INDEX / DIRECTORY / PEUGEOT / V-ECON

Peugeot V-ECON

ECONOMIC AUDIT UPDATED 2026-05-19
V-ECON Score 2.48 /10 E Peugeot — BDS-1000 127
V-ECON 2.48

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Domain Audit — Peugeot (Stellantis N.V.)

Audit Phase: V-ECON Target Entity: Peugeot (brand of Stellantis N.V.) Audit Date: 2026-05-01 Research Basis: Training-data knowledge through 2026-04; live web search unavailable. All claims are grounded in the research memo above. Evidence gaps are explicitly noted where applicable.

Supply Chain & Sourcing Relationships

Peugeot is a passenger and commercial vehicle brand operated by Stellantis N.V., a global automotive original equipment manufacturer (OEM). Its supply chain is composed of automotive components — steel, aluminium, semiconductors, plastics, rubber, and consumer electronics — alongside vehicle assembly operations distributed across multiple European and international manufacturing sites.1 This is a categorically distinct supply chain from agricultural produce, food retail, or fresh goods distribution.

No agricultural supplier relationships identified. No public evidence has been identified of any commercial relationship between Peugeot, Stellantis N.V., or any Stellantis-controlled entity and Israeli agricultural aggregators, fresh produce exporters, or named entities such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors. Such relationships would have no logical basis in an automotive OEM’s procurement structure.21

Importer of Record — Israel. Peugeot-branded vehicles are sold in Israel through an authorised independent distributor, Bram Auto (also referenced as Bram Group / Bram Automotive), which functions as the exclusive importer of record for Peugeot vehicles into the Israeli market.3 Bram Auto is a privately held Israeli company operating under a standard franchise/distribution agreement. It is not a wholly-owned subsidiary of Stellantis or its predecessor PSA Group. Under this model, Bram Auto takes title to vehicles at the point of wholesale transfer, bears the import risk, and manages all downstream retail and aftersales operations within Israel.45

Vehicle assembly origin. Peugeot-branded vehicles sold in Israel via Bram Auto are assembled at Stellantis facilities in Europe — primarily in France, Slovakia, and Spain — and imported into Israel as finished goods.1 No vehicle assembly, component manufacturing, or parts sourcing tied to Israel or the occupied Palestinian territories has been identified in Stellantis’s disclosed manufacturing footprint.16

Seasonal and indirect sourcing. No public evidence of seasonal sourcing patterns tied to Israel, or of indirect sourcing relationships linking Stellantis to Israeli-domiciled suppliers in any tier of its automotive supply chain, has been identified.2

Evidence gap. The ultimate beneficial ownership of Bram Auto and the full corporate structure of any cross-holdings within the Israeli automotive distribution sector are not fully resolvable from publicly accessible English-language records. Direct registry lookup of Israeli Companies Registrar (Rasham HaChevrot) filings would be required to conclusively map Bram Auto’s ownership chain.4

Product Origin, Labeling & Regulatory Compliance

Settlement-origin product labeling — not applicable. Settlement-origin labeling concerns under frameworks such as the EU Court of Justice ruling (C-363/18), DEFRA guidance, and comparable regulatory regimes apply to consumer goods and food products bearing country-of-origin declarations. Peugeot/Stellantis manufactures vehicles, which carry “Made in [country of final assembly]” designations under standard EU and international customs rules. Vehicles assembled in France, Slovakia, and Spain and delivered to Israel via Bram Auto carry European country-of-origin designations consistent with their assembly location.12

No settlement-goods mislabeling findings. No regulatory citations, DEFRA enforcement findings, EU customs compliance notices, or NGO investigations specifically identifying Peugeot or Stellantis N.V. in connection with settlement-origin goods mislabeling have been identified in any public record.78

Corporate labeling and sourcing policy. Stellantis N.V. publishes a Supplier Code of Conduct and general human rights policy applicable to its global supply chain.9 No Israel- or OPT-specific supply chain labeling provision, settlement-goods exclusion clause, or occupied-territory sourcing restriction has been confirmed within that documentation from publicly available sources. The existence and content of any such specific provisions would require direct document retrieval from Stellantis’s corporate compliance portal.9

Regulatory compliance posture. No enforcement actions, administrative sanctions, or compliance investigations by EU, UK, or Israeli regulatory authorities in connection with Peugeot or Stellantis’s product labeling or country-of-origin declarations have been identified in publicly available records through the research period.26

Investment, Capital & Financial Exposure

No direct FDI in Israel or OPT. No public evidence has been identified of Peugeot or Stellantis N.V. holding direct capital investments — factories, logistics hubs, data centres, real estate, or joint ventures — within Israel or the occupied Palestinian territories. Stellantis has no vehicle assembly plant in Israel, and no Israeli-domiciled entity is listed among Stellantis’s disclosed subsidiaries or manufacturing locations.110

No R&D presence in Israel. No public evidence of a Stellantis- or Peugeot-specific research and development facility, technology partnership, innovation laboratory, or accelerator programme operating within Israel has been identified. Stellantis’s principal R&D centres are located in France (Vélizy-Villacoublay, Poissy), Italy (Turin), Germany (Rüsselsheim), and the United States (Auburn Hills, Michigan).111

