance to us as we move forward together in the next chapter of our extraordinary adventure. I will now hand over to Carlos, with whom we share the same ambitions for Stellantis. We both see its creation not as a destination, but as the beginning of an exciting new journey. Working together with him during these first months has been professionally and personally very rewarding. We are off to a great start, which Carlos will now share with you, not only in our achievements in 2020, but also with some initial insights into our electrification strategy and our priorities going forward. Before he takes the floor, we would like to share with you a short video about us, about Stellantis. We don't just make cars, we craft stories. Stories that have been part of our lives, that have made history, guided by a clear vision, freedom of movement for everyone. Today, mobility is undergoing a fundamental transformation. It touches us all and enables our dreams. Connecting cities, connecting people, connecting present and future. It's about exploring new opportunities, responding to new needs, and all in harmony with the world around us. In this new era of mobility, it's not about being the biggest, it's about pursuing greatness. That is why we, a diverse and talented group of 300,000 men and women working in 50 countries around the world, and powering iconic vehicles and mobility brands with millions of ideas, unbounded creativity, enormous passion, and a competitive spirit, are committed to pursuing new horizons and shaping a better world for the generations to come. We are combining our strengths, talents, and experience to provide our customers and society with the most distinctive, appealing, versatile, and sustainable range of mobility solutions. Because today is where we anticipate the needs of our customers and where tomorrow's solutions are conceived. We know that together, we can create a better future. Our new journey has started. Stellantis, pursuing greatness. Thank you. Thank you, Chairman. Thank you, John. Ladies and gentlemen, dear shareholders, good morning and good afternoon. I am delighted to be here with you today and to welcome you to this meeting. It's an honor to present you the 2020 financial results for both FCA and PSA, following which I will share dedicated parts to Stellantis. We are happy, and we are so glad to kickstart the Stellantis new chapter, which is going to be an exciting one with a very important value creation factor. It is my great privilege today to welcome you, and I would like to thank you warmly for your interest in our corporations and your interest in Stellantis. On behalf of my friend, Mike Manley, I would like now to present to you the FCA's results. Given the unusual nature of the year with COVID-19 having such a significant impact on FCA's results, especially due to disruption in demand and production shutdowns experienced during the first half of 2020, I will focus my comments today on the Q4 2020 results, which I believe are a better reflection of the group's operating performance in a more normalized environment. I believe that by focusing on the quarter, it's the best way to fully comprehend the capabilities, strengths, and solid foundation of FCA as it transition into Stellantis. FCA had a strong close to the year, delivering a number of records, including a record Q4 group Adjusted EBIT of EUR 2.3 billion and a record margin of 8.2%. All regions and Maserati contributed to these results, with all segments profitable in Q4, which was the first time this has occurred since the Q1 of 2018. North America achieved a record Q4 Adjusted EBIT of EUR 2.2 billion and a record margin of 11.6%. Strong industrial free cash flows of EUR 3.9 billion in Q4, with available liquidity at EUR 31.4 billion at year-end. Strong commercial performance in its key markets. Latin America, FCA maintained its leadership, gaining 340 basis points of market share year-over-year to 17.8%. Brazil, maintaining leadership position with share increasing by 530 basis points to 24.2%, driven by the success of the all-new Fiat Strada pickup truck, as well as the Jeep Compass and Renegade. FCA sales in LatAm were up 16%, clearly outpacing the industry, which was down 6%. In Europe, FCA improved its market share for the second straight quarter, with share growing by 40 basis points to 6.5%. The entire FCA team did a phenomenal job with delivering on improved commercial performance, implementing strict cost containment actions, and fully resuming the industrial machine to pre-pandemic levels without experiencing any significant production disruptions due to COVID-19. Despite FCA's consolidated shipments being down slightly year-over-year, the group achieved record Q4 Adjusted EBIT and margin, while prioritizing zero deliveries and continuing to maintain strict inventory management discipline. Record Adjusted EBIT reached EUR 2.3 billion, up 11%, with record margin of 8.2% and all segments profitable. Adjusted net profit increased 20% to EUR 1.8 billion. As anticipated, FCA experienced strong industrial free cash flows, which amounted to EUR 3.9 billion for the quarter. This not only reflected the record operating performance, but also the continued rewind of working capital and change in provisions, which totaled just over EUR 3 billion. Overall, available liquidity increased by EUR 4.3 billion during the quarter to EUR 31.4 billion. North America record Q4 Adjusted EBIT of EUR 2.2 billion, up 8%, and a record margin of 11.6%. Shipments were down 8%, primarily due to the discontinuation of the Dodge Grand Caravan and lower Ram 1500 Classic shipments due to planned downtime at Warren Truck. U.S. dealer inventories were up 34,000 units in Q4, but year-end levels were still 165,000 lower than prior year. Revenues of EUR 19.1 billion were down 7% or 2% at constant exchange rates, with strong positive mix and pricing. Adjusted EBIT increased 8% despite negative FX translation effects and mainly thanks to positive model and channel mix, as well as positive net pricing, mainly on Jeep and Ram brands, and lower advertising costs partially offset by lower volumes and increased recall campaign costs. Next, we have Asia Pacific results. Consolidated shipments were up to 23,000 units from 20,000 units last year, mainly due to higher volumes to China and Japan markets. China JV shipments were down 7,000 units to 13,000 units. As a result, combined shipments were down 10% to 36,000 units. Net revenues were up 19% to EUR 0.9 billion, primarily driven by the 15% increase in consolidated shipments. The improvement in revenues, together with cost reductions in SG&A, resulted in the region achieving a profit for the quarter of EUR 34 million. In Europe and the Middle East and Africa, we returned to profitability in the quarter, a sign that a combination of actions taken in the past to improve commercial performance and restructure the business is bearing fruit. There is still a lot of work to do. Combined shipments were up 13%, primarily due to a very strong performance in the JV in Turkey, with consolidated volumes also up 6%, primarily driven by the Fiat 500 BEV and the Jeep PHEVs recently launched. Net revenues were up 8% to EUR 5.7 billion due to the price improvements due to newly launched electrified vehicles. Adjusted EBIT was EUR 66 million with positive volume mix and price recovery of the electrified vehicles offsetting their increased product costs. Year-over-year, raw material and material inflation, as well as the cost of compliance, drove negative industrial costs. SG&A cost reductions continue to be a key focus for the region. FCA's Latin American operations improved for the second quarter in a row, while still managing through a very difficult environment. As you know, the pandemic is still having a measurable impact on the overall industry, and the Brazilian real and Argentine peso continue to weaken. Q4 shipments were up 11% due to strong demand for the new Fiat Strada pickup. Revenues were down 14% year-over-year due to weakening of the Brazilian real of over 40%. At constant FX, revenues were up 17%. Adjusted EBIT was also impacted heavily by FX impacts for imported components and purchasing inflation on local components, both driving the negative industrial costs. The region acted to offset these impacts by continuing to improve pricing, particularly in Brazil. We will wrap up the FCA results with Maserati. Sales were down 26% in the quarter, with all of the main markets down except for China and Italy. Shipments were up 38% as we launched the MCA versions of all the nameplates with model year 2021. Net revenues were up 39% year-over-year and in line with the shipments improvement. Adjusted EBIT improved to a EUR 12 million profit from a EUR 40 million loss last year. As the CEO of former PSA I want to convey to Mike Manley and the former FCA leadership team, my very sincere congratulations for the results achieved in such an adverse environment. From here, I would like to move to the 2020 results of the PSA former company. On this matter, as you can see, Groupe PSA could demonstrate an impressive track record over the last seven years in transforming the Groupe PSA in a highly profitable OEM. We continue to work very hard to lower our break-even point to reach more or less 50% of normal volume, and we demonstrated in 2020 that Groupe PSA is really a crisis resilient company. The company could deliver a 7.1% automotive adjusted operating margin in 2020, which does not reflect the contrasted performance between H1 at 3.7% and H2 at a record 9.4%, which is representative of the real potential of the company. Both Peugeot, Citroën, DS, and Opel Vauxhall stood firm in profit territory. Other key metrics are positive, like the EUR 2.2 billion of net result group share, EUR 2.7 billion of automotive free cash flow, EUR 13.2 billion of automotive net financial position. At this stage, I would like to express my warm and very sincere thanks to all the stakeholders. I would like to start with our PSA employees, the management teams, for their exceptional behavior and commitment in 2020. I would like also to express my sincere appreciation to our union partners. They demonstrated a high level of responsibility, mature dialogue, and support to the co-construction mode to build the future of the company. I would like also to express my very warm appreciation to our global executive committee members. It has not been an easy year for them, for each of them, for all of them. I would like to express here my sincere