Carmaker Stellantis reported a 26 per cent increase in net profit for the year as the Peugeot owner sought to dominate the electric vehicle (EV) market.
Net profits at Stellantis, which produces Citroen, Fiat and Peugeot car brands, rose to €16.8bn (£14.8bn) for 2022, while net revenues jumped 18 per cent to €179.6 billion.
On top of delivering a strong financial performance for the year, the company’s chief executive, Carlos Tavares, said the firm “also demonstrated the effectiveness of our electrification strategy in Europe.”
Tavares said that the company now hopes to roll out that strategy in North America.
“We now have the technology, the products, the raw materials, and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep from 2024,” he said.
The company today also approved a share buyback program of up to €1.5bn, and said it will distribute €2bn to its staff around the world.
“It’s €200m more than last year and it is a fair recognition of the contribution of all Stellantis employees to make Stellantis win in a very demanding economic context,” Tavares said.