Stellantis NV (NYSE:STLA, EPA:STLA) plans to revise its 2030 revenue target for its recycling and reconditioning unit, following a 25% revenue growth this year.
The carmaker’s CEO Carlos Tavares highlighted the impact of volatile raw material prices on the affordability of electric vehicles (EVs) and emphasized the need for a stable supply chain to avoid market fluctuations and reduce inflation.
The company aims to generate €2 billion ($2.2 billion) in revenue by 2030 from its circular economy unit, focusing on recycling and extending the lifespan of parts, including EV batteries.
Stellantis plans to establish three additional facilities, potentially in North America, Latin America, and the Africa Middle East region.
Earlier today, Stellantis announced the repurchase of over $1 billion worth of shares from Chinese auto manufacturer Dongfeng Motor Group, resulting in the cancellation of 50 million common shares, worth €934 million ($1.02 billion). Dongfeng retains a 1.58% stake in Stellantis following the deal.