February 22, 2023
Full Year 2022 Results
Stellantis Delivers Record Full Year 2022 Results; Global BEV Sales Up 41%
Progressing Fast on Dare Forward 2030 Execution
- Net revenues of €179.6 billion, up 18% compared to 2021 Pro Forma(1) reflecting strong net pricing, favorable vehicle mix and positive FX translation effects
- Net profit of €16.8 billion, up 26%(1)
- Adjusted operating income(2) up 29%(1) to €23.3 billion, with 13.0% margin, exceeds 2030 target of >12%; all segments contributing to both top and bottom line growth
- Industrial free cash flows(3) of €10.8 billion, up 78%(1), showing early progress toward 2030 objective of >€20 billion
- Net cash synergies of €7.1 billion, more than two years ahead of €5.0 billion annual steady state target
- Strong balance sheet, with Industrial available liquidity at €61.3 billion
- No. 1 EU30 Commercial Vehicles BEV sales, No. 2 EU30 Overall BEV sales, No. 1 U.S. PHEV sales
- First U.S. BEV, Ram ProMaster, arrives 2023
- 23 BEV nameplates now in market, 9 additional BEVs in 2023
- €4.2 billion ordinary dividend corresponding to €1.34 per share to be paid, subject to shareholder approval
- Board approved program to buyback company shares for a value of up to €1.5 billion, to be executed in the open market by end 2023
All financial comparisons are to FY 2021 Pro Forma(1)
AMSTERDAM - Stellantis N.V. posted record full year 2022 results with €16.8 billion Net profit and €23.3 billion Adjusted Operating Income (AOI), and demonstrated fast progress on Dare Forward 2030 as the Company gained momentum on electrification, software development and vertical integration at a pivotal time for the industry.
“In addition to our record financial results and the focused execution of the Dare Forward 2030 strategic plan, we also demonstrated the effectiveness of our electrification strategy in Europe. 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. My deep appreciation to each and every employee, and our partners, for their contributions to a more sustainable future.”
Carlos Tavares, CEO
Stellantis is already on pace to deliver on its Dare Forward 2030 strategic plan commitments, while working to preserve freedom of mobility. Launched in March 2022, Dare Forward 2030 is built upon three fundamental pillars that will lead the Company to achieve its financial ambition of doubling Net Revenues to €300 billion by 2030 (as compared to 2021), while sustaining double-digit AOI margins throughout the decade.
CARE: Stellantis has the ambition to achieve carbon net zero by 2038 with an intermediate target of cutting carbon emissions in half by 2030(5), compared to 2021 levels. In 2022, the Company reduced its industrial and real estate (Scopes 1 & 2) carbon footprint by 11%(6). As it pushes to become No. 1 in customer satisfaction, Stellantis achieved an ∼30% reduction in vehicle defect rates three months after delivery to the end-customer. All of the Company’s key HR processes have been aligned with its diversity and inclusion commitments and 27% of leadership positions are now held by women, targeting 30% by 2025.
TECH: Stellantis’ electrification push accelerated with a 41% increase in global battery electric vehicle (BEV) sales year-over-year, to 288,000 vehicles in 2022. With 23 BEVs now in market, the BEV portfolio will more than double to 47 by the end of 2024, supporting the target to have more than 75 BEVs globally and global BEV sales of 5 million by 2030. Notably the Jeep® brand revealed the first phase of its BEV offensive with the launch of Jeep Avenger, the first-ever fully electric Jeep SUV and now the European Car of the Year 2023. It also premiered the all-electric Jeep Recon and Wagoneer “S”, both intended for the North American and other major global markets. The Ram brand followed, unveiling earlier this month its highly anticipated all-new, all-electric Ram 1500 REV production version that will be available in Q4 2024.
Stellantis is No. 1 in EU30 Commercial Vehicles BEV sales and No. 2 in EU30 for overall BEV sales with the Fiat New 500 as the No. 1 selling BEV in Italy and the Peugeot e-208 No. 1 in France. The Company is positioned as No. 1 in the U.S. for plug-in hybrid electric vehicle (PHEV) sales, with the Jeep Wrangler 4xe as the No. 1 selling PHEV in both the U.S. and Canada.
