Auto giant Stellantis posts record annual profit, announces buyback

An motor undergoes assembly at the Stellantis Dundee Motor Intricate on August 18, 2022 in Dundee, Michigan.

Bill Pugliano | Getty Images

Carmaker Stellantis on Wednesday introduced document full-calendar year success, reporting a 26% rise in net gain to 16.8 billion euros ($17.9 billion) and a 41% annual soar in world wide battery and electric powered auto product sales.

The Dutch-headquartered corporation, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France’s PSA Team, explained net revenues rose 18% to 179.6 billion euros on the back of “solid internet pricing, favorable car or truck mix and positive Forex translation consequences.”

Stellantis CEO Carlos Tavares said the benefits also demonstrated the effectiveness of the company’s electrification method in Europe, with 288,000 battery and electric powered automobile (BEV) income in 2022 and 23 BEVs now on the current market.

This determine is expected to double to 47 versions by the conclusion of 2024, and Stellantis is focusing on global BEV income of 5 million by 2030.

“We now have the technological innovation, the solutions, the uncooked resources, and the complete battery ecosystem to lead that similar transformative journey in North The us, starting with our first fully electrical Ram cars from 2023 and Jeep from 2024,” Tavares said.

“My deep appreciation to each individual and each and every staff, and our companions, for their contributions to a extra sustainable upcoming.”

The business also declared a 4.2 billion euro dividend payout to shareholders equating to 1.34 euros for every share, topic to shareholder acceptance, even though the board permitted a share buyback of 1.5 billion euros to be executed by the conclusion of 2023.

Stellantis is just one of the world’s greatest carmakers and is identified for particular person car makes like Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.

Stellantis shares nudged 1.6% greater through early trade in Europe.

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