thanks for their leadership, for their dedication, and for their ability to face the storm. Last but not least, I would like to express my appreciation to the supervisory board members for their trust and for their strict respect of the dual governance mode. From here, I would like to give you a little bit more details. It's my great pleasure to present to you the Groupe PSA detailed financial results, excluding Faurecia. Despite the headwinds created by the COVID-19 pandemic, the group delivered a EUR 3.4 billion of adjusted operating income, excluding Faurecia in 2020, resulting, as I mentioned, in a 7.1% adjusted operating margin, down 1.5 points compared to 2019. The fairly good result does go down to the bottom line, with a net income of EUR 2.3 billion. Below the adjusted operating income, we can highlight restructuring costs of the group excluding Faurecia, which amounted to EUR 416 million, which is a reduction of EUR 921 million versus 2019. Other operating income and expenses amounts to a positive EUR 55 million, resulting mainly from the disposal of the CAPSA JV for EUR 204 million, partially offset by the impairments in China and Eurasia for a global amount of EUR 154 million. Net financial expenses decreased to only EUR 94 million. Income taxes decreased also to EUR 504 million, down EUR 45 million versus 2019. The line share in net earnings of companies at equity with a negative result of EUR 74 million was down EUR 12 million versus 2019. If I move now to the H2 auto adjusted operating margin, we can here see that the automotive adjusted operating income amounted to more than EUR 2.6 billion in 2020 H2, posting a record automotive adjusted operating margin at 9.4% versus 8.3% in 2019 H2. In a very contrasted year, this H2 reflected the genuine level of performance delivered by Groupe PSA. The automotive adjusted operating income stood at EUR 3.4 billion, mostly driven by product mix and cost savings, which partially offset the adverse operating environment. The worsening operating environment was massively driven by the fall of market demand, to a lesser extent, by FX, including a significant hit of Turkish lira, and a more limited one of the Argentine peso. We have now a look at the auto free cash flow, and the net financial position of the automotive division, we can see that the automotive net cash position stands at EUR 13.2 billion at the end of 2020, compared to EUR 10.6 billion at the end of 2019. Groupe PSA, excluding Faurecia, has generated EUR 6.3 billion of free cash flow in H2, more than offsetting the negative auto free cash flow of EUR 3.6 billion in H1, to reach an auto free cash flow of EUR 2.7 billion in 2020. The EUR 2.7 billion of free cash flow results from a EUR 4.7 billion cash flow from operations and an improvement of the working cap of EUR 1.1 billion, mainly due to lower inventories. From here, after I have presented the FCA and the PSA 2020 results, I would like to move to the specific Stellantis dedicated part. Of course, this is about the future. This is about the excitement of building the future of this new company called Stellantis. We are extremely thrilled by the opportunities that we have ahead of us. We are creating this company with a new mindset. We are creating this company with a strong willingness to move forward with radical choices. It's all about creating a stronger company while keeping robust fundamentals, and be bolder and daring to make radical choices to beat the competition. The increasingly fierce competition of the automotive industry is a reality, and we have to address that. We consider it is essential to focus on the quality of our business model. We'll take the appropriate time to prepare our long-term strategic plan up to 2030 to select the two priorities to work smart. We do not want this plan to be only a defensive one. We want this plan to be an offensive one with significant disruptions that we are currently working on. We believe we have a lot of valuable assets and a lot of opportunities, we will keep our focus in preparing this plan for the year of 2021. We are focused on a clear business governance and making sure that we have a significant execution capability against our competitors. In our business, in our industry, it's all about planning, but much more about execution. We also want to be a diverse and inclusive company to better understand the world and to better attract the talents that make the difference at the end of the day in terms of technology and in terms of innovation. We know that disruption in our industry could come from where it is least expected, and it is in our strong intention to create part of this disruption ourselves. From here, let's have a glimpse, a first glimpse at our priorities in terms of management of the company and in terms of financials, and in terms of technology roadmap in the year of 2021. Let's have a look at what we would like to call the aggregated results of FCA and PSA moving into Stellantis. We have just taken you through the strong 2020 results for both FCA and PSA, and we need to look at the aggregated results of the two companies. They are quite expressive. They are quite impressive, and they set a clear reference for the future. The real potential of the new group, the real potential of Stellantis, can be seen through the aggregated results of H2 2020. Revenues over EUR 80 billion, margin of nearly 9%, and auto free cash flows of over EUR 16 billion. In addition to strong operating results, both companies entered Stellantis in sound financial condition, with aggregated net financial position of approximately EUR 18 billion and available liquidity of approximately EUR 57 billion. From here, what are our 2021 priorities now that we have a reference case in terms of aggregated results for Stellantis? We consider that 2021 is a pivotal year to ensuring the success of Stellantis merger. We have established five priorities to the leadership team and to the company. We have targeted 100 days post-closing to set up the business governance and the appropriate management teams. This is an important and foundational first priority to make sure that we can operate in a proper way. It is fair to say today, on April 15th, that we are very well advanced on this priority, and we are on our way to deliver this expected first priority within the 100 days post-closing of this merger. That's point number one. It's in very good trend. Point number two is to consider that to reach our vision destination, we need first to deliver the short-term results that we have in the FCA and PSA's original business plans for 2021. We want to make sure that we keep our business focus. We want to make sure that we are not sacrificing short-term results to a long-term vision. We want both. Which means that in 2021, we will be operating under the lead of the business plans that were built by FCA for the FCA part of the business and PSA for the PSA part of the business, so that we ensure our shareholders that we will deliver on the short-term results that they expect from us. Point number three, we consider that we need, and we have started to implement all the synergies that have been committed in the EUR 5 billion synergy plan that represents the value creation of this merger of more than EUR 25 billion. We have started with a very good trend. We have now set up a specific synergy implementation office that reports on a monthly basis to the top leadership team with precise numbers, and we are on our way with a very good trend against what we have committed. We want to execute this synergy plan and harvest the synergies which are expected in 2021 in this plan. This is already on track. We have also decided that we would set up a dedicated executive team, top executive team, to make a proper diagnosis of what has happened in the past to both FCA and PSA in China, and to come up to the strategic council and to the board of Stellantis with a clear, brand-new winning strategy for the Chinese market. This is moving forward with several negotiations ongoing, and with a clear understanding of the results of this diagnosis. I think that we will be perfectly on the right timing to deliver on this objective within the year of 2021. Last but not least, we want to develop the roadmap for Stellantis, the long-term strategic plan for Stellantis, that will lead the strategic direction of the company from 2021 up to 2030. We want this plan to be a bottom-up plan, because it's going to be foundational to this larger family called Stellantis. We have created specific strategic task teams, combining the best talents of both families, and we have given those teams specific assignments in terms of coming up with disruptive ideas, new ideas to support the profitable growth, but also the innovative growth of the company. These teams have been now set. They are now working, and they will start delivering the first conclusions by fall. We also want to make sure that we will be addressing not only the defensive efficiency-related matters, but also that we will come with offensive and disruptive proposals in terms of innovation, not only on technology, but also on business models. This is the reason why we are taking the time that we need to work properly, because this merger is not a crisis merger, as you have seen through the numbers that we have presented. We are now on our way to be able to present this long-term strategic plan for Stellantis by late 2021 or early 2022. I'm very confident that we'll get from our teams and for the leadership team, a great deal of good ideas to be competitive in the future and ensure that the company will continue to protect its own competitiveness. From here, what is our 2021 guidance for Stellantis? We have stated that our guidance is to deliver an adjusted operating income margin that will be in the band of 5.5% to 7.5% of adjusted operating income margin. This is the band within which we are guiding the market. Of course, this is related to the fact that we are assuming that there will not be any more significant COVID-19-related lockdowns. It assumes that we will be able to operate, and as we know, the biggest risk not to be able to operate is about lockdowns. We are here assuming that in the major markets, and mostly in Europe and in the U.S., we will not be facing significant lockdowns that would prevent us from operating normally. This assumption being highlighted, I would like to comment on the tailwinds and the headwinds that we have ahead of us. Let's start with the tailwinds. First, we will