Jeep, Dodge maker Stellantis posts record annual profit, announces $4.47 billion shareholder payout


An engine undergoes assembly at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan.

Bill Pugliano | Getty Images

Carmaker Stellantis on Wednesday announced record full-year results, reporting a 26% rise in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales.

The Dutch-headquartered company, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France’s PSA Group, said net revenues rose 18% to 179.6 billion euros on the back of “strong net pricing, favorable vehicle mix and positive FX translation effects.”

Stellantis CEO Carlos Tavares said the results also demonstrated the effectiveness of the company’s electrification strategy in Europe, with 288,000 battery and electric vehicle (BEV) sales in 2022 and 23 BEVs now on the market.

This figure is expected to double to 47 models by the end of 2024, and Stellantis is targeting global BEV sales of 5 million by 2030.

“We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024,” Tavares said.

Stellantis and Archer team up to manufacture electric aircraft

“My deep appreciation to each and every employee, and our partners, for their contributions to a more sustainable future.”

The company also announced a 4.2 billion euro dividend payout to shareholders equating to 1.34 euros per share, subject to shareholder approval, while the board approved a share buyback of 1.5 billion euros to be executed by the end of 2023.

Stellantis is one of the world’s largest carmakers and is known for individual auto brands like Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.

Stellantis shares nudged 1.6% higher during early trade in Europe.

Correction: The headline of this story has been updated with an accurate description for the $4.47 billion dividend.


Source link