Stellantis, the carmaker formed from the merger of Fiat Chrysler and PSA Peugeot, reported a rise in earnings for 2022 and a surge in sales as its push into electric vehicles (EVs) continues. The company said its net revenue of €179.6bn ($214.9bn) was up 18% from the previous year, while net profit rose 26% to €16.8bn. Stellantis (NYE:SLTA)plans to convert all of its European sales and half of its US sales to battery-electric vehicles by 2030. This strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the previous year. Stellantis CEO Carlos Tavares said the company now has the technology, products, raw materials and full battery ecosystem to lead the same transformative journey in North America. Stellantis is set to start selling two fully electric SUVs in North America and another in Europe over the next two years, while its Ram brand will roll out an electric pickup truck this year.
Stellantis NV Stock Analysis:
Stellantis NV Stock Forecasts: Analysts project a Strong Buy rating and an average target price of $19.50 over the next 12 months, based on the opinions of 3 analysts. Stock Target Advisor’s own analysis of Stellantis NV is Bullish, backed by 12 positive signals and 4 negative signals. Stellantis NV’s current stock price is $16.66 as of the last closing, and it has experienced a -0.15% change over the past week, a +1.46% change over the past month, and a -9.51% change over the past year.
Company Overview
Stellantis N.V. engages in the design, engineering, manufacturing, distribution, and sale of automobiles and light commercial vehicles, engines, transmission systems, metallurgical products, and production systems worldwide. It provides luxury, premium, and mainstream passenger vehicles; pickup trucks, sport utility vehicles, and commercial vehicles; and parts and services, as well as retail and dealer financing, leasing, and rental services. The company offers its products under the Abarth, Alfa Romeo, Chrysler, Citroën, DS, Dodge, Fiat, Fiat Professional, Jeep, Maserati, Ram, Opel, Lancia, Vauxhall, Peugeot, Teksid, and Comau brand names. It sells its products directly, as well as through distributors and dealers. Stellantis N.V. was founded in 1899 and is headquartered in Hoofddorp, the Netherlands.
