Auto giant Stellantis posts record annual profit, announces buyback


An engine undergoes assembly at the Stellantis Dundee Engine Complex on August 18, 2022 in Dundee, Michigan.

Bill Pugliano | Getty Images

Carmaker Stellantis on Wednesday announced record full-year results, reporting a 26% rise in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales.

The Dutch-headquartered company, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France’s PSA Group, said net revenues rose 18% to 179.6 billion euros on the back of “strong net pricing, favorable vehicle mix and positive FX translation effects.”

Stellantis CEO Carlos Tavares said the results also demonstrated…

Source cnbc.com

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