New York CNN —Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs.
The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money on EVs even as demand has grown.
Ford, the only company to break out results separately for electric and traditional vehicles, reported that it lost $4.7 billion in EVs last year, or more than $40,000 per vehicle.
But he said that EVs, while profitable, are still not as profitable as traditional gas-powered vehicles.
That includes profit sharing for about 38,000 United Auto Workers union members at an average of $13,860, down from $14,760 a year earlier.
Persons:
Carlos Tavares, ”, Tesla, Traveras, Stellantis
Organizations:
New, New York CNN —, Fiat Chrysler, PSA Group, Ford, GM, General Motors, Jeep, Chrysler, Dodge, United Auto Workers, UAW
Locations:
New York, Detroit, EVs, Europe, Paris