Parent and beneficial ownership structure. Peugeot is a brand owned by Stellantis N.V., a Dutch-incorporated holding company formed in January 2021 from the merger of PSA Group (France) and Fiat Chrysler Automobiles (FCA).12 Disclosed major shareholders of Stellantis N.V. as of 2023–2024 are as follows:1312

No Israeli sovereign, institutional, or corporate entity appears among Stellantis’s disclosed major shareholders in any regulatory filing or investor relations document reviewed.139

Exor N.V. subsidiary holdings. Exor N.V.’s disclosed portfolio includes Ferrari, CNH Industrial, PartnerRe (reinsurance), The Economist Group, and other holdings.14 No publicly disclosed direct investment by Exor N.V. in Israeli-domiciled companies or Israeli sovereign bonds has been identified in Exor’s published annual reports through 2023. However, Exor’s annual report disclosures do not enumerate individual minority fund positions or bond holdings comprehensively, and full exclusion of Israeli-domiciled portfolio positions cannot be confirmed without direct disclosure review.14

Bpifrance separate holdings. Bpifrance holds a diversified portfolio of French and European companies as part of its public investment mandate. No specific Israeli-domiciled investment by Bpifrance connected to Stellantis or Peugeot operations has been identified in public disclosures.15 The same caveat regarding portfolio comprehensiveness applies as noted for Exor N.V.15

Portfolio and fund exposure. No public evidence has been identified of Stellantis N.V., Peugeot brand entities, or their disclosed major shareholders holding Israeli sovereign bonds or Israel-focused investment fund positions as disclosed portfolio positions in any available filing.1014

Operational Presence & Market Activity

Physical footprint — Israel and OPT. No Stellantis- or Peugeot-owned offices, sales facilities, warehouses, assembly points, or support centres within Israel or the occupied Palestinian territories have been identified in public records. Commercial operations in Israel are conducted entirely through the independent distributor Bram Auto, which maintains a network of showrooms and authorised service centres across Israel under the Peugeot franchise.345

Vehicle use in settlement and West Bank contexts. NGO and human rights reporting — including secondary references from Yesh Din, B’Tselem, and the Who Profits Research Center — has historically documented that Peugeot- and Citroën-branded vehicles are among the vehicle types used by Israeli security forces and military units operating in the West Bank.1617 This reflects vehicle procurement by Israeli government and military entities through the domestic Israeli market via Bram Auto’s distribution network, not confirmed direct OEM supply contracts between Stellantis N.V. and the Israeli state or Israeli Defence Forces. The distinction between civilian distributor sales to government purchasers and direct OEM government contracting is material to assessing the nature and depth of the commercial relationship. No direct OEM-level procurement contract between Stellantis and Israeli government or military entities has been confirmed in publicly available records.1617

Employment and tax contribution. No direct Stellantis or Peugeot employees or corporate tax registrations within Israeli jurisdiction have been identified in public records. Employment and direct tax contribution within Israel are attributable to Bram Auto as the independent distributor, not to Stellantis N.V. or the Peugeot brand entity. Bram Auto’s employee headcount and financial statements are not published in major accessible public databases.4

Market positioning and strategic characterisation. Stellantis’s annual reports segment performance at the regional level. The Middle East and Africa (MEA) region — within which Israel falls — is reported in aggregate and is characterised as a growth region broadly across Stellantis disclosures.621011 Israel is not separately identified as a strategic growth market, regional hub, or country of particular commercial focus in any Stellantis annual report or investor presentation reviewed through the research period.610 Israeli CBS vehicle registration data and Israel Vehicle Importers Association (LMIA) annual data confirm Peugeot as one of several active passenger car brands in the market, without a dominant market share position.185

Corporate Structure & Foundational Ties

Founding and incorporation history. Peugeot was founded in France in 1882 by Armand Peugeot, initially as a manufacturer of tools and bicycles, transitioning to automobile production in the 1890s.12 The company has no founding, incorporation, or historical commercial connection to Israel. PSA Group, Peugeot’s immediate corporate parent prior to the 2021 Stellantis merger, was a French publicly listed corporation headquartered in Paris, France, with no Israeli incorporation history.12

Current legal domicile and headquarters. Stellantis N.V. is legally domiciled in the Netherlands (Amsterdam), incorporated under Dutch corporate law following the January 2021 PSA–FCA merger.129 Operational and functional headquarters activities are distributed across Amsterdam (legal/corporate governance), Paris (Peugeot and PSA legacy operations and engineering), and Turin / Auburn Hills (FCA legacy operations).129 No Israeli registered address, secondary domicile, or branch registration exists in publicly available disclosures.

