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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Climate XChange’s Annual EV Raffle is back for the 10th year running – and for the first time ever, Climate XChange has two raffle options on the table! The nonprofit has helped lucky winners custom-order their ideal EVs for the past decade. Now you have the chance to kick off your holiday season with a brand new EV for as little as $100.
About half of the raffle tickets have been sold so far for each of the raffles – you can see the live ticket count on Climate XChange’s homepage – so your odds of winning are better than ever.
But don’t wait – raffle ticket sales end on December 8!
Climate XChange is working hard to help states transition to a zero-emissions economy. Every ticket you buy supports this mission while giving you a chance to drive home your dream EV.
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The Luxury Raffle
- Grand Prize: The winner can choose any EV on the market, fully customized up to $120,000. This year, you can split the prize between two EVs if the total is $120,000 or less.
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- Grand Prize Drawing: December 12, 2025.
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- Grand Prize: Choose any EV on the market, fully customized, up to $45,000. This is the perfect raffle if you’re ready to make the switch to an EV but aren’t in the market for a luxury model.
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- Ticket price: $100.
- Only 3,500 tickets will be sold for the Mini Raffle.
Why it’s worth entering
For a decade, Climate XChange has run a raffle that’s fair, transparent, and exciting. Every ticket stub is printed, and the entire drawing is live-streamed, including the loading of the raffle drum. Independent auditors also oversee the process.
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How to enter
Go to CarbonRaffle.org/Electrek before December 8 to buy your ticket. Start dreaming up your perfect EV – and know that no matter what, you’re helping accelerate the shift to clean energy.
Who is Climate XChange?
Climate XChange (CXC) is a nonpartisan nonprofit working to help states pass effective, equitable climate policies because they’re critical in accelerating the transition to a zero-emissions economy. CXC advances state climate policy through its State Climate Policy Network (SCPN) – a community of more than 15,000 advocates and policymakers – and its State Climate Policy Dashboard, a leading data platform for tracking climate action across the US.
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The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.
CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.
I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.
You can see my review video below.
The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.
A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.
It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.
My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.
But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.
At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.
If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a big Tesla Robotaxi setback, the new Mercedes-Benz CLA EV, Bollinger is over, and more.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. Sales end on Dec. 8th for its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
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