9:13 am, February 22, 2023
Stellantis today announced record results for 2022 with a net profit that rose by 26 per cent to €16.8bn – circa £14.8bn.
The Amsterdam-headquartered multi-national automotive manufacturing corporation, formed in 2021 after Fiat Chrysler Automobiles and Groupe PSA merged, said revenue was up by 18 per cent to €179.6bn (£158bn).
Adjusted operating income was up 29 per cent to €23.3bn (£20.5bn).
Strong net pricing as well as a favourable vehicle mix were among the factors cited for the increase.
It’s good news for Stellantis employees, too, as they’re to be rewarded to the tune of £1.76bn-plus via profit-sharing and a variable bonus.
The Stellantis board has approved a share buyback programme to the value of up to €1.5bn (£1.32bn), which will be carried out on the open market by the end of 2023.
Meanwhile, a €4.2bn (£3.7bn) ordinary dividend equating to €1.34 (£1.18) per share is to be paid, subject to shareholder approval.
Stellantis saw a 41 per cent increase in global battery-electric vehicle (BEV) sales to 288,000 vehicles in 2022.
Its European electrification strategy was hailed by CEO Carlos Tavares. The manufacturer now has 23 BEVs on the market, with nine more due to be launched this year.
Stellantis’s BEV portfolio is set to more than double to 47 by the end of 2024, with the ultimate target of having over 75 BEVs globally and worldwide BEV sales of five million by 2030.
Tavares said: ‘In addition to our record financial results and the focused execution of the Dare Forward 2030 strategic plan, we also demonstrated the effectiveness of our electrification strategy in Europe.
‘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.
‘My deep appreciation to each and every employee, and our partners, for their contributions to a more sustainable future.’
He added: ‘Thanks to Stellantis’s record performance results achieved in 2022, we will be distributing more than €2bn (£1.76bn) in profit-sharing and variable bonus to Stellantis employees across the world.
‘It’s €200m (£176m) more than last year and it is a fair recognition of the contribution of all Stellantis employees to make Stellantis win in a very demanding economic context.
‘When the company does well, all employees do well – that’s what our pay-for-performance culture is all about.’
The Dare Forward 2030 strategic plan aims to see Stellantis – whose brands include Alfa Romeo, Citroen, Peugeot, Maserati and Vauxhall – doubling its net revenue to €300bn (£264.5bn) by 2030 versus 2021.
During the year, Stellantis deepened its strategic partnership with Archer by announcing plans to jointly manufacture Midnight, Archer’s flagship electric vertical take-off and landing aircraft, to help ease urban transportation congestion.
It also announced plans to buy a ‘substantial’ stake in zero-emission hydrogen mobility company Symbio to speed up development of its hydrogen-powered offerings.
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