French state institutional linkage. Bpifrance, the French state investment bank operating under the authority of the French Ministry of Economy, holds approximately 6.2% of Stellantis N.V. shares as of 2022–2023 regulatory disclosures.1315 This establishes the French state as an indirect institutional shareholder of Stellantis N.V. This is a French state linkage, not an Israeli state linkage. No Israeli government ownership stake, board appointee (whether on the Supervisory Board or the Board of Directors), state-directed procurement designation, or characterisation of Stellantis or Peugeot as Israeli critical national infrastructure has been identified in any public record.13915

Governance structure. Stellantis N.V. operates under a two-tier governance structure consistent with Dutch corporate law, comprising a Board of Directors and a Supervisory Board.9 The Articles of Association and corporate governance documentation reviewed do not contain golden shares, founder shares, special voting rights linked to state actors, or charter provisions tying the company’s operations or mission to any specific country, including Israel.9 Bpifrance’s shareholding does not carry special governance rights beyond standard shareholder rights at its current ownership level.915

No sanctioned-entity or restricted-party designations. No public record of Stellantis N.V. or any Peugeot brand entity appearing on OFAC, EU, UN, or comparable sanctions lists in connection with Israeli settlement activity, OPT-related commerce, or related designations has been identified.819

Profit Repatriation & Economic Contribution

Revenue attribution — no Israel-specific disclosure. Stellantis N.V. does not disclose Israel-specific revenue in its annual reports, interim results, or segment reporting.610 Revenue is reported at the regional segment level. The Middle East and Africa (MEA) segment reported aggregate net revenues of approximately €19.2 billion in full-year 2023, encompassing all markets across the region without country-level disaggregation for Israel.610 No Israel-specific revenue figure is published by Stellantis in any public filing reviewed.

Profit flow mechanics under franchise distribution. Under the franchise distribution model operative in Israel, Bram Auto purchases vehicles from Stellantis at transfer/wholesale prices, takes title at the point of delivery, imports them under its own importer-of-record status, and sells them to Israeli end customers.34 The profit flow is directionally outward from Israel to Stellantis: Peugeot/Stellantis receives wholesale revenue (incorporating OEM margin) from Bram Auto in exchange for the vehicles supplied. Retail profit generated from Israeli end-customer sales accrues to Bram Auto as the Israeli-domiciled distributor, after the OEM transfer price has been paid to Stellantis. No profit flow from Stellantis into Israel in the form of dividends to Israeli shareholders, royalties paid to an Israeli entity, or capital repatriation to an Israeli beneficiary has been identified in public records.364

Economic ecosystem role within Israel. No publicly available government designation, industry report, Israeli economic ministry assessment, or sector study characterising Peugeot or Stellantis N.V. as a key employer, sector anchor, strategic infrastructure provider, or priority inward investor within the Israeli economy has been identified.185 Within the Israeli automotive distribution sector, Bram Auto operates as one among several franchise importers covering multiple brands. Israeli Central Bureau of Statistics vehicle registration data and LMIA annual data confirm Peugeot brand presence in the Israeli passenger car market without indicating dominant market share or strategic market significance at the OEM level.185

Dividend and capital repatriation flows. Stellantis N.V. distributes dividends to its shareholders — principally Exor N.V., Bpifrance, Dongfeng Motor, and free-float institutional investors — pursuant to its Dutch-law dividend policy.1310 No Israeli entity, Israeli sovereign wealth vehicle, or Israeli institutional investor appears among the disclosed major beneficiaries of Stellantis dividend distributions. Stellantis does not repatriate profits to Israel; the direction of any Israel-adjacent financial flow is from Israel (via Bram Auto’s wholesale purchases) to Stellantis’s European-domiciled group.136

End Notes

Footnotes

  1. https://www.stellantis.com/en/company/our-factories ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  2. https://www.stellantis.com/en/brands/peugeot ↩ ↩2 ↩3 ↩4 ↩5

  3. https://www.peugeot.co.il ↩ ↩2 ↩3 ↩4

  4. https://www.gov.il/en/departments/the_registrar_of_companies ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  5. https://www.lmia.org.il ↩ ↩2 ↩3 ↩4 ↩5

  6. https://www.stellantis.com/en/investors/results-and-presentations/annual-reports ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  7. https://www.amnesty.org/en/latest/research/2023/ ↩

  8. https://www.ohchr.org/en/hr-bodies/hrc/regular-sessions/session31/database-business-settlement ↩ ↩2

  9. https://www.stellantis.com/en/investors/corporate-governance ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  10. https://www.stellantis.com/en/investors/results-and-presentations/full-year-results ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  11. https://www.stellantis.com/en/news/press-releases ↩ ↩2

  12. https://www.reuters.com/business/autos-transportation/psa-fca-merge-form-stellantis-2021-01-16/ ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  13. https://www.stellantis.com/en/investors/shareholders ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  14. https://www.exor.com/en/investors ↩ ↩2 ↩3

  15. https://www.economie.gouv.fr/agence-participations-etat ↩ ↩2 ↩3 ↩4 ↩5

  16. https://www.yesh-din.org/en/ ↩ ↩2

  17. https://www.whoprofits.org/companies/sector/automotive ↩ ↩2

  18. https://www.cbs.gov.il/en/Pages/default.aspx ↩ ↩2 ↩3

  19. https://www.ohchr.org/en/business-and-human-rights ↩