Automaker Stellantis reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings.
FILE - The Ram 1500 Revolution electric battery powered pickup truck is displayed on stage during the Stellantis keynote at the CES tech show on Jan. 5, 2023, in Las Vegas. Automaker Stellantis has reported its earnings grew in 2022 from a year earlier as it pressed an industrywide strategy to shift into electric vehicles, leading to a jump in sales. The company said Wednesday, Feb. 22, 2023, that net revenue of 179.6 billion euros was up 18% from 2021. It reported net profit of 16.
Stellantis, formed in 2021 from the merger of Fiat Chrysler and France’s PSA Peugeot, said net revenue of 179.6 billion euros was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier.
The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “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 ourThe automaker is competing in an increasingly crowded field for a share of the electric vehicle market.
models as they look to hit goals of cutting climate-changing emissions, driven by government pressure.
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