image credit: Adobe Stock

Jeep Maker Stellantis to Hand $4.5 Billion to Shareholders

Stellantis STLA -3.64% NV is planning to distribute $4.47 billion in dividends to shareholders and buy back up to $1.60 billion worth of shares after revenue and net profit surged in 2022, a year marked by a steep rise in electric-vehicle sales.

Stellantis and other car makers have had to contend with supply chain snags caused by the war in Ukraine and a surge in Covid-19 infections in China, a key car market.

The maker of the Jeep and Dodge brands on Wednesday posted revenue of 179.59 billion euros, equivalent to $191.20 billion, up 18% on the year. Stellantis sold 288,000 electric vehicles globally last year, a 41% increase from 2021.

Read More on The Wall Street Journal