Stellantis announces a record annual profit and shareholder payout of $4.47 billion

The automaker Stellantis reported record full-year earnings on Wednesday, reporting a 26% increase in net profit to 16.8 billion euros ($17.9 billion) and a 41% increase in global sales of battery- and electric-powered vehicles.

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The Italian-American conglomerate Fiat Chrysler group and France's PSA Group merged to form the Dutch-based firm in 2021. The company reported net revenues of 18% to 179.6 billion euros as a result of "high net pricing, attractive product mix, and good FX translation effects."

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With 288,000 battery and electric vehicle (BEV) sales in 2022 and 23 BEVs already on the market, Stellantis CEO Carlos Tavares said the numbers also illustrated the success of the company's electrification strategy in Europe.

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By the end of 2024, this number is anticipated to have doubled to 47 models, and Stellantis wants to sell 5 million BEVs worldwide by the year 2030.

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With our first fully electric Ram and Jeep cars arriving in 2023 and 2024, respectively, we now have the technology, the goods, the raw materials, and the entire battery ecosystem to lead that same transformative path in North America, Tavares said.

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"I sincerely thank each and every employee, as well as our partners, for their efforts to a future that is more sustainable."

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In addition, the firm announced a 4.2 billion euro dividend payment to shareholders, or 1.34 euros per share, subject to shareholder approval. The board also authorized a 1.5 billion euro share buyback that will be carried out by the end of 2023.

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A profit-sharing payment of $14,760 will be given to qualified United Auto Workers union members working in the United States as a result of the company's record performance in North America. However wages may vary depending on the number of hours worked.

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One of the biggest automakers in the world, Stellantis is well-known for producing certain automobile brands including Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, and Peugeot.

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Early trading in Europe saw a 1.6% increase in Stellantis share price.

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