get some benefits from the merger synergies in 2021, and we are on the right pace to make all the appropriate decisions to benefit from those first synergies, already in 2021. Some of them have already been decided. Most of them are now going to be decided within the next couple of months. We are starting on the right foot on this matter. We also have the expansion of the Jeep portfolio with the new Grand Wagoneer and the Grand Cherokee, large Cherokee, both white space products and high-margin segments. We are ensuring a better coverage of the market with highly profitable models in the Jeep brand. We also continue having strong market dynamics in North America from price and for the mix also, which is also a tailwind, which is quite helpful. We expect that we will not have any new COVID-related plant shutdowns in 2020, while a continuation of certain cost savings that were implemented will be protected moving forward. Those are three of the major tailwinds that we have in 2021. What are the challenges and the headwinds? We also have three. First, higher raw material costs, which are primarily related to steel and precious metals. There is inflation on the raw materials. We are trying to counterbalance this inflation through cost reduction, additional activities, and in some cases, with some limited pricing. We have, as you know well, the global shortage of semiconductors, which is going to impact the production of no less than H1, and eventually, part of H2. We want to remain lucid about the impact of this semiconductor shortage, as the visibility on the speed at which this is going to be fixed is reasonably low right now. We also want to make sure that you understand that we are going to act on that by taking the best out of the market conditions, being in a pull mode, or also making sure that our customers recognize the value of what we are here proposing to the market. Last but not least, we have increased product costs supporting our continued electrification offensive, which we will recover as much as possible through pricing. This is also going to be a positive on the impact of compliance, which we'll also see cost be reduced. From here, I would like to move to a more mid- and long-term dedicated part, which is to give you some insights about our electrification strategy moving forward. It is important that we share this with you because, as you know, this is the number one challenge of the automotive industry in the world. It's going to be a major transformation factor for the European market. Very soon for the U.S. market, which are the two major business drivers of Stellantis. I would like you to understand that not only we want to move fast-forward on this electrification transformation, because we believe that our purpose is to deliver safe, a clean, and an affordable mobility to the citizens of the communities in which we operate. Not only we are going now to accelerate, but we want also to do this in an efficient way, in a way that is not wasting the resources of the company, in a way where the resources are put, where they are delivering the appropriate results to come to the markets, fulfilling the expectations of our customers and the communities in which we operate. We are going to be accelerating in terms of mastering the electrified technology, making sure that we have the right capacities in terms of manufacturing and supply, and making sure that we deliver the best quality with the most competitive cost of all those electrified components. This dynamic is now clearly moving forward, and I will like to give you some evidence of this. First evidence I would like to share with you is that in 2021, we are going to more than triple the sales of LEV products. What we mean by LEV are the products which are electrified, PHEV or pure BEV. That's what we call LEV. For those products, for those electrified products, we are going to more than triple in 2021 the sales compared to 2020, which means that in 2021, we'll sell more than 400,000 vehicles, with electrified powertrains. If we look at our two major markets, Europe and the U.S., there are two important KPIs that I would like to share with you. First one is the speed at which we are going to propose electrified models across our portfolios. Second one is the mix of LEV sales that we expect to deliver to the market moving forward. Let me go step by step and start with Europe. In Europe, thanks to the merger, we are going to be able, by 2025, to offer to the market 98%, 98% of electrified models to the European market by 2025. What does that mean? That for each nameplate that we will sell in the European market by 2025, we will have an electrified version. 98% of our nameplates by 2025 in Europe will have an LEV electrified version, which means that for each of those models, the customer will be able to select either a PHEV or a BEV version of that specific model. Which means that by 2025, almost 100% of our model offering to the market will be electrified. You see on this graph, not only the ramp-up of the electrified models, but you also see the breakdown between the PHEVs in blue, light blue, and the BEVs in dark green. Be aware that when we have, for one given model, at the same time, PHEV versions and BEV versions, we are counting on this KPI only the BEV versions, which means as soon as there is a BEV version on a given nameplate, we count it as a BEV here on this slide. 98% by 2025, 100% by 2030. What is our assumption on the LEV sales mix on those two major milestones? We consider that by 2025, we'll be selling no less than 38% of LEV sales against the total sales of Stellantis in Europe. By 2025, nearly 100% of our nameplates will have an EV or a PHEV offering, and that's our PHEV and EV sales will represent 38% of the total sales. By 2030, when we will have 100% of electrified models, we believe that in Europe, our LEV sales will represent 70% of the total sales. When we are saying this, we are saying that we are planning, deciding, and executing what need be to support this ramp-up. You see clearly on this slide that from 2023, there is an acceleration of this trend. I would like now to transition to the U.S. market to make the same comment. There is from 2023, a strong acceleration also in the U.S. market to achieve by 2025, 96% electrification on the nameplates that we have on sale in the U.S. market by 2025. By this milestone, 96% of our nameplates will be electrified, which means that for each of those 96% nameplates, the customer will have the possibility to pick either a PHEV or a BEV version of that nameplate. That number will move up to 100% by 2030. Therefore our LEV sales mix assumption by 2025 is 31%, and by 2030 is 35%. Those are our forecasts. Those are our predictions. This is what we are going to deliver to the market. Please recognize that we are now accelerating this electrification move. Please recognize that we are perfectly on time and ready to deliver on the limited emissions or zero-emission mobility expectations of the markets in which we operate. That's the first topic I wanted to share with you. Of course, all of this means that we are going to be totally compliant. That costs of compliance will certainly be reduced sharply. The second important highlight I would like to share with you today is what we call the pure BEV-focused platform strategy of Stellantis. As everybody knows, we already have a significant number of electrified platforms in production supporting the sales of our LEV products. Those platforms will be re-engineered, will be renewed, upgraded, modified to become BEV platforms. Of course, because we currently have around 110 to 120 different nameplates, we are going to move those more than 100 nameplates on a limited number of platforms, which will be BEV-focused, to ensure that we have a volume scale effect that is going to drive the cost competitiveness of Stellantis, and therefore the profitability of Stellantis, to compensate for electrification costs. We have decided that we have a 4-platform BEV-focused strategy. We have STLA Small for the A, B, and C segments. We have STLA Medium for C and D segments, and we have STLA Large for D and E segments, all of this related to passenger cars. We will have one STLA Frame dedicated platform for the electrified E and F SUVs and for the pickup trucks. You see through this slide that we are bringing those platforms, dedicated BEV-focused platforms, from 2023, that the fact that we are converging on those only four platforms is going to bring significant efficiencies to Stellantis, which will partially compensate for the additional cost of electrification. This is a major move. This is something that we are working on for the last few months. A lot of discussion with the brand CEOs, with the functions, with the regions. Great added value from the leadership team of Stellantis. I am proud to be the one that today shares this with you. STLA Small, STLA Medium, STLA Large, STLA Frame from 2023, in addition to the existing multi-energy platforms that are already supporting a very successful business plan for Stellantis. This is what I wanted to share with you, but more than this, I would like to tell you that those platforms, being BEV-focused, will deliver a significant performance to address what we would call today the range anxiety of BEVs. It's quite clear that not only from next year we'll have a second generation of the e-CMP platform, but from there we will have the STLA Small. The STLA Small for A, B, and C entry products will deliver more than 500 km of range. The STLA Medium will deliver more than 700 km of range, and the STLA Large will deliver more than 800 km of range. Those platforms are sized to deliver no less than those numbers that I have just mentioned, which will address what we call the range anxiety issue of electrified vehicles. On the STLA Frame, we'll have no less than 500 km of range moving forward. I think this is quite a breakthrough, and I would like to share this with you, and happily do so. If we move to the next one, which is about the strategy, the supply side of the business model. The supply side of the business model is all about saying that we want to control the cost, the quality, and the performance of all the electric powertrain related components. You see that through the different JVs and ventures we have across the world, we are now prepared to deliver electric motors by the end of 2022, with a specific JV called Emotors that we have with Nidec. We are going to engineer and manufacture everything related to