{"id":206580,"date":"2021-08-03T10:08:30","date_gmt":"2021-08-03T14:08:30","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=206580"},"modified":"2021-08-03T10:41:36","modified_gmt":"2021-08-03T14:41:36","slug":"stellantis-beats-expectations-reports-10-1b-profit","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2021\/08\/stellantis-beats-expectations-reports-10-1b-profit\/","title":{"rendered":"Stellantis Beats Expectations, Reports $10.1B H1 Profit"},"content":{"rendered":"\n

Stellantis, the company created by the merge of Fiat Chrysler and PSA, is off to a fast start in first half of 2021 as revenues climbed 46% to 75.3 billion euro, or more than $87 billion, while it posted operating profit of 8.6 billion euro or $10.1 billion. <\/p>\n\n\n\n

\"Stellantis
Stellantis CEO Carlos Tavares touted the company’s profit margin was 16.1% during first half of the year.<\/figcaption><\/figure><\/div>\n\n\n\n

CEO Carlos Tavares said the company\u2019s margin in North America was 16.1% thanks to strong sales of light-duty trucks and Jeep-branded vehicles. In addition, the company\u2019s strong start after the merger produced synergies \u20ac1.3 billion of net cash in the first six months of 2021.  <\/p>\n\n\n\n

The company’s performance was hampered by losing 20% of its planned production<\/a><\/u><\/strong> in the first half, leaving it with negative cash flow, Stellantis executive said.<\/p>\n\n\n\n

\u201cI would like to thank warmly all Stellantis employees for their outstanding focus on operational excellence and synergies execution that have led the company to achieve very strong H1 financial results,\u201d Tavares said in a statement. <\/p>\n\n\n\n

\u201cWhile delivering this strong operational performance the company also made significant progress on strategic matters related to electrification acceleration and software, which are fundamental pillars of our strategy.\u201d <\/p>\n\n\n\n

Company\u2019s results driven by two places<\/h2>\n\n\n\n
\"2021
The Jeep Wrangler 4xe is now the best-selling plug-in hybrid.<\/figcaption><\/figure><\/div>\n\n\n\n

\u201cWe have strong engines pulling us forward, Europe and North America,\u201d said Tavares, who noted the company\u2019s average transaction price of $48,000 in North America topped non-luxury rivals.\u00a0<\/p>\n\n\n\n

The record profitability, with record in the first half Ram Global and U.S. retail sales. The Jeep Wrangler 4xe the best-selling PHEV<\/a><\/u><\/strong> in the U.S for the second-quarter of 2021, following its launch in March 2021. Jeep is expanding market coverage with the forthcoming premium Grand Wagoneer and Wagoneer, he added. <\/p>\n\n\n\n

In Europe, the company\u2019s market share has expanded and the turnaround of FCA\u2019s European operations is under way, he added, helping bolster the profit margin in Europe to 8.8%, he said. <\/p>\n\n\n\n

Stellantis still moving ahead<\/h2>\n\n\n\n
\"2022
The 2022 Jeep Wagoneer and its upscale sibling, Grand Wagoneer, are expected to add to the bottom line in the second half.<\/figcaption><\/figure><\/div>\n\n\n\n

Stellantis posted standalone carbon emission compliance in Europe in the first half, which means it will not have to pay any fines, as market share increased to 23.1%, with light-commercial vehicle leadership at 34.4% share. <\/p>\n\n\n\n

Peugeot is the number two brand with 7.1% first half market share. Opel Corsa was the first-half segment leader in Germany and UK; Fiat was the market leader in Italy during the same period with 500e the No. 1 electric city car<\/a><\/u><\/strong>in 10 countries. <\/p>\n\n\n\n

Maserati is in the black in the first half with adjusted operating income of 29 million euros and first-half market share increasing in all key markets. <\/p>\n\n\n\n

In South America, the company\u2019s overall market share has grown to 23.6%, he said. The company\u2019s China strategy will be in place by the end of the year, Tavares said, \u201cWe are moving quite well.\u201d <\/p>\n\n\n\n

Stellantis\u2019 move into electrification is full speed ahead with the launch of 11 battery electric vehicles and 10 plug-in hybrid vehicles during the next 24 months, Tavares said. The fully electrified LCV range in Europe, along with hydrogen fuel cell medium vans, by end of 2021; a third gigafactory in Italy. In addition, Stellantis is working with Archer to create vertical takeoff vehicles and with Engie EPS to develop fast-charging networks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stellantis, the company created by the merge of Fiat Chrysler and PSA, is off to a fast start in first half of 2021 as revenues climbed 46% to 75.3 billion euro, or more than $87 billion, while it posted operating profit of 8.6 billion euro or $10.1 billion. Get more details at TheDetroitBureau.com.<\/p>\n","protected":false},"author":20009,"featured_media":167056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[7,8,5,1908,1164,1347],"tags":[1989,601,377,1987,1988],"make":[],"post-state":[335],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/206580"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/20009"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=206580"}],"version-history":[{"count":10,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/206580\/revisions"}],"predecessor-version":[{"id":206591,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/206580\/revisions\/206591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/167056"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=206580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=206580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=206580"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=206580"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=206580"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=206580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}