Stellantis' CEO says work with start-ups will help hit financial targets

MILAN (Reuters) -Cooperating with newly launched companies will help Stellantis to meet its financial targets in a fast changing world, CEO Carlos Tavares said as the automaker on Wednesday gave awards to seven technology start-ups.

Tavares emphasised that the company had committed to doubling its revenue to 300 billion euros by 2030 and set 10% as a floor for its margin on adjusted operating profit (EBIT), adding that start-ups can help it achieve this.

"In a Darwinian world, if we do not change we disappear," he said during a web presentation, describing Stellantis, formed at the beginning of 2021 through the merger of established carmakers Fiat Chrysler and Peugeot maker PSA, as a start-up itself.

"An automotive tech company is what we want to be soon," he said.

The world's fourth largest automaker earlier this year launched its first venture capital fund.

Named Stellantis Ventures it has an initial firepower of 300 million euros for investments in start-up companies developing technologies that could be deployed within the automotive and mobility industries.

Tavares said Stellantis Ventures had already signed more than 40 contracts with 40 start-ups.

(Reporting by Giulio Piovaccari and Nick CareyEditing by Keith Weir)