Jeep and Fiat owner Stellantis said that it would invest 60 billion euros in a five-year push to restore profitability by emphasizing growth in North America and reducing capacity in Europe.
The strategic blueprint presented in Michigan comes after a series of announcements by CEO Antonio Filosa.
“We are uniquely positioned to offer delight, functionality, and affordability,” Filosa said in a statement as the Italian-French-American auto giant seeks to pivot from deep losses in 2025.
Stellantis will trim its annual costs by 6 billion euros in 2028 compared with 2025. It is targeting annual sales of 190 billion euros in 2030 from 154 billion euros in 2025.
Investors appeared unconvinced, with shares falling more than 7 percent at one point before finishing up 0.4 percent in New York.
The company said it would focus in particular on four of its 14 brands—Jeep, Ram, Peugeot, and Fiat—where it would concentrate 70 percent of its planned investments, viewing these names “with their multi-regional presence, as natural first launchers for all new global assets.”
In one key decision, Stellantis plans to trim European production capacity by 20 percent.
The Europe capacity cuts will result in a reduction of 800,000 vehicles per year.
Filosa said there would be no plant closures.
The company is eyeing a 35 percent rise in volumes for the U.S. market alone, where it plans seven new products priced below $40,000 and two at less than $30,000.
The plan includes adding a retail presence in U.S. markets.
The automaker announced plans to launch more than 60 new vehicles and 50 significant refreshes across all brands by 2030.
