The Stellantis group concluded the fiscal year of 2023 with record-breaking financial results, surpassing expectations. This robust financial performance has led to an increase in both the dividend and employee bonus payouts. The group also announced a share buyback scheme. Following this announcement, the company’s shares recorded impressive gains in early trading. The board of directors approved a budget that reflected a net profit of 18.6 billion euros, marking an 11% increase. Simultaneously, revenues surged by 6% to reach a total of 189.5 billion euros. During the next board meeting, the directors will propose a dividend distribution of 1.55 euros per share, signifying a 16% increase.
In addition, Stellantis plans to implement a share buyback program in 2024, which involves a budget of €3 billion. This initiative will be completed within the year and includes €0.5 billion for shares to be allocated to share-based remuneration plans and share purchases by employees. As for the 2024 forecast, the group believes that various factors could create a favorable environment for increased revenues. The stock market responded positively, with the company’s stocks registering a 3.4% gain at 23.36 euros after an initial increase of 1%. CEO Carlos Tavares stated that these record results demonstrate Stellantis’s position as a new global leader in the sector, and its resilience in facing a potentially turbulent 2024.
In terms of rewards, Stellantis announced the distribution of a total of 1.9 billion euros to its employees worldwide. This brings the total payout to 6 billion euros since the establishment of the group three years ago. Italian employees will receive a bonus of 2112 euros each, which is a 10% increase from the 1879 euros received in 2022. Tavares attributed this positive decision to the agreement signed with the union representatives last year, which acknowledges the significant contribution of the Italian workforce towards the company’s success.
Other notable financial data includes a 1% increase in the adjusted operating result to 24.3 billion euros, a 19% rise in net industrial cash flow to 12.9 billion euros, and an available industrial liquidity of 61.1 billion euros. The company’s consolidated delivery volumes surged by 7%, while the global sales of electric cars and low-emission LEV cars increased by 21% and 27% respectively. In the United States, Stellantis leads in the sales of hybrid cars and ranks second in the sales of low-emission cars.
To support the growing demand for electric vehicles in North America, Stellantis will launch an additional 18 BEV models in 2024, bringing the total to 48 electric car models by the end of 2024. The second platform, STLA Large, which is scheduled to be launched in 2024, will offer a range of 800 kilometers (500 miles). This platform, designed specifically for BEVs but capable of accommodating various propulsion systems, including hybrid and internal combustion engines, will serve as the foundation for the next generation of global vehicles in the D and E segments.