reducers. We are going to engineer and manufacture dual clutch transmission, electrified versions in a JV with Punch. We are going, of course, to take care of everything related to the battery packs, both on engineering and manufacturing. We are going to take care of the battery management system software. We are, of course, going to supply battery cells through the JV we have with Total Saft, which is called ACC, Automotive Cells Company, in order to make sure that we are going to control what is the most cost and quality and performance-sensitive matter of an EV, which is the battery cell. All of this is going to be supported by specific EV-related services from our Free2move eSolutions service entity that will deliver charging infrastructure solutions, charging as a service, and advanced energy services. All of this will be totally leveraged in the platform BEV focus strategy that I have just presented to you previously, which means that we have a 360-degree approach to control the performance that we deliver to the customer, both in terms of range, drive smoothness, quality, but also the full control of cost and supply. Because what we are learning right now from the current challenges of the industry is the importance of supply moving forward. This means, in a nutshell, that we will be in a position to control around 80% of the BEV value with this overall ecosystem, which is more than the value that we currently control on the ICE powered vehicles. Moving to the last topic, which is about the supply of batteries. Which is, of course, one of the most sensitive matters that car companies will have to address in the acceleration mode that I have just presented. The supply of batteries is going to be critical, it's going to be strategic. Our current work and decision process is leading to the fact that we will have, by 2025, access to no less than 130 GWh of energy supply in terms of batteries. By 2030, we will have access to no less than 250 GWh. This is the pace at which we are progressing. This is the pace that we need to progress at, given the ambitions we have for the company. This has already started. As you see, we already have, through the ACC company, the possibility to set up a 50 GWh European capacity from 2025 with two specific plants, one in France and another one in Germany, which are provided by the former PSA component of Stellantis. We are now moving fast and strong, in the U.S., with specific projects that will be very soon decided and, of course, communicated to the market. Of course, we have additional ongoing discussions to be decided very shortly for additional sourcing in Europe and additional capacity increase in Europe. This is where we are. All of this is consistent. The number of electrified models, the LEV sales mix, the mastering of the component supply ecosystem, both on engineering and on manufacturing, of course, the battery supply. From here, I want to recognize that for the sake of time, I am not presenting to you today all the details of our electrification strategy. I would like to invite you and everybody who is being interested by the shareholdings of Stellantis, to a Stellantis dedicated Electrification Day that will take place in July 8th, so very soon. We will, of course, focus not only on the topics I have just presented, but also on everything which is related to the batteries. Many other topics, like the battery chemistry and the expected evolution to maximize the energy density. We will focus on the cell designs, the cell manufacturing, and the cell-to-vehicle integration. We will focus on the fast-charging capabilities. We'll focus on the battery cost breakdown. We'll focus on the raw material evolution, cost impact, and sustainable sourcing. We'll focus on the lifespan of batteries, duration, reuse, and recycling opportunities. We also focus on the renewable energy sourcing for the gigafactories. With this, I would like to thank you for your attention. This is what I wanted to share with you. I would like to hand over back to the chairman. John, the floor is yours. Thank you. Thank you, Carlos. As we said, exciting times ahead. Let's now move to the formalities of the meeting. The meeting will be held in English, and I am the remote chairman of this meeting. Also, the CEO of Stellantis, Mr. Carlos Tavares, is remotely present at this meeting. The same applies to Mr. Giorgio Fossati, the company's General Counsel, and Mr. Richard Palmer, the company's Chief Financial Officer. Mr. Dirk-Jan Smit is appointed as Secretary of this meeting. I also welcome Ms. Alison Duncan, Mr. Oscar Jonker, and Mr. Alessandro Davi, all representative of Ernst & Young, the company's external auditors who are present for a remote connection to answer questions relating to their audit report on the company's 2020 annual accounts. The annual general meeting was properly convened, and the convocation for the meeting was published on Stellantis website on March 4th, 2021. The setup of this meeting is in line with the Dutch emergency legislation allowing virtual meetings. As explained in the notice, due to the global outbreak of COVID-19, we're not able to provide our shareholders with physical access to this annual general meeting. Instead, those wishing to follow the meeting have been given the opportunity to do so remotely via this webcast that is being publicly broadcasted live on stellantis website. I thank all those who are connected via the webcast. To facilitate interaction of this meeting while still observing the applicable restrictions, we have provided our shareholders with the opportunity to submit written questions regarding the agenda items in advance of the annual general meeting. The relevant submission instructions have been included in the convening notice and are published on stellantis website. We have received a number of properly submitted questions prior to the deadline of April 12, 2021, at 2:30 P.M. CEST. To the extent appropriate, in view of the orderly conduct of the meeting, we will address these questions at the end of the relevant agenda item. Where appropriate questions, we will combine and answer per theme. Answers will be given orally in English. Shareholders who have properly submitted questions in advance will be given the opportunity to ask follow-up questions. Follow-up questions can be sent via email to agm2021@stellantis.com. The email has to include the shareholder's name and surname, the number of shares held by the shareholders, the agenda item to which the question refers, and the bank or broker statement providing the shareholder's shareholding at the record date. Shareholders are requested to pose their follow-up questions in English, and ultimately, prior to the end of agenda item six. We will do our best to answer these follow-up agenda questions properly submitted at the end of agenda item six. Our response will be in English. As you are aware, no votes can be cast during this meeting. Shareholders have been given the opportunity to exercise their voting rights prior to the meeting via proxy or web procedure. The voting results received will be displayed after the discussion of each agenda item. The result will also be published on the company's website after the meeting in compliance with applicable laws and regulations. Only votes submitted before 11:00 P.M. CEST on Thursday, April 8th, 2021, have been taken into account when calculating the voting results. As to the number of shares issued and related voting rights, I note that as at the record date for this annual general meeting, 3,119,900,034 common shares and 200,622 Class B special voting shares were issued and outstanding in Stellantis share capital with an equal number of voting rights exercisable. The holders of 2,145,577,529 outstanding shares in Stellantis share capital as at the record date are represented at this meeting. This represents approximately 68.77% of Stellantis issued and outstanding share capital. These shareholders may cast a total of 2,145,577,529 votes at this annual general meeting. As further set out in the company's Articles of Association, no person acting alone or in concert, together with votes exercised by affiliates of such person or pursuant to proxies or other arrangement conferring the right to vote may be able to exercise directly or indirectly, voting rights on shares at a general meeting reaching or exceeding 30% of the votes that could be cast at that general meeting of the company. The maximum voting threshold for this meeting is 643,673,258. This threshold has been published on Stellantis website on April 9th, 2021, in accordance with the company's Articles of Association. Now that I have addressed all formalities, I will turn to item of the agenda two. The annual report for 2020 was made available on the company's website and at the company's office from March 4th, 2021. I will now spend a few moments providing a brief summary and explanation of all six agenda sub-items of this agenda item two. The first two agenda sub-items will be not voted upon as they are discussion items only. The third agenda sub-item is an advisory voting item. The last three agenda sub-items of this agenda item two are voting items. The first sub-item, 2A, concerns the report of the board of directors for the financial year 2020, which is contained in the company's annual report 2020. This is a discussion item only. Sub-item 2B concerns the policy on additions to reserves and on dividends and is a non-voting item for discussion only. The company's dividend policy contemplates an annual ordinary dividend to be distributed by the company to the holders of common shares. However, due to the COVID-19 crisis, the company will not distribute an annual ordinary dividend to the holders of common share. Nevertheless, the company is proposing to the shareholders to approve an EUR 1 billion extraordinary distribution on common shares under agenda item 2E. I will further elaborate on that when we come to agenda item 2E. Sub-item 2C concerns the 2020 remuneration report. The results of the voting will be regarded as an advisory non-binding vote with respect to the remuneration report for 2020. Pursuant to Dutch law, the remuneration report for 2020 must explain how the voting by the shareholders in the previous annual general meeting had been taken into account. At the annual general meeting of 2020, the general meeting of shareholders voted for the remuneration report with a significant number of votes for, albeit these votes were cast with respect to the company before it was