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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Volvo Cars took the wraps off new-for-2026 S90 plug-in hybrid, calling the big sedan the most elegant and comfortable 90 yet, promising nearly 50 miles (80 km) of all-electric range and a comprehensive suite of high-end technology and design updates … but if you’re reading this in English, you probably can’t have one.
The updated Volvo S90 is still blinking into the spotlight, but there are already reports that Volvo Cars has decided against bringing the slick new sedan to the US. And Canada. And the UK. And … you get the idea.
That’s too bad, too – because the SPA S90 has always been a comfortable and capable performer. Alas, sedans aren’t selling, you could get whiplash trying to keep track of all the tariff news these days, and Volvo (like a lot of companies in 2025, frankly), no longer needs the English-speaking world to keep it profitable.
“The S90 is a key part of our product portfolio for the coming years in some of our Asian markets,” says Erik Severinson, Chief Product and Strategy Officer at Volvo Cars. “Together with the new fully electric ES90, the new S90 ensures we have a complete and attractive offering for customers who value safety and want to drive a large, sleek Volvo sedan.”
Invoking the electric-only ES90 EV is a key point here – and Volvo is pushing its marketing heavily into the idea that the PHEV version(s) of the face-lifted luxo-cruiser is “really” an EV, with press copy that reads:
As a plug-in hybrid, the new S90 is an electric car with a back-up plan. It offers 80 kilometers of fully electric range on a single charge under the WLTP testing cycle, while also providing more power when needed. This means that many S90 drivers will be able to do their daily commute with zero tailpipe emissions. Volvo Cars’ data shows that nearly half of the distance covered by the latest plug-in hybrid Volvo cars is powered purely by electricity.
There’s plenty to unpack there – not the least of which is whether or not the cars’ owners will ever actually plug them in. My personal experience with friends and neighbors who own T8/PHEV Volvos now would tell me that they’re more likely than, say, Jeep Wrangler 4xe owners to plug-in … but it hardly matters at this point.
The new S90 will be available to order for customers in China this summer, with selected other markets following later.
Check out some of the official press photos, below, then let us know whether or not you’ll miss seeing new S90s on English-speaking roads in the comments.
Volvo S90 photo gallery
SOURCE | IMAGES: Volvo Cars.
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On today’s fleet-focused episode of Quick Charge, we talk about a hot topic in today’s trucking industry called, “the messy middle,” explore some of the ways legacy truck brands are working to reduce fuel consumption and increase freight efficiency. PLUS: we’ve got ReVolt Motors’ CEO and founder Gus Gardner on-hand to tell us why he thinks his solution is better.
You know, for some people.
We’ve also got a look at the Kenworth Supertruck 2 concept truck, revisit the Revoy hybrid tandem trailer, and even plug a great article by CCJ’s Jeff Seger, who is asking some great questions over there. All this and more – enjoy!
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Thanks to Trump’s repeated executive order attacks on US clean energy policy, nearly $8 billion in investments and 16 new large-scale factories and other projects were cancelled, closed, or downsized in Q1 2025.
The $7.9 billion in investments withdrawn since January are more than three times the total investments cancelled over the previous 30 months, according to nonpartisan policy group E2’s latest Clean Economy Works monthly update.
However, companies continue to invest in the US renewable sector. Businesses in March announced 10 projects worth more than $1.6 billion for new solar, EV, and grid and transmission equipment factories across six states. That includes Tesla’s plan to invest $200 million in a battery factory near Houston that’s expected to create at least 1,500 new jobs. Combined, the projects are expected to create at least 5,000 new permanent jobs if completed.
Michael Timberlake of E2 said, “Clean energy companies still want to invest in America, but uncertainty over Trump administration policies and the future of critical clean energy tax credits are taking a clear toll. If this self-inflicted and unnecessary market uncertainty continues, we’ll almost certainly see more projects paused, more construction halted, and more job opportunities disappear.”
March’s 10 new projects bring the overall number of major clean energy projects tracked by E2 to 390 across 42 states and Puerto Rico. Companies have said they plan to invest more than $133 billion in these projects and hire 122,000 permanent workers.
Since Congress passed federal clean energy tax credits in August 2022, 34 clean energy projects have been cancelled, downsized, or shut down altogether, wiping out more than 15,000 jobs and scrapping $10 billion in planned investment, according to E2 and Atlas Public Policy.
However, in just the first three months of 2025, after Trump started rolling back clean energy policies, 13 projects were scrapped or scaled back, totaling more than $5 billion. That includes Bosch pulling the plug on its $200 million hydrogen fuel cell plant in South Carolina and Freyr Battery canceling its $2.5 billion battery factory in Georgia.
Republican-led districts have reaped the biggest rewards from Biden’s clean energy tax credits, but they’re also taking the biggest hits under Trump. So far, more than $6 billion in projects and over 10,000 jobs have been wiped out in GOP districts alone.
And the stakes are high. Through March, Republican districts have claimed 62% of all clean energy project announcements, 71% of the jobs, and a staggering 83% of the total investment.
A full map and list of announcements can be seen on E2’s website here. E2 says it will incorporate cancellation data in the coming weeks.
Read more: FREYR kills plans to build a $2.6 billion battery factory in Georgia
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