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Stellantis (NYSE: STLA) today reported record full year 2023 results with net revenues growing 6% year-over-year to €189.5 billion. Net profit rose 11% to €18.6 billion, helped by a 10% gain in operating income due to the non-recurrence of unusual charges in 2022, mainly related to the Takata airbag recall and CAFE penalty adjustments. Significantly, industrial free cash flow increased 19% y-o-y to €12.9 billion. All told, Stellantis shipped ~6,392,600 vehicles during the year. As a result, it proposed a dividend of €1.55 per common share, that’s plus ~16% compared to 2022, pending shareholder approval at the annual meeting on 16 April 2024.
“As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds. Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets,” said Carlos Tavares, CEO. Continue reading
California – Equitable EV Charging for Multi-Family Housing?
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California Assembly member Kevin McCarty (D-Sacramento)* has introduced Assembly Bill 2427, the Equitable EV Charging Act to increase access to electric vehicle (EV) charging for residents of multi-family housing by making it easier to deploy curbside charging. The California Energy Commission (CEC) found that no more than 33% of multi-family housing residents have access to home charging and that lower income residents, and residents who identify as Black, African American, Hispanic, or Latino have the lowest access to home charging.
“The State of California is leading the way to transition our transportation system to 100% zero-emission vehicles, but the millions of drivers who don’t have access to at-home charging are at risk of being left behind,” said McCarty. “If we want all Californians to have access to electric mobility, we must provide them with convenient and affordable public charging options where they already park: the curb.” Continue reading →