A traditional automaker just turned a profit on EVs
CNN
Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs.
Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs. The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money on EVs even as demand has grown. “Stellatis’ strategy is very different… from the other competitors from Detroit. We’re keeping full speed on electrification,” he told journalists after the company reported its third straight year of record profits since the merger of Fiat Chrysler and PSA Group created the company in 2021. While non-union electric vehicle maker Tesla is the most profitable US automaker, it was losing money until 2019. At that point Tesla was making as few EVs as the legacy automakers, such as Stellantis, Ford and GM, are now manufacturing as they move towards a pure EV lineup. Ford, the only company to break out results separately for electric and traditional vehicles, reported that it lost $4.7 billion in EVs last year, or more than $40,000 per vehicle. General Motors does not break out results for EVs, only saying that it remains on track to become profitable on those vehicles in the second half of this year. Both have pulled back on production plans for EVs in recent months. Stellantis, which makes vehicles at its US plants under the Jeep, Ram, Chrysler and Dodge brands, has been selling EVs in Europe, but will introduce its first EVs to the US market this year.
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