June 3, 2023

Great Indian Mutiny

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Stellandis is looking for its “third engine” in Morocco, India and Turkey

John Elkann, chairman of Stellandis, appeared before shareholders and congratulated himself on the results achieved at the end of the 2022 financial year. In his words, “We posted solid financial results (…) we are in the top three. in our sector by revenue and margins and fWe were number one with an absolute operating profit of 23.2 billion euros”.

He also explained that we understand that we are at a critical juncture in the automobile industry. Electrification, software development and vertical integration of processes They were sectors where Stellandis gained momentum.

He further noted, “We are leveraging our scale and synergies to leverage one of our greatest competitive advantages: our diversity. With more than 160 nationalities, we are one of the most diverse companies in the world. We bring people and ideas together across borders. And cultures, with an industry in nearly 30 countries.” With operations and customers in more than 130 markets, we offer products and services through our 14 iconic brands and 2 Mobility Services businesses.”

In this sense, Elkann was reassuring Stellandis will continue to work on the construction of what he calls his “third engine.”. Besides Europe and North America, the group has its roots, It plans to expand into South America, Africa, the Middle East, India and Asia Pacific. To this end, “doubling our industrial capacity in Morocco; we commit to developing and strengthening our industrial operation in India; we continue our market leadership in Brazil, Argentina and Chile; and, earlier this year, we announced the expansion. of our business in Turkey with Tofas”.

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Currently, the group employs 272,000 people, who benefited from compensation of 2,000 million euros linked to the 2022 results, 200 million more than what was awarded last year.

Regarding the future strategy, John Elkann mentioned promoting the circular economy. Italian plant in Mirafiori, where a circular core is made. Work centered around electric vehicles, with a 41 percent increase in global sales in Europe.

“We are accelerating the electrification race 23 models of electric vehicles already in the market and new iconic products like the Ram 1500 REVElkann announced that we will deliver 47 electric vehicles to our customers by the end of next year. And by the end of the decade, 75 percent of the world will have electricity.”