Stellantis in Auburn Hills has reported net revenue of $204.1 billion in 2023, an increase of 6 percent over 2022, and a net profit of $20 billion, an increase of 11 percent.
“As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds,” says Carlos Tavares, CEO of Stellantis.
“Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets.”
The company also reported it returned $7.1 billion in cash to shareholders through dividends and stock buybacks. This is an increase of 53 percent over 2022’s $4.6 billion. The company announced an open market share buyback program of $3.2 billion for 2024.
Overall, Stellantis shipped 1.9 million vehicles in the North American market for 2023. This compared to 1.02 million in 2022, an increase of 42 percent. Shipments were up 2 percent, mainly due to higher volumes of Jeep Grand Cherokee, Dodge Hornet and Charger, and Ram ProMaster.
Vehicle shipments in Europe went up, with the company shipping 2.8 million vehicles in 2023 compared to 2.6 million in 2022. This increase was driven by Fiat Ducato, the all-new Jeep Avenger, Opel Astra, Peugeot 2008, and Alfa Romeo Tonale.
Sales were also strong in South America. The company shipped 879,000 vehicles in 2023 compared to 859,000 in 2022. Sales increases were led by higher volumes of Fiat Fastback, Citroën C3, Fiat Cronos, Ram Rampage, and Peugeot 208.
Tavares says 2024 should be another busy year for Stellantis. To support overall market growth and the electrification push in North America, 18 additional BEVs will be launched in 2024, reaching a total of 48 models by end of 2024.
Building on 2023 momentum, Tavares says several factors could create strong revenue in 2024, including reduced supply and logistical constraints, stabilizing and potentially reduced interest rates, and the benefits of the company’s expected expansion of its product offering.
In addition to the 2024 $3.2 billion stock buyback, the company intends to cancel the common shares acquired through the share buyback program apart from a portion of up to $538,000, which may be used to service share-based compensation and employee stock purchase plans. The shares will be purchased over a period ending Dec. 31, on the NYSE / Euronext Milan / Euronext Paris stock exchanges.
The share buyback program will be carried out under the authority granted by the general meeting of shareholders on April 13, 2023, which may be renewed or extended, up to a maximum of 10 percent of the company’s capital.
The remaining authorization granted on April 13, 2023, stands at approximately 181 million shares. The purchase price per common share will be no higher than an amount equal to 110 percent of the market price of the shares on the NYSE, Euronext Milan, or Euronext Paris.
The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan, or Euronext Paris.
As of Feb. 15, the company held in treasury a total of 142,090,297 common shares equal to 3.52 percent of the total issued share capital including common shares and special voting shares.