The Company confirmed locations for five gigafactories (three in Europe and two in North America), with Automotive Cells Company, Samsung SDI and LG Energy Solution. As vertical integration of raw materials continues to be a focus, separate agreements were signed with Vulcan Energy, Controlled Thermal Resources, Alliance Nickel Limited (formerly GME Resources Limited), Element 25 and Terrafame.
Stellantis deepened its strategic partnership with Archer, announcing plans to jointly manufacture Midnight, Archer’s flagship electric vertical take-off and landing (eVTOL) aircraft to help ease urban transportation congestion. In order to speed development of its hydrogen-powered offerings, the Company announced plans to acquire a stake in Symbio(7), a global leader in zero-emission hydrogen mobility. Additionally, Stellantis Ventures made 10 start-up investments with three projects to launch in 2023.
Stellantis’ software advancements gained ground enabled by the deep partnerships with Amazon, Foxconn and Qualcomm, the hiring of more than 1,500 software engineers, and the ∼700 graduates from the Software and Data Academy. Meanwhile, the development of STLA Brain, STLA SmartCockpit and STLA AutoDrive software platforms is progressing. Prototype road testing to begin in the second half of 2023, with the start of technology production at the end of 2024. With the acquisition of aiMotive, Stellantis enhanced its artificial intelligence and autonomous driving core technology. The acquisition supplements existing work with BMW and Waymo.
The software growth strategy is on track to achieve its 2030 targets of €20 billion Net Revenues and ∼40% Gross Margin, as the business grew by 25% in 2022 vs. 2021. At the end of the year, Stellantis’ monetizable connected car parc (based on 5-year rolling car parc) was ∼13 million vehicles, targeting ∼34 million by 2030. STLA Brain and standardization efforts from legacy systems and solutions to significantly reduce ECUs per vehicle by >50%.
VALUE: Stellantis prioritized its seven accretive businesses to complement its core business and achieved year-over-year(1) growth.
- U.S. Finco operations continued to expand, with approximately 90% of U.S. dealers enrolled to date
- Unveiled fulsome Circular Economy strategy, including first Circular Economy Hub in Italy and strategic partnership with Qinomic to develop proof of concept for electric retrofitting of light commercial vehicles
- Aramis Group reinforced its Europe online pre-owned car sales leadership with acquisitions in Italy and Austria. The Company is also expanding dealer online sales of pre-owned vehicles through Spoticar’s launch in North America in 2023
- Mobilisights, an independent business unit fully dedicated to growing the Company’s data as a service business, launched in January 2023
Importantly, all regions are growing and delivering record profitability. The “Third Engine” – Middle East & Africa, South America, and China and India & Asia Pacific – grew Net revenues by 34% y-o-y(1) and more than doubled its AOI contribution to €3.8 billion for 2022, making progress to achieve the target of more than 25% of the Company’s global Net revenues by 2030.
What Stellantis has demonstrated in its initial two years is just a glimpse of the major impact the Company expects to have on mobility ecosystems in the future.
Regarding the €4.2 billion ordinary dividend corresponding to €1.34 per share to be paid, subject to shareholder approval the expected calendar for NYSE, Euronext Milan and Euronext Paris will be as follows: (i) ex-date April 24, 2023, (ii) record date April 25, 2023, and (iii) payment date May 4, 2023.
On February 22, 2023 at 2:00 p.m. CET / 8:00 a.m. EST, a live webcast and conference call will be held to present Stellantis’ Full Year 2022 Results. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website at www.stellantis.com. The presentation material is expected to be posted under the Investors section of the Stellantis corporate website at approximately 8:00 a.m. CET / 2:00 a.m. EST on February 22, 2023.
- March 29, 2023 Freedom of Mobility Forum, initiated by Stellantis and facilitated by Wavestone
- April 13, 2023 Annual General Meeting
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Stellantis N.V. (NYSE: STLA/ Euronext Milan: STLAM/ Euronext Paris: STLAP) is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com