Home » Elkann: “Stellantis accelerates on electrification, among the top three groups for revenues and margins”

Elkann: “Stellantis accelerates on electrification, among the top three groups for revenues and margins”

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Elkann: “Stellantis accelerates on electrification, among the top three groups for revenues and margins”

Stellantis climbs the automotive hit parade and takes third place for revenues and margins and, more importantly, first for absolute operating result. This was announced by the president of the group born from the merger between FCA and PSA, John Elkann, at the shareholders’ meeting in Amsterdam. “In 2022,” Elkann said, “we recorded solid financial results that set us apart from our competitors with a combination of scale and double-digit growth. We are among the top 3 in our sector in revenues and margins and achieved first place in terms of absolute operating profit, which amounted to 23.2 billion euros. I am proud of the way Carlos, the Leadership Team and their colleagues have achieved great results this year, managing the turbulence with creativity and resilience»

Two years ago, announcing the creation of Stellantis, the group led by administrator Carlos Tavares, had expressed the ambition “to lead the way the world moves”. Not without arousing some skepticism in the automotive world. “We are still young, but we are already starting to keep our promise – is Elkann’s answer – In a crucial moment for the sector, we have gained significant momentum on electrification, software development and vertical integration. We continued to innovate, while redefining and increasing mobility for people everywhere. And we have done so in times of great discontinuity, in the face of various crises that have caused exceptional uncertainty”.

Naturally, the chairman explained to the shareholders, the group doesn’t stop there. Relaunch with ambitious goals. Stellantis is building its “3rd engine” with doubling of production capacity in Morocco, commitment to grow in India, expansion in Turkey with Tofas. «Besides Europe and North America, where we have our roots to which we are committed – continued Elkann – we are also building what we call our “third engine”. This “third engine” consists of South America, Africa, the Middle East, India and Asia Pacific. Here are just a few steps we’ve taken to drive progress in these regions: we announced the doubling of our industrial capacity in Morocco; we are committed to grow and strengthen our industrial business in India; we maintained our market leadership in Brazil, Argentina and Chile; And, earlier this year, we announced an expansion of our business in Turkey with Tofas».

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The president of Stellantis therefore announced an acceleration in the electrification race for the entire range. “We have 23 EV models already on the market and new iconic products on the way like the Ram 1500 REV that Carlos unveiled last week at the New York Auto Show. By the end of next year, we will have 47 BEVs for our customers. And by the end of the decade we will have 75 BEVs available worldwide». And again: «We are focused on implementing our decarbonisation strategy through sustainable products and services. Our work to promote the circular economy continued with the inauguration of our first Circular Economy Hub in our historic Italian factory in Mirafiori. Another key element of our decarbonisation work is our leadership in battery electric vehicles, where we recorded a 41% year-on-year increase in global sales in Europe.”

Stellantis’ attention to rigorous environmental policies is accompanied by social and governance policies. Significant percentage of women in leadership positions, approaching goal of 30% by 2025. Women of Stellantis, the company’s first global corporate resources group, celebrated its one-year anniversary, increasing its membership by 67% and national representation by 42%. A curiosity: out of 272,000 employees (who received 2 billion in productivity bonuses), over 60,000 are also shareholders of the company, almost one in four.

Stellantis has already achieved «a very gratifying level of net synergies, amounting to 7.1 billion euros, much higher than the commitment undertaken when the merger was decided» underlined Carlos Tavarres. “The people and employees of Stellantis understand perfectly why the merger made sense, also to ensure the sustainability of the group,” he observed. “The company has gone far beyond its commitments because there is a strong bottom-up contribution from our people.” Stellantis shareholders approved the dividend with 99.9% of votes in favour, the top management remuneration policy with 80.4% and the entry into the board of directors of Benoit Ribadeau Dumas in place of Andrea Agnelli with 81.1%.

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