Other well-known Detroit brands, like Ram and Dodge, will also shift more of their lineups to electrics as Stellantis, a car company formed last year through the merger of PSA Group and Fiat Chrysler Automobiles NV, revealed new targets to reduce carbon emissions and boost sales of emissions-free vehicles.

By 2030, the company said it wants half of its sales in the U.S. and all of its sales in Europe to be fully electric models. It also plans to add more than 75 new battery-electric models to its global lineup in that time frame.

“The competition is fierce, and we are ready to take on the fight for the top spot,” Mr. Tavares said during the roughly three-hour presentation.

The company’s stock was down 6.7% in late-morning trading Tuesday.

Mr. Tavares, the former PSA Group chief who has led Stellantis for a little more than a year now, is racing to catch up with

General Motors Co.

,

Volkswagen AG

and other rivals that have in recent years taken bold steps to transition their global operations to electric vehicles. Traditional auto makers are also confronting stiffening competition from

Tesla Inc.

and other new electric-vehicle startups like Rivian Automotive Inc. that have captured the minds and wallets of investors.

Mr. Tavares has previously said Stellantis plans to spend more than $35.5 billion on electric vehicles through 2025, a figure that is roughly on par with its competitors.

On Tuesday, he offered a more detailed look at the company’s longer-range plans in the U.S. and overseas, including outlining new financial targets.

By 2030, Stellantis said it aims to more than double revenue globally to $337 billion, while sustaining double-digit operating margins through the entire period.