Manufacturing giant Stellantis is targeting double-digit operating profit margins this year with the launch 18 all-electric cars, taking its portfolio to 48 models.

The car maker reported impressive financial performance for the full year of 2023 with net revenues soaring to €189.5 billion, representing a significant 6% increase from the previous year. Net profit reaching €18.6 bn, up by 11%.

The results were underpinned by a robust 7% increase in consolidated shipment volumes with sales of low-emission vehicles surging by a 27% and plug-in hybrid electric vehicles securing the top spot in the US market. Global sales of electric vehicles increased 21%.

2023 launches included the competitively priced B-segment Citroën ë-C3 in addition to the Jeep Avenger. Stellantis also launched the first of four all-new BEV-centric platforms, STLA Medium, on the Peugeot E-3008 with a range of up to 435 miles. The second platform, STLA Large, will be launching in 2024 offering a 500-mile range and which will serve as the foundation for future D and E segment models.

Stellantis also detailed its 2023 investments in raw materials sourcing, battery technology, and semiconductor strategies including its partnership with Ample to swap fully charged EV batteries in less than five minutes. The business also joined Symbio in inaugurating SymphonHy, the first gigafactory in France and Europe's largest integrated site producing hydrogen fuel cells.

Stellantis is returning €6.6bn in cash to shareholders - a 53% increase compared to the previous year. The proposed dividend of €1.55 represents a substantial 16% increase on 2023. Stellantis said it also plans to execute a €3bn open-market share buyback programme during the year.

Looking forward, the business said several factors could help boost sales including reduced supply and logistical constraints, stabilising and potentially reduced interest rates, and the benefits of its planned product expansion.

"Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets,” said Carlos Tavares, Stellantis CEO.