Stellantis profits € 14.1 billion in the first semester

By Redação AutoIndústria | 7/26/23 | Translated by Jorge Meditsch

The first half of 2023 brought very good results for Stellantis. The automotive group that assembles fourteen automobile and light commercial vehicles brands achieved a net revenue of € 98.4 billion, 12% more than in 2022.

The period balance also shows a significant operational profit growth to € 14.1 billion, 11% more than in 2022 and, in special, of the net profit, € 10.9 billion, 37% higher. EBTI was 14.4%, overcoming the analysts’ expectations.

“This incredible performance supports our long-term commitment to sustainability. We are well-positioned for the remainder of 2023 and beyond”, said Carlos Tavares, Stellantis’ CEO, in a note.

The profit margin in Europe reached 10.7%, with a discreet 0.4% increase over 2022. In North America, it reached 17.5%; in North Africa and Medium East, it was 25.9%. In South America, the margin was 14.2%.

The positive financial performance was highlighted by CEO Carlos Tavares, alluding to global competitors such as Tesla and General Motors, which obtained margins of 10.5% and 8.3%.

Nonetheless, the executive stressed that the company must reduce its costs even more to maintain high profitability. According to him, the cost cuts were some of the main first semester’s result boosters.