merged with Peugeot S.A. The company has taken this result as an indication that its remuneration report satisfied the shareholders' desires in this regard. Therefore, the company decided to maintain the structure and level of disclosure of the 2020 remuneration report relative to the 2019 remuneration report. The remuneration report for 2020 is contained in the company's annual report 2020. Sub-item 2D concerns the adoption of the company's 2020 annual accounts. This is a voting item. The company's 2020 annual accounts have been drawn up by the board and audited by Ernst & Young Accountants LLP, the Netherlands, who have issued an unqualified opinion. The external auditors are available to answer any questions relating to their report on the fairness of the 2020 annual accounts. The board proposes to the shareholders meeting to adopt the 2020 annual account. Sub-item 2E concerns the extraordinary distribution. This is a voting item. Combination agreement entered by Fiat Chrysler Automobiles and Peugeot on December 17th, 2019, as amended, contemplated that the board would review a potential cash distribution of EUR 1 billion following completion of the merger between the aforementioned companies. The proposed distribution entails a payment to the holders of common shares of EUR 0.32 per outstanding common share. Upon approval, the expected calendar for the common shares listed on the New York Stock Exchange, Mercato Telematico Azionario, Euronext Paris, will be as follows. Ex-date, April 19, 2020, record date, April 2021, and payment date, April 28, 2021. The board proposes to the shareholders to approve the EUR 1 billion extraordinary distribution on common shares. This is equivalent to approximately $1.2 billion. The final sub-item, 2F, concerns both the granting of discharge from liability of the executive directors in respect to the performance of their management duties in the financial year 2020. The non-executive directors of the board for the performance of their non-executive duties in the financial year 2020. This is a voting item. Now that we have dealt with all the subsections of agenda item two, it is time to address the questions that have been submitted by Stellantis shareholders prior to the meeting with respect to this agenda item and in accordance with the instructions set forth in the meeting notes. We have received questions in respect to agenda item two that we have thematically grouped by Mr. Fossati. Stellantis General Counsel will read out the questions received and the company's answers. I will hand it now to Mr. Fossati. Thank you, Mr. Chairman. As a preliminary remark, please let me mention that in connection with the orderly conduct of the meeting, for each specific agenda item, as announced on the website of the company, only questions that have been timely submitted in writing prior to the meeting in accordance with the instructions or are raised as follow-up questions by entitled shareholders attending the meeting will be answered by the company. All material questions received, which are not specifically addressed in the company annual report, have been thematically grouped and will be answered when the relevant agenda item will be discussed or voted on. We have received question on ESG matters from the French Forum for Responsible Investment. We will first respond to questions on environmental matters. Our first question, in light of the Paris Agreement, relates to CapEx amounts until 2025, their distribution across the value chain, their split between maintenance and growth, and their geographical distribution. Stellantis is targeting a level of R&D and CapEx spend up to 8% of revenues at a steady state. Investment is currently mostly focusing on electrification, software, and autonomous vehicles technology. We do not plan investment on internal combustion engines other than what is necessary to meet regulatory requirements in light of an efficient use of the existing assets of the company. The geographical distribution of the spend is more or less in line with the geographical distribution of our revenues over time. Another question is about how we intend to limit the impact of biodiversity loss on future income and relevant indicators in that respect. Evaluation of any impacts on biodiversity at sites along with specific biodiversity projects have been standard practice for several years for both the former companies and will continue at Stellantis with a common approach. Environmental impact studies assessing the sensitivity of the natural environment located in the immediate vicinity of the sites, and in particular the proximity of protected areas, are carried out in preparation of site developments. A third question that we received relates to anticipated scarcity of certain natural resources and difficulties in the procurement of our strategic resources and how this affects our economic model, and how we secure our supplies. The potential of shortages or scarcity for any raw material worldwide, whether at worldwide level or at local level, are an integral part of Stellantis risk matrix. Stellantis works on alternative sourcing without any compromise as to safety and the quality of its products. We also actively promote the materials coming from recycling supply chains, which are usually the best compromise in terms of sustainability and price. A second part of the questions that we receive relates to social matters. Regarding the negative impacts of the current crisis, we have been requested to explain how our group is adapting its buying and selling practices to support the suppliers or customers who are affected by the crisis, and whether we apply differentiated policies for very small enterprises and small and medium-sized enterprises, and whether there have been structural changes to our policies in this area. The current crisis is a challenge for all companies, including Stellantis, but also for its suppliers of all size. Stellantis purchasing practice is based on Stellantis code of conduct, support business, and operational continuity. Stellantis systematically monitors the financial health of its suppliers. Where appropriate, it also considers support to suppliers to preserve their sustainability while taking the necessary measures to protect the group. Another question we receive relates to how we manage the social impacts of the massive development of teleworking since the start of the pandemic, and more generally, how we approach psychosocial risk, employee satisfaction, and proportion of employees teleworking. Extensive implementation of remote working at PSA and FCA during the pandemic allowed to protect, as much as possible, the employees. Stellantis has a clear vision for the future beyond the time of the pandemic through its New Era of Agility project, which is intended to provide individual and collective benefits. Benefits for the health and safety of employees, improvement of their work-life balance, motivation and wellbeing, and economic and environmental performance. Several training programs have been provided to managers and employees to support them in this phase of transition to a new way of working. Initiatives are underway to provide further opportunities for flexible work arrangements to employees around the world. We have been asked whether we have a definition of living wage that is not limited to the local legal minimum wage, and how we intend to ensure that our employees, and also the employees of our suppliers, receive a living wage. Stellantis promotes a unified remuneration policy with comprehensive reward based on three main rules. Respect for the interest of the employees and social dialogue, fair treatment of employees with equivalent remuneration for comparable responsibility, and respect for sustainable collective performance consistent with good market practices. We believe that this approach ensures sustainable living condition to employees and their families. As mentioned in our code of conduct, Stellantis also encourages the adoption and sharing of sustainable practices among our business partners, suppliers, and dealers. We endorse, among other declaration, the Universal Declaration of Human Rights and the International Labour Organization declaration on fundamental principles and rights at work. We have been requested to explain what criteria are taken into account within the framework of the profit-sharing agreement formula from which our employees benefit in France, their weight, whether they have changed, what is the share of employees concerned. In France in 2020, the group's profit-sharing arrangement were based on financial and quality criteria. Criteria based on quality results were added in 2020. 100% of PSA Automobile France employees were included. Another question relates to which funds in the context of our employee savings benefit from a responsible label, CIES, Finansol, Greenfin, ISR. What is their relative weight or to what proportion of employees they are offered? Our responsibility as Stellantis is to increase sustainable and shared value for our people, also inspired by the previous experience at former PSA and former FCA. Two examples for former PSA or FCA practices are, in France, 100% of French employees of former PSA were offered a saving plan, notably including an ISR-labeled plan. For FCA, 74% of employees were eligible for a supplementary retirement plan. A third set of questions received relates to governance matters. We have been asked whether we apply the GRI 207 standard for our public tax reporting and other measures we implement or plan to implement to meet the growing demand for tax transparency. As mentioned in our code of conduct, Stellantis requires the entire workforce to respect international and local requirements, including, among others, tax regulations. The Audit Committee is responsible for assisting and advising the Board of Directors with respect to the company's policies on tax planning. Since FCA and PSA Group merged on January 16, the two teams, which already had similar approaches based on transparency and responsibility, are now working on the alignment of practices and policies. We are being requested to explain the scope taken into account for the equity ratios that we publish, their evolution, and impact on remuneration policies. Stellantis will calculate and publish the equity ratio in 2022 regarding full year 2021. The equity ratio previously published by PSA Group in 2020 includes all employees of Peugeot and PSA Automobiles. The ratio has been calculated on the