Stellantis Divulges Its EV Ambitions

Stellantis NV STLA looks to double revenue to €300 billion ($335 billion) a year by 2030 and keep profit margins high as it steps up efforts to roll out electric versions of its cars, profitable Jeep SUVs, and RAM pickup trucks.

Stellantis aims to forge a deal with the Italian government on a battery plant after Rome pledged to support it, Reuters reports. The battery plant in Termoli, southern Italy, would mark Stellantis' third in Europe.

Stellantis targets 75 battery EV models on the market and will sell five million EVs a year by 2030.

Stellantis looks to adopt an "asset-light" model for its lagging Chinese business keeping only one fully-owned plant and opening up other manufacturing capacities to third parties to lower fixed costs.

Stellantis sees its Chinese revenues reach €20 billion by 2030. Revenues for "China, India and Asia Pacific" totaled €3.9 billion in 2021.

Stellantis sees EVs making up 100% of its sales in Europe and 50% in the U.S. by 2030. Simultaneously, Stellantis will expand hydrogen fuel cells for vans and heavy-duty trucks, investing in EV software and using its partnership with Alphabet Inc GOOG GOOGL Waymo to develop self-driving delivery vehicles.

Stellantis sees €5 billion synergies from its founding merger by the end of 2024, one year earlier than previously targeted. Stellantis sees a third of its online sales to be online by 2030 and revenue from luxury and premium car sales to quadruple by then.

Price Action: STLA shares traded lower by 6.87% at $17.02 on the last check Tuesday.

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