Stellantis celebrates record global profits

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Global car maker’s impressive numbers come despite its car shipments falling below targets.

Stellantis has posted record global profits of €16.8 billion (AUD$26.1bn) for 2022, up 26 per cent on 2021.

This was only its second full year as a company, having been formed from a merger of the PSA Group and Fiat Chrysler Automobiles (FCA).

CEO Carlos Tavares said: “In addition to our record financial results and the focused execution of the Dare Forward 2030 strategic plan, we also demonstrated the effectiveness of our electrification strategy in Europe.

“We now have the technology, the products, the raw materials and the full battery ecosystem to lead that same transformative journey in North America, starting with our first fully electric Ram vehicles from 2023 and Jeep [vehicles] from 2024.

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“My deep appreciation to each and every employee and our partners for their contributions to a more sustainable future.”

Stellantis recorded an 18 per cent increase in net revenue, at €180bn (AUD$280bn) over 2021’s €152bn (AUD$236.3bn), despite the lingering effects of the pandemic.

Ongoing supply-chain issues (mainly semiconductor chip shortages) hit European production the hardest, with car shipments down 8 per cent on 2021 at 2.6 million.

Despite the drop in shipments, revenue rose 7% to €63bn (AUD$98bn), thanks to price increases and a “favourable” mix of vehicles and powertrains. Top sellers included the Peugeot 308, Fiat Panda, DS 4, Citroën C5 X and Alfa Romeo Tonale.

In North America, Stellantis posted a 23 per cent rise in net revenue to €85bn (AUD$132bn), with car shipments up 2 per cent to 1.9 million. This was due to higher demand for its top sellers, such as the Jeep Grand Wagoneer, Jeep Compass and Chrysler Pacifica.

In the Middle East and Africa, Stellantis posted a 24 per cent net revenue rise, driven by the Opel Mokka, Opel Corsa and Opel Crossland.

It also grew in South America, up 46% thanks to more demand for the Fiat Pulse, Jeep Commander and Citroën C3.

Meanwhile, Stellantis’s electrification push led to a 41% increase in its global EV sales to 288,000.

It currently offers 23 EVs across all markets and has promised to more than double this to 47 by the end of 2024.

Later this year, electric variants of current models will join all-new vehicles like the Jeep Avenger, while the Ram Promaster van will be launched as Stellantis’s first North American EV.

This will push Stellantis towards its target of having more than 75 EVs on sale globally by 2030 and accounting for five million of its annual sales.

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