Stellantis NV (NYSE:STLA), the automotive giant behind brands like Fiat, Ram, and Peugeot, has outlined a bold strategy to outpace Ford Motor Co (NYSE:F) in the global market for electric vehicle (EV) pickups and vans within the coming four years.
What Happened: According to a report by Electrek, Stellantis has plans to expand its footprint in Africa and cater to the needs of midsize businesses. The company is targeting a twofold increase in its revenues from pickups and vans by 2030, aiming for 40% of its global commercial vehicles to be powered by electricity or hydrogen by the same year.
Light commercial vehicles (LCVs) yield half of Stellantis’ profits and constitute a third of its revenue. With 1.6 million vehicles sold in the past year, Stellantis is trailing Ford by a mere 400,000 units. The company forecasts that it will sell a total of 1.8 million vehicles this year. To manage its LCV business, Stellantis has set up a new unit named Pro One.
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