Stellantis to launch $70 billion business plan to 2030 with 60 new model offensive

AUBURN HILLS, Michigan, May 21 (Reuters) – Stellantis set out a new 60 billion euro ($70 billion) business plan on Thursday that includes 60 new car models by 2030 – from combustion ​engine to fully electric vehicles – new investments in technology, ‌joint ventures with other carmakers and better use of its manufacturing capacity.

The Franco-Italian carmaker said it would also refocus its approach to its sprawling 14-brand portfolio, with 70% of brand and product investments going to Jeep, Ram, Peugeot ‌and ​Fiat, as well as commercial vehicle unit ⁠Pro One due.

CEO Antonio Filosa ⁠will pitch the strategy later on Thursday to investors at the group’s capital markets day on Auburn Hills, Michigan, marking a major shift in the carmaker’s strategy.

The world’s No. 4 automaker ​seeks to turn its structural disadvantage of having far too much unused factory capacity into a revenue-generating contract manufacturing business for ⁠Chinese automakers in Europe and other ⁠carmakers like Tata Motors unit JLR in the United ​States.

Unlike his predecessor Carlos Tavares who left the automaker’s sprawling portfolio ​of 14 brands largely untouched and spent heavily to develop ‌new tech, Filosa has shown a willingness to focus on the company’s money-making brands and outsource expensive technology development to firms like self-driving startup Wayve.

As part of its new plan, Stellantis has earmarked ⁠24 billion euros for investments in global platforms, powertrains and new technologies, while targeting 6 billion euros in annual cost cuts by 2028 versus ⁠its outlays in ‌2025.

The company also said it is targeting 25% ⁠revenue growth by 2030 in its key North ​American ‌market, with a margin on its adjusted operating ​income (AOI) seen ⁠between 8-10%.

For Europe, its other key market, revenue is expected to grow 15% over the plan period, with an AOI margin seen between 3-5%.

($1 = 0.8615 euros)

(Reporting by Nora Eckert in Auburn Hills, Giulio Piovaccari in Milan and Gilles Guillaume in Paris; writing by Giulio Piovaccari; Editing ​by Susan Fenton)