Stellantis ‘needs few years’ to become a leader in commercial vehicles

Stellantis NV (BIT: STLAM) announced plans of pushing for leadership in commercial vehicles on Tuesday. Its shares are still in the red at writing.

Here’s what CEO Tavares said today

The legacy automaker will look for opportunities in Asia and continue to build on its “Pro One” initiative in North America to expand its footprint in commercial vehicles.

Carlos Tavares – the chief executive of Stellantis made the above remark at a press conference in Atessa, Italy. The new line-up will be manufactured at fifteen facilities across five continents, he added.

Wall Street currently has a consensus buy rating on “STLAM” that’s down nearly 10% versus its high in mid-December at writing.

Stellantis is an LCV leader in Europe

Stellantis unveiled its commercial vehicles strategy or the Dare Forward 2030 plan in October.

The automotive giant leads the LCV space in Europe with over 30% market share. In 2023, it sold 1.8 million commercial vehicles globally – up 12% on a year-over-year basis.

Stellantis wants at least half of its annual revenue to come from commercial vehicle sales by 2030, its CEO Carlos Tavares confirmed in a press conference on Tuesday.

The news arrives only days after the European company signed a deal for 250,000 vehicles with Sixt as Invezz reported here. Stellantis is expected to report its quarterly financial results in the third week of February.