Stellantis ended 2023 with growth in the main ones financial indicatorsincluded revenues, profits and cash flows but with a reduction of operating margins especially in the second half of the year.
The CEO Carlos Tavares in any case he defined the results as “record”despite the challenges encountered, underlining that this demonstrates the consolidation of the global leadership position in the sector and the resilience of the company, also in view of a Turbulent 2024. Tavares added that the flexibility of technologies and the roadmap established for the products prepare them to face various future situations, maintaining focus on the objectives of the strategic plan Dare Forward 2030.
Stellantis financial results, 2023 financial statements
Within the report on Stellantis' commercial results in 2023, under net revenues there was a growth of 6% on an annual basisreaching 189.5 billion euroswhile net profit increased by 11% a 18.6 billion euros. Net industrial cash flow increased 19% year over year, reaching 12.9 billion euros.
Global sales of battery electric vehicles (BEVs) increased by 21%, while those of light electrified vehicles (LEVs) by 27%. In the United States, plug-in hybrid vehicles (PHEVs) took first place in sales, followed by light-duty electrified vehicles (LEVs) in second place.
Stellantis 2023 China Business Results
Growth outside Enlarged Europe and North America was driven by the “Third Mover”, which saw a 13% increase in net revenues. In ChinaStellantis invested 1.4 billion euros in Leapmotor, a leading new energy vehicle (NEV) company, acquiring approximately 21% of the capital and launching an international joint venture managed by Stellantis itself. This agreement allows Stellantis to take advantage of Leapmotor's competitiveness both in China and abroad.
Employee rewards
Stellantis has announced that during 2024 it will distribute almost 1.9 billion euros of bonuses to its employees. In particular, in Italyworkers will receive a bonus linked to Specific Collective Labor Agreement (CCSL)which includes a performance bonus provided for by the collective agreement 2023-2026as well as a extraordinary recognition linked to the 2023 financial results announced by CEO Carlos Tavares.
The total prize amounts to 7.2% of the contractual salary, with an average amount of 1,812 euros grossto which will be added an extraordinary recognition of 300 euros gross, bringing the overall disbursement to 8.5%. The overall bonus of 2,112 euros will be paid in April 2024.
Forecast 2024
Stellantis expects a favorable environment for i revenues in 2024, based on the reduction of supply and logistics constraints, the stabilization and potential reduction of interest rates and the expansion of product offerings. The Company is committed to maintaining a adjusted operating profit (AOI) margin double-digit and positive net industrial cash flow, despite macroeconomic uncertainties. It also offers a dividend of 1.55 euros per ordinary shareup 16% from the previous year, with specific dates for NYSE, Euronext Milan and Euronext Paris. Additionally, in 2024, Stellantis will implement an on-market share buyback program of 3.0 billion eurosincluding funds earmarked for stock-based compensation plans and employee stock purchases.
Stellantis strategy for the future
In the development of electrified vehicles, Stellantis leverages above all on new platforms dedicated to electrification. It also launched the platform in 2023 STLA Medium with the Peugeot E-3008, which reaches up to 700 kilometers of autonomy. The platform is arriving in 2024 STLA Largewith a planned range of 800 kilometers, which will be highly flexible and serve as the basis for the next global vehicles of the segments D and E. Stellantis has guaranteed the supply of raw materials until 2027 and has entered into an agreement with CATL for the supply of LFP batteries.
Additionally, a partnership with Ample aims to deliver fully charged EV batteries in less than five minutes. Stellantis also inaugurated SymphonHythe first gigafactory in France for the production of hydrogen fuel cells. The company also focuses on semiconductor supply security and innovation, with the joint venture SiliconAuto with Foxconn which will produce tailor-made chips for automotive vehicle platforms starting in 2026. In 2023, Stellantis Ventures invested in six new startups and signed 49 commercial contracts with new emerging companies.
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