Stellantis N.V., one of the world’s leading automakers, has announced its record-breaking full-year results for 2023. The company reported a 6% year-on-year increase in net revenues, reaching €189.5 billion. Net profit also rose by 11% to €18.6 billion, and industrial free cash flows increased by 19% to €12.9 billion. These impressive results are in line with Stellantis’ Dare Forward 2030 objectives and are supported by concrete actions taken by the company.
CARE: Stellantis is committed to achieving its carbon net zero emission target by 2038. In 2023, the company reduced its scope 1 and 2 absolute emissions by 20% compared to the baseline in 2021. Stellantis also focused on improving customer satisfaction by reducing vehicle defect rates three months after delivery by over 40% compared to the previous year. The company embraced a circular consumption model and opened its first Circular Economy Hub in Italy, which aims to industrialize the recovery and sustainable reuse of materials. Stellantis also launched an employee share purchase plan called “Shares to Win” in Italy and France and signed over 600 collective agreements covering approximately 90% of employees worldwide. The Stellantis Student Awards recognized the dedication to continuous learning and education of more than 600 family members of employees. Additionally, the Stellantis Foundation partnered with CERN to inaugurate the Science Gateway in Geneva, a new outreach center for science education.
TECH: Stellantis is focused on supporting market growth and the electrification push in North America. The company plans to launch 18 additional battery electric vehicles (BEVs) in 2024, bringing the total to 48 models by the end of the year. The all-new Citroën ë-C3, starting at €23,300, is the most competitively priced B-segment EV produced in Europe. The Jeep® Avenger, awarded European Car of the Year 2023, continues to receive top honors. Stellantis has also introduced two new BEV-centric platforms: STLA Medium and STLA Large. The Peugeot E-3008, equipped with the STLA Medium platform, offers a best-in-class range of up to 700 kilometers (435 miles). The STLA Large platform, launching in 2024, will have a range of 800 kilometers (500 miles) and will serve as the foundation for upcoming global vehicles in the D and E segments. Stellantis has secured raw materials sourcing through 2027 and signed an agreement with CATL for the supply of LFP battery cells and modules. The company has also partnered with Ample in battery swapping technology and joined Symbio in inaugurating SymphonHy, the first gigafactory in France producing hydrogen fuel cells. Stellantis is implementing a semiconductor strategy to ensure supply security and drive innovation, including a joint venture with Foxconn called SiliconAuto.
VALUE: Stellantis remains focused on flexibility, execution, resilience, and agility. The company delivered continued growth outside of Enlarged Europe and North America, with a 13% increase in net revenues from the “third engine.” In China, Stellantis invested €1.4 billion in Leapmotor, a pure play NEV OEM, and now holds approximately 21% equity. This investment allows Stellantis to support Leapmotor’s growth in China and global expansion opportunities through the new Leapmotor International joint venture. Stellantis Pro One commercial vehicles achieved market share leadership in EU30 and South America and is the undisputed leader in EU30 BEV sales with a 38.8% market share. The company aims to achieve global leadership by 2027 with its updated and expanded lineup of vehicles. Stellantis’ Data-as-a-Service arm, Mobilisights, created innovative solutions and secured strategic agreements through its custom data packages and data streaming offer.
GUIDANCE AND OUTLOOK: Stellantis expects a supportive revenue backdrop in 2024, including reduced supply and logistical constraints, stabilizing interest rates, and the expansion of its product offering. The company reiterates its commitment to achieving a minimum double-digit adjusted operating income margin in 2024 and positive industrial free cash flow, despite macroeconomic uncertainties.
Stellantis also announced its plans for shareholder approval, including a dividend of €1.55 per common share, an increase of approximately 16% compared to the previous year. The company will also execute a €3.0 billion open-market share buyback program in 2024.
Upcoming events for Stellantis include the Annual General Meeting on April 16, 2024, the release of Q1 shipments and revenues on April 30, 2024, and Investor Day 2024 on June 13, 2024.
Stellantis is committed to providing clean, safe, and affordable mobility to all