Stellantis unveils $70 billion turnaround plan, targets positive cash flow by 2028

Key points

• AUBURN HILLS, Mich.
• — Stellantis said Thursday it plans to invest 60 billion euros (US$69.7 billion) under a new five-year strategic plan by CEO Antonio Filosa that also targets annual cost savings of 6 billion euros by 2028. The plan includes putting 36 billion euros toward the company's massive portfolio of automotive brands to launch more than 60 new vehicles as well as major refreshes of 50 other models, including all-electric vehicles, hybrids and traditional internal combustion engines.
• The other 24 billion euros will be put toward global vehicle platforms and new technologies for the automaker and its products, according to the company.
• Tune in Thursday, May 21, at 10:25 a.m. ET: CNBC's Phil LeBeau interviews Stellantis CEO Antonio Filosa.
• Watch in real time on CNBC+ or the CNBC Pro stream.