Stellantis aims to double revenue by 2030 as it goes electric

Stellantis is eyeing a double-fold increment in its revenue to 300 billion euros ($335 billion) by 2030. The carmaker is aiming to keep its profit margins high as it is gearing up to introduce electric versions of Jeep SUV and RAM pickup trucks. The automaker shared its plans to develop 75 fully-electric vehicles and sell five million EVs a year by 2030.

Formed last year with the merger of Fiat Chrysler and Peugeot maker PSA, Stellantis shared it is expecting EVs to make up cent per cent of its sales in Europe and around 50 per cent in the United States by 2030. Along with this, it will also focus on expanding hydrogen fuel cells for vans and heavy-duty trucks. The automaker will also invest in software for EVs and will use its collaboration with Alphabet's Waymo to create autonomous driving vehicles.

Stellantis Chief Executive Carlos Tavares said as a legacy automaker the company is fully able to design and produce safe products at scale. “Others still have to prove it," he added. Tavares also stressed the company's ability to become a mobility tech company and how it is going to be one soon. Stellantis is aiming to achieve revenues from its new data business, an increasingly important growth area for automakers. It may touch 9 billion euros by the end of the decade, with a gross margin of up to 70 per cent, as per a report by Reuters.

Like other major auto companies, Stellantis is also facing challenges in turning its product range from conventional combustion engines to fully-electric models along with developing self-driving technology, all while competing with Tesla and a number of other electric vehicle startups, mentioned the report.