basis of the gross fixed and variable compensation paid during the years 2015, 2019, and the number of performance shares granted during the same period and are valued at their fair value. In order to allow comparability of ratios over time and of the constituent elements, only recurring remuneration elements have been taken into account in the calculation basis. Another question relates to our gender equality policy, our agenda, and objectives in that respect, the scope of application of our policy, and measures taken to promote gender equality in countries where the affirmation of this concept is difficult. In 2021, the Stellantis teams will start converging efforts and monitoring tools. The Stellantis KPIs and targets will result from this roadmap. These objectives will cover all employees. Stellantis aims to include more women based on recruitment policy, developing attractiveness and equal treatment. Stellantis gender equality policy applies globally and comes from the PSA and FCA commitments on gender diversity. We have a question on how our lobbying practices are formalized and how they fit with our group's CSR strategy, the company's chain of responsibility for lobbying our institutional relations, the information that we published in that respect. Stellantis lobbying practices are formalized within the company's code of conduct. Stellantis lobbying activities are overseen by the Office of General Counsel. Conducting our business with sustainable and transparent business practices is a core value at Stellantis, which is reflected in our lobbying practices. We seek to make business demands while minimizing any adverse impact on current and future generations, communities, and resources. We have a question on how we involve our stakeholders. When engaging in negotiation with stakeholders, Stellantis actions and behaviors seek a constructive approach and relationship. As a confirmation of the importance that the group places on social dialogue, trade union representatives from the group companies are involved through specific meetings on strategic business operations. This concludes our responses to the question on ESG matters. We thank the Forum for Responsible Investment for submitting this question. We will also provide the Forum with additional detail in writing on these matters. We have received a question from the company employee mutual funds, PAYG and SECUR, that gather employees from the company on the Dutch 15% withholding tax on dividends, which the fund cannot recover as a tax credit different from individual shareholders, and whether any compensations is envisaged for employees, shareholders in this respect. A withholding tax of 15% will apply to dividends distributed by Stellantis in accordance with the tax treaty within the Netherlands and France. We observe in this respect that the savings will not be reduced in the sense that at the time of the investment, the payment of dividends is not an acquired gain, or it is promised by the company. Withholding tax might ultimately be offset by dividends higher than those that could have been paid by PSA Group alone due to the benefit expected from the merger. We have a question on whether the PSA 2020 registration document will be published, and where detailed information about the PSA 2020 results can be found. On March 4, Stellantis and Peugeot published its 2020 annual report and Form 20-As, including the 2020 financial statements of FCA. On the same day, Stellantis also published the 2020 consolidated financial statements and management discussion and analysis of Groupe PSA, which include PSA 2020 results. All these documents are available under the Investor tab on Stellantis website at stellantis.com, where they can be viewed and downloaded. As a result of the aforementioned 2020 annual disclosure, no PSA 2020 universal registration document has been published since no longer required. We have a question on how much FCA has invested with buying CO2 regulatory credits in the U.S. from the start of EPA GHG program to the end of 2020, and how much has FCA spent altogether in 2020 to buy CO2 regulatory credits in Europe, U.S., and other areas. In the three years period through 2020, as disclosed in our financial statement, FCA group recognized the accrual of regulatory expenses and utilization of regulatory credits made in North America and EMEA for an amount of EUR 1.5 billion, of which approximately EUR 700 million in 2020. We note that as a result of the combination of Groupe PSA and FCA, Stellantis will be in a position to achieve CO2 targets in Europe for 2021 without open passenger carpooling arrangements with other automakers. Stellantis is committed to developing state-of-the-art technologies to support its electrification shift worldwide. Another question relates to how much FCA has spent by the end of 2020 to electrify its product range in the 2018-2022 period, following its announcement in 2018 that it would invest more than EUR 9 billion to such purpose. From 2018 to 2020, FCA invested capital expenditure of EUR 22.4 billion for product development and action, EUR 8.6 billion in 2020, EUR 8.4 billion in 2019, EUR 5.4 billion in 2018. For competitive reasons, we do not disclose specific information on the amount of investments on individual programs. However, included in this capital expenditure pools are significant investment for electrified vehicle technology. FCA suite of electrification technologies includes 12-volt engines, stop- start, 48-volt mild-hybrid, high voltage plug-in hybrid, and full battery electric vehicles. These developments occur at our FCA technical centers, primary in Auburn Hills, in Michigan, in Modena and Turin in Italy. Substantial work was also performed with suppliers and universities located around the globe. In addition, a fully electric variant of the Fiat 500, the Fiat 500e, was launched in October 2020 and is manufactured for the European market at the Mirafiori plant in Turin, Italy. The Fiat 500e is offered an electric range of 320 km and 180 km. The Fiat Ducato electric was also unveiled in 2019. It is expected to be launched in early 2021 in Europe. The 4xe electrified version of Jeep Renegade and Compass were launched in mid-2020, which is expected to be further expanded in early 2021 with the launch of the Jeep Wrangler 4xe for North America, Europe, and China markets. As we move forward into Stellantis, we are integrating our product planning and are focusing on integrating our electrification efforts. Another question relates to how much has been invested by the end of 2020 in Italy by FCA, following its announcement in late 2018 that it would invest in Italy EUR 5 billion in three years. We do not publicly disclose investment by country. The investments we have made are consistent with our commitments, particularly considering the disruption of over the last 12 and more months related to the COVID pandemic. We also had a question on the compensation of Mr. Carlos Tavares and of the other executive officers in 2020. PSA Group has ceased to exist as a consequence of the merger. That is why the compensation of the PSA executive officer was not published after the merger. Nevertheless, in the PSA 2019 annual report published in 2020, the company has disclosed the base compensation package for each executive officer. For complete information, these compensation were as follow: Mr. Carlos Tavares, EUR 1.7 million. Mr. Michael Lohscheller, EUR 800,000. Mr. Maxime Picat, EUR 800,000. Mr. Olivier Bourges, EUR 580,000. We had inquiries about our projects regarding hydrogen and the partners we are cooperating with in that area. As announced at the end of March 2021, we are finalizing our first hydrogen fuel cells zero emission vehicles. Those vehicles will be available for direct sale business to business, and first vehicles will be delivered to customers before the end of 2021. We have chosen as base vehicle the electrified version of our medium vans, Citroën Jumpy, Peugeot Expert, and Opel Vivaro. Based on this mid-power BEV platform, we have developed a tailor-made solution. Key partners are Faurecia and Symbio. Faurecia joint venture with Michelin. Faurecia provides the hydrogen storage system, three 700 bar high pressure tanks at 700, carrying a total of 120 liters of hydrogen per vehicle. Symbio has developed the fuel cell system delivery 45 KWh. Stellantis light commercial vehicles will have a zero emission range of more than 400 km. We have been requested to provide further detail regarding the mask supply contract in Italy and whether we have similar contracts in France. The Italian extraordinary commissioner for the COVID-19 emergency is cooperating with three Italian companies, FCA Italy, Fater, Luxottica, to realize and supply the surgical mask for the COVID-19 emergency. The commissioner purchased 50 production lines, most of which are located in FCA Italy, with a loan-free arrangement after the contract expiration. They are located in the Pratola Serra plant, south of Italy, and the Mirafiori plant, northern Italy. The relevant contract was signed in 2020. Start of production, July 2020. Start of production took place at the end of August 2020. Contract duration is until September 2021. The expected output is 4.9 billion masks. Masks are made in accordance with the technical specification indicated by the commissioner using raw materials selected and verified by the commissioner, and thereafter purchased from suppliers identified by the commissioner. During the lockdown period, the general management of Groupe PSA decided on April 10, 2020 to invest EUR 1 million in annual production capacity of type 1 surgical mask in order to meet the equipment needs of all its employees while making it possible to regularly make targeted donation to charities. During the lockdown period, Groupe PSA donated more than 700,000 masks. The production line installed in the Mulhouse industrial site has a capacity of 12,000 mask hour to ensure an annual production of up to 70 million masks. PSA purchased masks from the beginning of the pandemic through spot purchases on the market before signing a supply contract with the supplier, which include the provision of mask production line installed on Mulhouse site and intended to secure the supply. We have received question regarding consultancy relationship currently in place within the group and its audit of details about international fines and leveraged changes in the group indebtedness, investments in governmental bonds and structured securities, impact