Stellantis’ Dare Forward 2030 strategic plan is progressing at full speed according to the automaker during a conference call yesterday. With record profitability and accelerating sales of low emissions vehicles (LEVs), which include battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs).
The automaker ranked second in the EU30 market for both BEV and LEV sales, with less than 1,000 units keeping them from first place in LEVs. In the U.S. marketplace, Stellantis ranked third in LEV sales. The company said global BEV sales were up almost 50% year-to-year, with 136,000 units in H1 2022. Stellantis currently offers 20 BEVs globally, with an additional 28 BEVs to be launched through 2024.
”We are ahead of Tesla in Europe in electric vehicle sales, and not far from Volkswagen,” stated Stellantis CFO, Richard Palmer during the conference call.
“In a demanding global context, we continue to ‘Dare Forward’, delivering outstanding performance and executing our bold electrification strategy,” said Stellantis CEO, Carlos Tavares. ”Together with our employees’ resiliency, agility, and entrepreneurial mindset, and our innovative partners, we are shaping Stellantis into a sustainable mobility tech company that’s fit for the future. I would like to express my sincere appreciation to all Stellantis employees for their commitment and their contribution to these results.”
Stellantis said its adjusted earnings before interest and tax (EBIT) rose 44% on a Pro-forma basis in the January-June period to €12.4 billion ($12.7 billion). The news exceeds analysts’ predictions of €9.42 billion ($9.57 billion).
In North America, Stellantis achieved record profitability, with an Adjusted Operating Income (AOI) margin of 18.1%. Stellantis made almost half of its total sales in North America for the H1 period.
The automaker highlighted the Jeep® Wrangler Unlimited 4xe which continues to be the best-selling PHEV in the U.S. The Wrangler Unlimited 4xe had 19,000 units sold in H1, up 55% over the same time last year. It will be followed up by the arrival of the all-new Grand Cherokee 4xe PHEV, scheduled to arrive in the upcoming weeks.
Shipments were up 10% during H1, mainly due to strong demand for the Wagoneer/Grand Wagoneer (WS), updated Jeep Compass (MP), Grand Cherokee L (WL75), and Chrysler Pacifica (RU). These numbers were partially offset by lower volumes of Ram pickups (DS, DT, DJ, & D2), Dodge Durango (WD) due to a retooling at the Detroit Assembly Complex – Jefferson facility, and the discontinuation of the Grand Cherokee (WK2).
For Europe, the automaker achieved an AOI margin of 10.4% and a EU30 market share of 21.2%. The Fiat 500e was the best-selling BEV in Germany and Italy, while the Peugeot e-208 was the best-selling BEV in France. The Jeep Compass and Renegade were the No. 1 and No. 2 best-selling LEVs in Italy. Peugeot 208, Opel Corsa, Citroën C3, Fiat Panda, and Fiat 500 represented five of the EU30 top-10 selling vehicles.
Shipments for Europe were down 18%, with demand for the new Peugeot 308, Fiat Scudo, and DS Automobiles DS4 more than offset by the impact of increased unfilled semiconductor orders during H1 2022.
In South America, AOI more than tripled to €1.0 billion ($1.01 billion), with a 13.9% margin. The automaker was the market leader in the region with a 23.5% share. FIAT was the top-selling brand in the region, while Jeep was the top-selling SUV brand in Brazil. Shipments for the region were down 5%, with a strong demand for the new Fiat Pulse B-SUV, Peugeot 208, and Jeep Compass more than offset by more unfilled semiconductor orders during the H1 period.
The Middle East & Africa region recorded an AOI margin of 15.5% and an AOI of €472 million ($479.5 million). The automaker took a market share of 11.9%. Consolidated shipments were flat during the period, with high volumes of the Grand Cherokee L, Citroën C4, Opel Mokka, Peugeot 3008, and Peugeot 208 offset by unfilled semiconductor orders in H1.
As for the China and India & Asia Pacific region, AOI was up 40% to €289 million ($293.6 million). The automaker launched the new Jeep Meridian (H6) and Citroën C3 in the Indian marketplace, with deliveries beginning in June and July. The company had improved results during H1, thanks to favorable net pricing and vehicle mix, primarily related to Ram 1500 and Jeep brand vehicles, partially offset by unfavorable market mix.
Stellantis measures the Maserati brand on its own. The “trident” brand is slated for double-digit profitability, with an AOI margin of 6.6%. AOI more than doubled to €62 million ($63 million). It recently unveiled the new MC20 Cielo open-air super sports car in May, launched the new Grecale with its first deliveries in Europe at the end of June, and introduced two new mid-engined race cars in recent days.