Stellantis plans to add affordable entry-level cars and high-performance trucks to its U.S. showrooms over the next five years as part of a 60 billion euros ($70 billion) global turnaround plan.
Why it matters: Expanding into new market segments is a key aspect of Stellantis’ strategy reboot as it tries to reinvigorate its 14 brands and strengthen its financial performance in the hyper-competitive auto industry.
Driving the news: Stellantis pulled back the curtain on its future product lineup during an investor event Thursday in Auburn Hills, Michigan.
In the U.S., the company will add 11 new products across its Jeep, Ram, Chrysler and Dodge brands, and refresh another 12 models by 2030.
Zoom in: It’s putting an increased focus on affordability, with two sub-$30,000 crossovers and seven other models priced below $40,000.
- At the other end of the spectrum, the company is flexing its muscle car heritage with a new line of high-performance Ram truck variants and a two-seat Dodge Copperhead sports car.
- It’s further expanding the Ram lineup at the lower end, with a new mid-size Dakota pickup and a new compact Rampage pickup borrowed from its South American business.
- Overall, Stellantis aims to boost North American sales 35%, from 1.4 million vehicles to 1.9 million units, despite flat industry sales.
The big picture: The turnaround plan from new CEO Antonio Filosa targets faster product development, improved quality, $7 billion in annual cost reductions by 2028 and positive cash flow by 2027.
- In Europe, it’s leaning heavily on partnerships with Chinese carmakers LeapMotor and Dongfeng to develop new models and share factory capacity.
- A total of 60 new vehicles are planned, most of them based on three shared global platforms.
- It will offer a mix of powertrains, including 29 electric vehicles, 24 hybrids, 15 plug-in or range-extended hybrids and 39 traditional gas vehicles.
Four global brands — Jeep, Ram, Peugeot and Fiat — will receive 70% of the product investments, along with the company’s new Pro One commercial vehicles business unit.
- Chrysler, Dodge, Citroen, Opel and Alfa Romeo will remain as regional brands, with DS and Lancia, will survive as specialty brands.
- Maserati, which is adding two electric luxury models, will remain as well, with more details to come, the company said.
- Every brand in Stellantis will play a clear role in delivering our FaSTLAne 2030 commitments,” said Filosa, referring to his five-year strategy.