of COVID-19 pandemic, toxic waste management, existence of products buyback commitment, compensation and benefit of directors and officers, relationship between directors and suppliers of the group, pending proceedings against directors, use of liquidity, investments in renewable energies, recourse to child labor, donation and gifts, issued bonds, cost of environmental remediation and for acquisitions, cost reduction, non-performing loans, securitization and factoring, tax and Social Security liabilities, and contribution margin. For information on all these items, please refer, as the case might be, to the 2020 annual report, the remuneration report, and the sustainability report, which include the relevant disclosures required by applicable laws and by reporting and accounting standards. Please also refer to the group's policy and additional information available on the group's website. Some questions relate to whether the group is planning to hold shareholders meeting through the internet. In that respect, we remind that attendance and voting requirements at the shareholders meeting are regulated by Dutch law and Stellantis articles of association. For each meeting, Stellantis analyzes the best form for holding its meetings within the opportunities of the Dutch legal framework. In respect of the current exceptional circumstances, Dutch law temporarily enables to hold a virtual meeting only just like today's meeting. Stellantis includes relevant requirements for each meeting in the convening notice as published on its website. We also have question about identity of pension funds, all the Stellantis shares and proxy holders. In that regard, we invite to refer respectively to the regulatory disclosures available on the AFM website and to the information available on Stellantis website. A question that we received relate to the presence of journalists in today's meeting. In that respect, we remind that given the virtual form of the meeting and the related logistics chosen by Stellantis will not be able to verify the identity of those who have followed the meeting by webcast. Question were submitted to inquire about the feasibility of the development of Alfa Romeo models together with those of for Lancia. The group continuously analyzes its product portfolio with the aim of increasing the potential of each brand. Alfa Romeo and Lancia will leverage all technical assets of Stellantis to build a strong, dedicated, and stable product plan, respecting their DNA and historical values. All the brands of Stellantis will act in the same spirit. Another question related to cyber attacks and related ransom requests experienced by the company. In that respect, we note that the group has not experienced any cyber attack with requests for a ransom. Stellantis is continuously working to enhancing cybersecurity protection systems. Other question were directed to know whether any bribes have been paid by the group to enter in emerging countries like China, Russia, and India, whether or have been paid to the group by its suppliers, as well as the existence of any off-the-books profits or insider trading activity. With reference to this matter, we underline that pursuing of the highest level of integrity and compliance with applicable laws has always been one of the pillars of the group's code of conduct. In addition to above, the group has policies in order to prevent any such practices. Our remarks apply also with respect to question relating to payments to political parties and politicians. Such type of payments are not allowed by the policies of the group. A further question relates to whether any magistrates were members of arbitration panels to which disputes involving the group have involved. Our response is that while the group being a global player has been and is involved in arbitration proceeding, we are not aware of any such circumstance. With reference to question about the existence of antitrust cases involving the group, we remind that in light of its global operation, the group might be involved in certain antitrust proceeding, none of which is however material. For further information, we invite to refer to the litigation section of the 2020 annual report. We have been asked whether we have adopted ISO 37001 anti-corruption management system. The Stellantis code of conduct, which is posted on our group website, requires all of our workforce members and third party constituents to refuse all forms of corruption. It is strictly forbidden for employees to offer, promise or give any gift, payments or anything of value to government official, directly or through third parties with the purpose of causing the official to act in violation of his or her duties and grant the company any improper benefit or advantage. Our code of conduct also reinforce the responsibility of employees to report any violations, and through our internal controls and with the services of specialized independent service provider, our whistleblower line is designed to protect the confidentiality of those who make a report. The selection of suppliers is based not only on the quality and competitiveness of their products and services, but also on their adherence to social, ethical, and environmental principles, maintaining the highest standards of quality and taking care of the communities in which we do business. Finally, Stellantis is not planning to certify as a benefit corporation. We have been asked whether the SA8000 ethical certification being made or is in research. Stellantis has recently published the 2020 CSR report presenting how FCA and PSA addressed the social challenges to design sustainable business models that create shared and long-lasting value. Details provided for the stakeholders in this report highlight the achievements of both companies on the most relevant social, economic, and environmental challenge. The selection of topics for the report is based on the result of corporate priorities, the dialogue with stakeholders, requirements of the Global Reporting Initiative Sustainability Reporting Standards, and other frameworks such as the Sustainability Accounting Standards Board, the Task Force on Climate-related Financial Disclosures, and the ISO 26000. The creation of Stellantis marks a new chapter powered by the combination of two automakers, each contributing a rich heritage. Its CSR ambitions will be defined within the release of the Stellantis strategic plan. The Stellantis team started converging on operation and monitoring tools. The Stellantis common CSR, KPIs, and targets resulting from this roadmap will be disclosed in Stellantis 2021 CSR report, which is scheduled for publication in spring 2022. We have been asked whether there are reduction in staff restructures or relocation. As already pointed out, the synergies expected from the merger are mainly based on the two pillars, the rationalization of investment in vehicle platforms and considerable economies of scale in terms of purchasing. We expect to be in a position to handle significant business changes, if any, in a responsible manner in construction. In co-construction with our social partners locally, with the objective of improving the level of performance and protecting the company. We had also questions about the amount of consultancy fee paid to companies belonging to Messrs. Bradotti, Red & Trevisan, and Berger, and whether or not they are adviser of the group. We confirm that there are no consultancy relationships with the aforesaid individuals or companies belonging to them. In relation to the so-called D&O policies, we can confirm that in addition to Stellantis article of association that expressly contemplates director indemnification, customary D&O insurance policies are in place. More information is available in the corporate governance section of the 2020 annual report. With regard to request for details of the cost of sales of each sector and the Italian share of investment in research and development, we highlight that the applicable accounting and reporting standards and rules do not require such details to be disclosed. With respect to question concerning the amount and details of fines by the CONSOB and Borsa Italiana and presence of unpaid taxes, we confirm that no such fines have been levied or paid in 2020, and equally in 2020, there were no material disputed amounts regarding unpaid taxes. Another set of questions relates to the presence of bank accounts in high-risk countries outside the Eurozone. Details on call centers, property evaluation providers, group natural gas suppliers, and tax consolidation. As a general remark, the group operates in numerous countries around the world, is subject to local rules and regulations, and maintains relationships with a multitude of suppliers. That said, and provided that the reference to high-risk countries isn't clear, the group, also in light of its global operations, has global banking relationships. Furthermore, the group uses both its own and third-party contact centers as a plurality of providers. Valuation service providers and gas suppliers, and applies local tax consolidation regimes to the available extent in the countries where it operates at the relevant applicable rates. Some of the submitted questions also relate to the group's plans regarding new acquisitions or divestitures. With reference to such topics, we remind that the group, as part of its normal activity, constantly evaluates new acquisitions and/or divestment opportunities. Other question relates to Stellantis registered office and tax residency. Finally, whether Stellantis intends to propose amendments with bylaws regarding double voting rights. Stellantis has both its corporate seat and its tax residency in the Netherlands. As part of the merger between Fiat Chrysler Automobiles and Peugeot completed earlier this year, the company moved its place of effective management to the Netherlands. With reference to the question concerning the introduction of a double voting mechanism, such a double voting arrangement in the form of loyalty share was already in place prior to the merger. The provision regarding the loyalty scheme are included in Stellantis article of association at the relevant terms and conditions are published on Stellantis website. With this, the last question in respect of agenda item two that was received prior to the meeting has been addressed. I now hand back the floor to the Chairman. Thank you, Mr. Chairman. Thank you very much, Mr. Fossati. I now close the discussion of agenda item two and turn to