Auto giant Stelantis posts record annual profit, announces share buyback

Engines assembled August 18, 2022 at the Stellantis Dundee Engine Complex in Dundee, Michigan.

Bill Prigliano | Getty Images

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

The Dutch-based company, founded in 2021 by the merger of Italian-American conglomerates Fiat Chrysler Group and French PSA Group, said its net sales grew 18% to reach €179.6 billion. says. translation effect. “

Carlos Tavares, CEO of Stellantis, said the results are in line with the company’s electrification strategy in Europe, with 288,000 battery and electric vehicles (BEVs) sold in 2022, with 23 BEVs currently on the market. It also showed the effectiveness of

That number is expected to double to 47 models by the end of 2024, and Stellantis is targeting 5 million BEV sales globally by 2030.

“Starting with the first fully electric Ram vehicle from 2023 and Jeep from 2024, we have the technology, products, raw materials and a complete battery ecosystem to lead the same transformational journey in North America,” Tavares said. .

“We are deeply grateful to each and every one of our employees and partners for their contribution to a more sustainable future.”

The company also announced that it would pay shareholders a dividend of €4.2 billion, equivalent to €1.34 per share, subject to shareholder approval, and the Board of Directors announced a €1.5 billion share buyback to be implemented by the end of 2023. approved.

Stellantis is one of the world’s largest automakers, known for its individual car brands such as Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.

Stellantis shares rose 1.6% during early trading in Europe.

Correction: The headline of this article has been updated with an accurate description of the $4.47 billion dividend. Auto giant Stelantis posts record annual profit, announces share buyback

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