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Stellantis earnings rise along with EV sales

AMSTERDAM — Automaker Stellantis on Wednesday reported its earnings grew in 2022 from a year earlier and said its push into electric vehicles led to a jump in sales even as it faces growing competition from an industrywide shift to more climate-friendly offerings. Stellantis, formed in 2021 from the merger of Fiat Chrysler and FranceÂ’s PSA Peugeot, said net revenue of 179.6 billion euros ($191 billion) was up 18% from 2021, citing strong pricing and its mix of vehicles. It reported net profit of 16.8 billion euros, up 26% from 2021. Stellantis plans to convert all of its European sales and half of its U.S. sales to battery-electric vehicles by 2030. It said the strategy led to a 41% increase in battery EV sales in 2022, to 288,000 vehicles, compared with the year earlier. The company has “demonstrated the effectiveness of our electrification strategy in Europe,” CEO Carlos Tavares said in a statement. “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.” The automaker is competing in an increasingly crowded field for a share of the electric vehicle market. Companies are scrambling to roll out environmentally friendly models as they look to hit goals of cutting climate-changing emissions, driven by government pressure. The transformation has gotten a boost from a U.S. law that is rolling out big subsidies for clean technology like EVs but has European governments calling out the harm that they say the funding poses to homegrown industry across the Atlantic. Stellantis' Jeep brand will start selling two fully electric SUVs in North America and another one in Europe over the next two years. It says its Ram brand will roll out an electric pickup truck this year, joining a rush of EV competitors looking to claim a piece of the full-size truck market. The company plans to bring 25 battery-electric models to the U.S. by 2030. As part of that push, it has said it would build two EV battery factories in North America. A $2.5 billion joint venture with Samsung will bring one of those facilities to Indiana, which is expected to employ up to 1,400 workers. The other factory will be in Windsor, Ontario, a collaboration with South KoreaÂ’s LG Energy Solution that aims to create about 2,500 jobs. The EV push comes amid a slowdown in U.S.

Stellantis and LG launch joint venture for North American battery plant

Stellantis has struck a preliminary deal with battery maker LG Energy Solution (LGES) to produce battery cells and modules for North America, as the world's No. 4 automaker rolls out its 30 billion euro ($35 billion) electrification plan. Global automakers are investing billions of euros to accelerate a transition to low-emission mobility and prepare for a progressive phase-out of internal combustion engines. Stellantis and LGES's joint venture will produce battery cells and modules at a new facility with an annual capacity of 40 gigawatt hours (GWh), the two firms said on Monday. No financial details of the deal were provided. The plant is scheduled to start production by the first quarter of 2024, with groundbreaking expected in the second quarter of 2022, the companies said in their statement. Its location is under review and will be announced later. Stellantis, formed in January from the merger of Italian-American automaker Fiat Chrysler and France's PSA, has said it wants to secure more than 130 GWh of global battery capacity by 2025 and more than 260 GWh by 2030. The batteries produced under the deal will supply Stellantis' U.S., Canadian and Mexican assembly plants for installation in hybrid and fully electric vehicles, supporting its goal of e-vehicles making up more than 40% of its U.S. sales by 2030. The company, whose brands include Peugeot, Fiat, Opel and U.S. best-sellers Jeep and Ram, earlier this year announced it would invest more than 30 billion euros through 2025 on electrifying its vehicle lineup. Stellantis has said it would build three battery plants in Europe and two in North America, including at least one in the United States. Intesa Sanpaolo analyst Monica Bosio said the deal was positive, and a further step ahead in Stellantis' electrification process. It comes weeks after Stellantis and its partner TotalEnergies agreed to open up their battery cell joint venture ACC to Daimler, to expand their European sourcing of battery cells. Stellantis is also targeting more than 70% of sales in Europe to be of low-emission vehicles by 2030, and aims to make the total cost of owning an EV equal to that of a gasoline-powered model by 2026. Related video: Green Plants/Manufacturing Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall Electric Hybrid EV batteries LG

Ram is 'actively and aggressively' looking at smaller trucks

We sat down with Ram CEO Mike Koval Jr. at the Detroit Auto Show, and he dropped a number of interesting tidbits about some of Ram's plans for the near future. In particular, he made it sound like Ram is seriously considering adding smaller trucks to its lineup. But it also has bigger pickup reveals coming up both for the heavy duty line and our first look at what will become the electric Ram 1500. With smaller trucks, Koval's exact words were that they are "actively and aggressively" looking at trucks smaller than the current  Ram 1500. We asked specifically about midsize trucks, but he added that they're also quite interested in even smaller vehicles than that, which in the U.S., at least, would be Maverick-sized. Koval also noted that Ram might be able to leverage Stellantis' wide array of brands for additional models. Another factor that may have Ram interested in smaller options is that it's expanding in other markets. Koval said Ram has seen record sales in international markets, with standouts being South America and Australia. As for potential platforms for smaller Rams, the Gladiator platform would seem like a strong choice for a midsizer, since it's a traditional truck construction-wise, is already U.S.-certified, and has gone through some truck reinforcements. Outside American options, Peugeot sells a small to midsize pickup called the Landtrek, which was co-developed with a Chinese company. Ram also sells sub-compact pickups in Mexico and South America that are Fiat-derived. These latter two options would probably require significant alterations to bring them up to the refinement and performance standards of U.S. buyers, though. Koval also gave us a little hint at more concrete Ram product reveals in the near-term. Apparently it will have a major Ram HD announcement in October. He wouldn't say what exactly, though. With Ford Super Duty getting a refresh soon, we wouldn't be surprised if the same will be happening with the Ram HD. After the HD, Ram will show the Revolution concept in November, which will preview the electric Ram 1500. With a date like that, we're betting a reveal at or near the L.A. Auto Show. The production Ram 1500 electric pickup will be coming in 2024, and it will be accompanied by some sort of plug-in hybrid, possibly in a range-extender series-hybrid setup. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.