Jeep maker Stellantis aims to double revenue by 2030

Chris Feuell, CEO of 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 | Getty Images

Stellantis, formerly known as Fiat Chrysler, intends to double its revenue to 300 billion euros ($ 335 billion) by 2030, CEO Carlos Tavares announced Tuesday.

The automaker plans to do so while sustaining a double-digit operating profit margin as it largely moves to all-electric vehicles, Tavares said during an investor presentation outlining Stellantis’ business plans through 2030.

Stellantis – the world’s fourth-largest carmaker – plans to increase its software-based businesses and services and selling 5 million all-electric vehicles by 2030, including all passenger car sales in Europe and 50% passenger cars and light-duty trucks in the US

“We are moving, and we are moving fast to be a mobility-tech company,” Tavares said during the event.

The automaker plans to generate more than 20 billion euros ($ 22.3 billion) in industrial free cash flow in 2030. It is also targeting 25% to 30% dividend payout ratio, and intends to repurchase up to 5% of outstanding common shares through 2025.

The announcements did little for the company’s stock. Stellantis shares on the New York Stock Exchange were down Tuesday by about 3% during premarket trading to $ 17.69 a share.

Stellantis was formed by the merger of Fiat Chrysler and France-based Groupe PSA in January 2021. It has 14 individual auto brands such as Alfa Romeo, Chrysler, Dodge, Fiat, Jeep and Peugeot.

The automaker plans to launch at least 25 new all-electric vehicles in the US by 2030, Tavares said. Among the first will be a small Jeep SUV next year and an electric Dodge muscle car.

Stellantis is investing 30 billion euros ($ 34 billion) in electric vehicles and supporting technologies through 2025.

This is a developing story. Check back for updates.

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