Stellantis CEO compares margins with Tesla, GM ahead of first EV launches in the US
Jeep and Ram owner, Stellantis posted its first-half results Wednesday, showing a 24% rise in global EV sales. Ahead of its North American EV offensive, Stellantis CEO Carlos Tavares said the automaker’s margins were better than that of Tesla and General Motors.
Stellantis CEO calls out Tesla, GM over margins
Stellantis posted a record performance in the first half of 2023 with revenue, adjusted operating income, and net profit all up over last year.
Revenue rose 12% YOY to €98.4 billion ($109B), while net profit came in at €10.9 billion ($12B). Operating income, which many look at to determine profitability, was 14.1%.
Tavares told reporters, following the results, that Tesla is “entering my world the world of tight pricing, cost competitiveness, and the operational issues that a big company like ours may face,” according to Reuters.
Stellantis’s leader pointed out how Tesla’s “profitability moved from more than 17% in the first half of 2022 to 10.5% in the first half of 2023.”
As expected, Tesla’s operating margin fell in the second quarter due primarily to the price cuts throughout the first half of the year, in addition to costs associated with ramping 4680 cell production and increased expenses driven by the Cybertruck, AI, and other projects.
The EV leader’s operating margin has now fallen for three straight quarters, from a peak of 17.2% in Q3 2022 to 9.6% in the most recent quarter, which is still strong compared to the industry average.
Tavares claimed all automakers, including Tesla, would face competition from Chinese EV makers in their home markets. He said:
If we are racing for the bottom in terms of facing the Chinese with price cuts, Tesla will have problems with that strategy before we do, because we are more profitable than Tesla.
Tesla was not the only one, Tavares called out. He also mentioned General Motors, which posted margins of 8.3%.
Stellantis advances EV offensive to the US
Meanwhile, while Tesla continues setting new EV delivery records each quarter, Stellantis has yet to release its first all-electric car in the US.
Despite the success in the EU, the automaker’s first EVs will arrive in North America in the second half of the year, including the RAM ProMaster electric van and a New Fiat 500 EV.
Stellantis says the “BEV offensive” in North America will expand next year with eight new EV models. These include the Dodge Charge Daytona, Jeep Wagoneer S and Recon, and RAM 1500 REV electric pickup.
Tavares commented on the first-half results, saying:
Our outstanding performance in the first half of this year supports our long-term sustainability and our ability to achieve the bold ambitions of our Dare Forward 2030 plan.
Stellantis sold roughly 169,000 electric cars globally during the first half of the year, up 24% YOY, with several new products on the market.
The company says it now ranks third in overall EV sales and number one in commercial EV sales in the EU30.
Stellantis also recently revealed its STLA medium platform, which will be used to underpin future Jeep and Chrysler EVs featuring up to 435 miles (700km) of range with a performance pack.
Electrek’s Take
Despite Stellantis posting a higher margin in the first half of the year than Tesla, the company has a lot of work to do as it aims to reach 100% EV sales in Europe and 50% in the US by 2030.
As other automakers have shown, transitioning factories can be a major hurdle, with costly downtime and other expenses.
The US is Stellantis’s largest revenue driver, where it makes the most money. Tavares has previously mentioned he would likely need to expand its manufacturing footprint in the US and potentially even more in its domestic market.
This is not to mention the investments that will go into securing the EV supply chain to enable it to hit its targets, including batteries and software. All of this comes as EV makers from China continue expanding into key auto markets with low-priced, unique electric models.
For example, yesterday, China’s Geely Group revealed its first Radar R6 electric pickup trucks, which rolled off the assembly line for international markets. The Radar R6 starts at RMB 178,800 (roughly $25K) in China.
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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
Workhorse first showed its W56 medium-duty electric truck at Indiana’s Work Truck Week in 2023, and has sold the trucks to logistics and delivery companies like FedEx and Pride Group – which ordered more than six thousand of the electric vans in 2021, and continues to expand its fleet.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
As part of the approval process, Workhorse completed its registration as a foreign manufacturer under Transport Canada’s Appendix G clearance program. Transport Canada confirmed the vans’ compliance with Canadian Motor Vehicle Safety Standards (CMVSS) for both vehicles – but it remains to be seen if and how the latest tariff-driven trade war between the Trump Administration’s US and Canada will impact Workhorse’s plans to expand throughout North America.
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
SOURCE | IMAGES: Workhorse, via Electric Autonomy Canada.
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![Liebherr developing giant, 140-ton Segway-style autonomous haulers [video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/operational-area-earth-moving-copy.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
Liebherr will show the S1 Vision at this year’s bauma equipment exhibition in Munich, Germany. The design has already been nominated for the bauma Innovation Award in the Mechanical Engineering category – and my money’s on it winning.
Electrek’s Take
This is such goofy, stupid fun that if it was wheelbarrow-sized I’d have three of them. I can’t imagine the insanity of watching one of these things roll across a job site with 100 tons of granite in the bucket – and will have nightmares about the kind of damage it could do if it flipped out like a poorly made Chinese hoverboard clone whipping a toddler across a living room … which, in fairness, would probably get a billion views on Instagram or TikTok or whatever.
I can’t wait.
SOURCE | IMAGES: Liebherr.
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The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
- enclosed cab vs. open canopy
- 32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
Like its counterparts at Volvo CE, the new Hyundai excavator uses automotive-style charging ports to take advantage of existing infrastructure at fleet depots and public charging stations. More detailed specifications, dimensions, and pricing should be announced by bauma.
Electrek’s Take
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
SOURCE | IMAGES: HD Hyundai; via Construction Index, Equipment World.
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