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.
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.
Already leading the LCV market in Europe and South America, Stellantis has announced that it will revamp its lineup of 12 vans under the Fiat, Peugeot, Citroen, and Opel/Vauxhall brands.
The new lineup, set to be unveiled on Oct. 23, will showcase second-generation zero-emission powertrains, an exclusive hydrogen solution, full connectivity, and top-notch autonomous driving assistance systems.
Key to Stellantis’ ambitious plan to outperform Ford is the forthcoming electric Ram 1500 pickup truck, as well as two other Ram pickup models set to be launched in the next two years, powered either fully by electricity or hydrogen.
Stelllantis unveiled the Ram 1500 REV which is expected to compete against the current EV trucks that are current or incoming in the automotive market.
The GMC HummerEV, the Ford F-150 Lightning, and the Rivian R1T are the only EV trucks that are currently in the market.
The Tesla Cybertruck, the Chevy Silverado EV, and the GMC Sierra EV will be entering the EV truck market in 2024.
Stellantis scrapped its plans for the Chrysler AirFlow as it was planned for 2025.
This ambitious strategy comes on the heels of challenges faced by Stellantis. The company recently had to lay off 570 additional workers in Michigan and Indiana due to impacts from a UAW strike.
Sales of Ford’s F-150 Lightning electric pickup truck, meanwhile, appear to be slow, as the company reduced production capacity at its Rogue, Michigan plant and introduced discounts on certain variants.
Produced in association with Benzinga
