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    Friday, March 1, 2024

    Stellantis MEA Reports Strong 2023 Performance

    Stellantis MEA's performance in 2023 reflects a steady alignment with the Dare Forward 2030 strategy, focusing on offering mobility solutions that answer the needs of our customers in the MEA region.

    Stellantis Middle East and Africa (MEA) has shown robust performance in 2023, effectively advancing its Dare Forward 2030 objectives despite global challenges. Key achievements include:

    • Net Revenues up 64% versus 2022 to €10.560 billion
    • Shipments up 43% versus 2022 to 616,100 units
    • Adjusted Operating Income (AOI) up by 111% versus 2022 to €2.503 billion
    • Market Share up, reaching 14.9%, a 3-point gain versus 2022
    • LCV Regional Market Position: ranked 2nd in 2023, 1st in Q4 2023
    • Customer centricity: Top Level of Performance of the Group with n.1 position in quality of service and n.2 position in quality of product

    Stellantis MEA's performance in 2023 reflects a steady alignment with the Dare Forward 2030 strategy, focusing on offering mobility solutions that answer the needs of our customers in the MEA region. Market share grew to 14.9%, a notable step towards the 22% leadership market share 2030 goal outlined in the Dare Forward 2030 MEA section of the plan, suggesting an expansion in market presence.

    Samir Cherfan, Chief Operating Officer Stellantis Middle East and Africa commented: “The region is very dynamic, and we have ambitious plans. We are aiming to become the n.1 regional market player with one million vehicles sold by 2030 of which 35% will be electric. We want to move to over 90% regional production autonomy meaning producing in the region for the region, which will position us by far as the most localized player in the region. Thanks to the strong engagement of our employees and partners, we are advancing at full speed in achieving our Dare Forward 2030 strategic plan”.

    These accomplishments highlight Stellantis MEA's pivotal role in Stellantis “Third Engine” and its dedication to growth and customer satisfaction. Progress was made in several strategic areas, including:

    Industrial Expansion:

    • Algeria: start of production of Fiat 500 in December 2023 in Tafraoui plant manufacturing.
    • Morocco: progress in the announced doubling of the production capacity in Kenitra manufacturing facility to reach 400,000 vehicles by 2024 along with 72,000 electric micro-mobility objects with 3 models Citroen Ami, Opel rocks-e and Fiat Topolino that has been added to the product portfolio in 2023.
    • Egypt: Announcement of production with a new automobile plant, enhancing market position and strengthening Stellantis footprint.
    • South Africa: Announcement of the building of a new plant in 2025 with a maximum capacity of 100,000 unites by 2030.
    • Turkey: Production increase with the allocation of “K0” model to Tofaş.

    Product Innovation:

    • 111 Launches across 77 Markets in 2023 of which 21 BEV launches.
    • In 2023, Stellantis made significant strides across diverse regions, from Turkey through the Middle East, North Africa, to Sub-Saharan Africa and South Africa. Fulfilling its commitment to enhancing customer mobility and innovation, the company collected 13 awards for a range of models in various markets.

    Commercial Growth:

    • Turkey: announcement of the merging of all Stellantis commercial activities under one single entity TOFAS enabling increased business synergies and value creation for all Stellantis brands and segments.
    • Morocco: improvement of the distribution setup and network structure. 
    • Algeria: Start of import operations and development of a distribution network with more than 50 points of sales covering 65% of the Algerian territory in less than one year.

    Purchasing Excellence:

    • Reached an annual purchasing value of € 5.6 billion, with a robust development in our supplier ecosystem across the region.

    Building on 2023 momentum, Stellantis MEA enters 2024 with a focused strategy aiming to:

    • Consolidate the Stellantis position in the Mediterranean crown and the French overseas territories by achieving above 30% market share by 2030.
    • Enhance commercial performance across key markets, ramping up in the Middle East, South Africa and sub-Saharan Africa with a market share above 12% by 2030.
    • Continue to build on sourcing autonomy.
    • Make significant strides in micro-mobility.
    • Continue to nurture and hire local talent.

    These efforts will maintain the growth trajectory and continue delivering exceptional value to Stellantis MEA customers and stakeholders.

    For reference, Stellantis MEA strategy is to reach by 2030:

    • Over 22% market share
    • Over 25 % LEV Mix
    • Over 12% Adjusted Operating Margin
    • Around 55 launches
    • A self-sourcing rate above 70%
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    Item Reviewed: Stellantis MEA Reports Strong 2023 Performance Rating: 5 Reviewed By: BrandIconImage
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