Chris Feuell, CEO of the Chrysler brand of Stellantis, introduces the all-electric Chrysler Airflow Concept vehicle during a Stellantis press event at CES 2022 at the Las Vegas Convention Center on January 5, 2022. in Las Vegas, Nevada.
Alex Wong | beautiful pictures
Stellantisformerly known as Fiat Chrysler, plans to double sales to 300 billion euros ($335 billion) by 2030, CEO Carlos Tavares announced Tuesday.
The automaker plans to do so while maintaining double-digit operating margins as it primarily transitions to all-electric vehicles, Tavares said in an investor presentation outlining the plan. Stellantis business plan to 2030.
Stellantis – the world’s fourth largest car manufacturer – plans to increase its software-based businesses and services and sell 5 million all-electric vehicles by 2030, including all passenger car sales in Europe and 50% of passenger cars and light trucks in the US
“We are transforming and we are moving fast to become a mobile technology company,” Tavares said during the event.
The carmaker plans to generate more than 20 billion euros ($22.3 billion) in industrial free cash flow by 2030. It is also targeting a dividend payout ratio of 25% to 30% and intends to repurchase up to 5% of its common shares outstanding by 2025.
The announcements did little to help the company’s stock. Shares of Stellantis on the New York Stock Exchange on Tuesday fell about 3% during pre-market trading to $17.69 per share.
Stellantis was formed by the merger of Fiat Chrysler and France-based Groupe PSA in January 2021. It has 14 individual car brands such as Alfa Romeo, Chrysler, AvoidFiat, Jeep and Peugeot.
Tavares said the automaker plans to launch at least 25 new all-electric models in the US by 2030. Among the first ones will be a small Jeep SUV next year and an electric Dodge muscle car.
Stellantis is investing 30 billion euros ($34 billion)) in the tram and supporting technologies by 2025.
This is an evolving story. Check again for updates.
