Carmaker Stellantis Reports Strong Financial Performance in First Half of 2023
Carmaker Stellantis announced impressive financial results for the first half of 2023, with a 12% increase in net revenues and a 37% surge in net profit. These gains were primarily driven by higher shipments.
Stellantis, known for brands such as Jeep, Dodge, and Peugeot, achieved net revenues of 98.4 billion euros ($108.8 billion) in the second quarter, along with a net profit of 10.9 billion euros. The company has reaffirmed its 2023 guidance and has revised its growth outlook in Europe and the Middle East & Africa from 5% to 7%.
Formed in 2021 through the merger of Fiat Chrysler group and PSA Group, Stellantis is headquartered in the Netherlands. The company reported a 9% year-on-year increase in consolidated shipments, which reached 3.202 million units. This growth can be attributed to the alleviation of supply constraints and normalization of inventory levels.
The sales of Stellantis’ battery electric vehicles (BEVs) and low emission vehicles (LEVs) experienced significant growth, with a 24% and 28% year-on-year increase, respectively. BEV sales reached 169,000 units, while LEV sales reached 315,000 units.
In addition, Stellantis repurchased 700 million euros worth of its own shares during the first half of 2023 and plans to complete its 1.5 billion euro buyback program by the end of the year.
Stellantis CEO Carlos Tavares expressed confidence in the company’s performance, stating that their strong results support the long-term sustainability and goals outlined in their Dare Forward 2030 plan. Tavares emphasized the importance of unity and an open mindset among employees to successfully navigate the company’s transformative journey while overcoming external challenges.
You must log in to post a comment.