Editor’s note: This story has been updated to correct the year for Stellantis’ free cash flow target.
Stellantis (NYSE:STLA) announced a new five-year strategic plan on Thursday, committing to a €60 billion ($69.7 billion) investment.
CEO Antonio Filosa announced at the automaker’s investor day that he aims to achieve annual cost savings of €6 billion (about $6.5 billion) by 2028. The plan involves allocating €36 billion (about $39 billion) to launch over 60 new vehicles and major refreshes of 50 existing models, spanning all-electric vehicles, hybrids, and traditional internal combustion engines, reported CNBC.
The rest of €24 billion (about $26 billion) will be directed towards global vehicle platforms and new technologies. Despite a loss of €22.3 billion (about $24 billion) last year, Stellantis expects to achieve positive free cash flow by 2027.
The company also confirmed that none of its 14 automotive brands will be eliminated. However, operations of its DS and Lancia European units will be integrated into Citroen and Fiat, respectively. Fiat has been identified as one of four “global brands” alongside Jeep, Ram Trucks, and Peugot.