relevant voting sub-items results received ahead of the meeting. I establish that the general meeting advises positively in relation to the remuneration report. I note that the proposal has been approved and that the 2020 annual accounts have been adopted by the meeting. I note that the proposal has been approved and that the extraordinary distribution has been adopted by the meeting. I note that the proposal has been approved and that the granting of discharge from liability of the directors has been adopted by the meeting. I now move on to the next item on the agenda. Agenda item three concerns the reappointment of the independent auditor. The audit committee has reviewed the performance of the independent auditors and the effectiveness of the audit. Based on such review, the audit committee has recommended the reappointment of Ernst & Young Accountants LLP as independent auditors of the company until the annual general meeting of shareholders of 2022. The board of directors concurs with the audit committee recommendation and submits to the shareholders the proposal to reappoint Ernst & Young Accountants LLP as the company's independent auditors until the annual general meeting of shareholders of 2022. We have not received questions in respect of agenda item three. I now close the discussion of agenda item three and turn to relevant voting results received at the end of the meeting. I note that the proposal has been adopted by the meeting. I will now move on to the following item on the agenda. Under agenda item 4A, we present for shareholder approval Stellantis remuneration policy, which embodies Stellantis compensation philosophy. Let me spend a few words to summarize the pillars of our compensation philosophy. First of all, we pay for performance with respect to defined and measurable targets. The vast majority of pay is linked directly through both short- and long-term variable pay instruments to the achievement of concrete and measurable performance targets. This principle reflects our performance-driven culture and the values of meritocracy that we embrace. Second, our performance targets fully align to the company's business objectives, short- and long-term, designed to respond to the current highly demanding context. They also align and will increasingly align in the future as we develop our plans to the company's ESG targets, which are an essential part of our identity and purpose. Third, our compensation structure is designed to balance both short- and long-term focus, and to reward long-term transformative achievements, which deliver value to shareholders and stakeholders. In this manner, we align the interests and behaviors of our employees to the interests of our shareholders and all of our stakeholders. Fourth, we intend to design compensation structures that are competitive against the comparable market and attract, motivate, and retain highly qualified professionals. For that reason, we conduct scenario analysis and benchmark tests on compensation levels offered in the market worldwide. Our determinations are intended to ensure that the company profits from highly competitive capabilities as an essential factor to succeed. In addition, our remuneration philosophy calls for predetermined stretched goals for incentive pay programs and rigorous performance management within simple and transparent remuneration structures, developed taking into account pay ratios within the company. We also have robust stock ownership and share retention guidelines, which further align the interest of employees to the company's long-term success, and clawback policies incorporated into our incentive plans, which protect the company against improper management. Our determination regarding compensation needs to take into account the size, the complexity, and the geographical reach of Stellantis, one of the major industrial companies in the world. The unprecedented challenges that the automotive industry will be facing in the coming decades, and the need for the group to fully and promptly benefit from the epochal merger that we have just completed. We must acknowledge that exceptional results in response to these challenges, if delivered, deserve to be correspondingly rewarded. Stellantis is not an average company, is not operating in an average industry, and is not aiming at average achievements. As such, it cannot offer average rewards for exceptional results if and when they are delivered. We believe that the remuneration policy being presented today fully deserves the support of our shareholders, which will allow us to move to the implementation of our remuneration philosophy. We will make sure to do so with rigor, consistency, and transparency. Agenda item 4B concerns the adoption of the equity incentive plan, which includes granting authority to the board of director to issue shares or grants rights to subscribe for share under the equity incentive plan and its sub-plans up to a maximum of 100 million common shares, and to exclude preemptive rights of shareholders in that regard, both for a period as per today, until the date of the annual general meeting in 2025. The equity incentive plan and its sub-plan provide for the grant of stock-based awards to eligible top performers and key leaders of the company, its subsidiaries, and joint ventures in order to foster a strong performance culture, to reward the best performers, and to align management and shareholders' interests in achieving the company's financial and other objectives. The company believes that such plans will also assist in attracting and retaining individual of outstanding training, experience, and ability, and will ultimately promote the long-term success of our company. It is proposed that a maximum number of 10.5 million common shares in the capital of the company will be available for executive directors under the equity incentive plan. Which is in accordance with the conditions under the metrics and the guidelines as described in the materials available for this annual general meeting. The board of directors believes that the adoption of the equity incentive plan is in line with market trends and comparable to the company peers. We have received one question in respect of agenda item four, and Mr. Fossati will read out the questions received and the company's answers. Thank you, Mr. Chairman. The question relates, beyond the equity incentive plan, to the policy of Stellantis about the employee mutual funds in the medium and long term. An employee stock ownership plan has been implemented at the former PSA Group, while it was not a practice in the former FCA perimeter. This is a subject we are working on as we converge the two companies. Thank you, Mr. Chairman. I hand back the floor to you. Thank you. I now close the discussion of agenda item four and turn to relevant voting sub-items results received ahead of the meeting. I note that the proposal has been adopted by the meeting. Let us move on to the next agenda item. The board of director proposes that the general meeting of shareholders delegates the authority to acquire common shares in the company's capital to the board of directors, either through purchase on a stock exchange for a public tender offer, an offer for exchange, or otherwise, at any time during the period of 18 months from the date of the annual general meeting of shareholders, and therefore up to and including October 14, 2022, up to a maximum number of shares equal to 10% of the issued common shares of the company. As determined on this date, the prices applicable shall be within the margins stated in the explanatory notes to the agenda. This authority does not impose an obligation on the company to acquire its own common shares, but gives the board the right to acquire common shares in the capital of the company with sufficient flexibility and discretion for the board to give effect to such acquisition, if and when it considers it to be appropriate. The adoption of this proposal by the general meeting of shareholders will replace the current authorization of the board of directors to repurchase common shares in the company's capital, which was granted by the general meeting of shareholders for a period of 18 months from June 26, 2020. We have received one question in respect of the agenda item five. Mr. Fossati will read out the question received and the company's answer. The question relates to details about trading activities related to treasury shares, and the response is that Stellantis has not, either directly or indirectly, purchased any treasury shares as described in the 2020 annual reports of March 3rd, 2021. Stellantis held in treasury 449,410,092 shares that were acquired for no consideration by Stellantis from Exor N.V. in connection with the merger between Fiat Chrysler Automobiles N.V. and Peugeot S.A., effectuated earliest this year, and relate to the double voting structure previously in place at FCA. A proposal to cancel all such shares is tabled as the sixth item of today's meeting agenda. Thank you, Mr. Chairman. Thank you. I now close the discussion of agenda item five and turn to relevant voting results received ahead of the meeting. I note the proposal has been adopted by the meeting. Let us move to the last agenda item for this annual general meeting. It is proposed to the general meeting of shareholders to cancel at one time or in tranches up to 449,410,092 Class B special voting shares held by the company, resulting in a reduction of the company's issued Class B special voting shares. The cancellation shall take place within the manner described in the explanatory notes to the agenda. The purpose of this proposal is to cancel Class B special voting shares that were acquired for no consideration by the company from Exor in connection with the merger between Fiat Chrysler Automobiles and Peugeot, effectuated earlier this year. We have not received question in respect of agenda item six. I now close the discussion of agenda item six and turn to relevant voting results received ahead of the meeting. I note that the proposal has been adopted by the meeting. I will now check with Mr. Fossati where we have received follow-up question during the meeting. We do not have follow-up question, Mr. Chairman. Thank you. Thank you very much. Ladies and gentlemen, as there are no further items to discuss or resolve upon, that concludes the formal business of the meeting. I declare our meeting closed, and on behalf of the board, I would like to thank you all for attending and participating in our meeting.