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Auto giant Stellantis reports record annual profit, announces buyback

by SuperiorInvest

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

Bill Pugliano | Getty Images

Automobile company Stellantis reported record full-year results on Wednesday, reporting a 26% rise in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global sales of batteries and electric vehicles.

The Netherlands-headquartered company, formed in 2021 through the merger of Italian-American conglomerate Fiat Chrysler group and France’s PSA Group, said net income rose 18% to 179.6 billion euros thanks to “strong net prices, a favorable vehicle mix and a positive exchange course”. 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 vehicles (BEVs) sold in 2022 and 23 BEVs now on the market.

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

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

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

The company also announced a dividend payment to shareholders of €4.2 billion, equal to €1.34 per share, subject to shareholder approval, while the board approved a share buyback of €1.5 billion to be carried out by the end of 2023 .

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

Correction: The headline for this story has been updated to accurately describe the $4.47 billion dividend.

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