Hyperdrive
Stellantis Buyback Drives Shares Higher as Turbulent Year Looms
- Carmaker sees pricing pressure as vehicle supply improves
- Company announces new €3 billion buyback; margins shrink
Stellantis NV rose to a record with plans for a new buyback and higher dividend offsetting warnings of a tough year ahead on softer vehicle prices.
The Jeep maker will repurchase some €3 billion ($3.2 billion) of shares this year, adding to a buyback from last year, the company said Wednesday. The move helped boost shares by as much as 4.9%, with recent share gains pushing the manufacturer’s market capitalization past that of Volkswagen AG.