Stellantis posts strong growth, sets new records in revenues and profit in H1 2023
Fourteen-brand auto major’s revenues up 12% to 98.4 billion euros, net profit soars 37% to 10.9 billion euros; global BEV sales rise 24% to 169,000 units.
Stellantis continues to deliver value across multiple dimensions, posting strong growth and setting new records in net revenues, AOI and net profit, while driving a transformative, cost-effective product pivot to electrified and software-defined vehicles across its 14 brands.
As per the company, it registered net revenues of 98.4 billion euros, up 12% compared to H1 2022 primarily due to higher shipments. While adjusted operating income of 14.1 billion euros was up 11% compared to H1 2022, with strong 14.4% margin, Stellantis’ net profit rose by 37% year on year to 10.9 billion euros.
Global BEV and LEV (low emission vehicle) sales were up 24% YoY to 169,000 units and up 28% to 315,000 units, respectively. Stellantis is ranked third in EU30 overall BEV sales and second in the U.S. market for LEV sales. Stellantis currently has 25 BEVs available today and another 23 launching through 2024.
The company says it is on track to meet its ambitious commitment to reach carbon net zero by 2038, with single-digit percentage compensation of the remaining emissions. Specifically, the 2022 global carbon footprint was reduced by 3.8% in intensity (tons of CO2-eq/veh) on the whole scope 1-2-3 per vehicle sold compared to 2021.
In H1 2023, Stellantis generated free cash flow of 8.7 billion euros, up 3.3 billion euros compared to H1 2022. The record results have enabled continued strategic investments to drive Stellantis towards its transformation to carbon net zero.
Multiple strategic partnerships
Stellantis also continues to build strategic partnerships to support its carbon net zero commitments, including the planned acquisition of a 33.3% stake in Symbio, a leader in zero-emission hydrogen mobility, and the commitment to establishing a joint venture with Galloo for end-of-life vehicle recycling.
In early June, marking the start of a new era of electrified products, Stellantis unveiled the STLA Medium, the first BEV-by-design global platform for vehicles in the C- and D- segments that delivers best-in-class range (700km), energy efficiency, embedded power and charging power. In addition to inaugurating the ACC gigafactory in France, on July 24, Stellantis announced plans to build a second StarPlus Energy gigafactory in the U.S. together with Samsung SDI. Stellantis Ventures made 11 key investments since its founding in March 2022, including in breakthrough lithium-sulphur EV battery technology from Lyten Inc that does not use nickel, cobalt or manganese.
The latest in Stellantis’ partnerships is that it has partnered with six other global automakers – BMW, GM, Honda, Hyundai, Kia and Mercedes-Benz – in a joint venture to set up a high-powered EV charging network across North America.
This move is aligned with Stellantis’ Free2move Charge, a 360-degree ecosystem to seamlessly deliver charging and energy management for EV customers in North America and Europe. Free2move has expanded its flexible mobility services and now has around 50% of the car sharing market in Europe, with more than 6 million customers in 19 cities across nine countries, and 16 million rides in 2022.
Stellantis has started to engage with strategic semiconductor providers like Infineon, NXP Semiconductors, onsemi, and Qualcomm to further improve its all-new STLA platforms and technologies.
Getting chip future-ready
Meanwhile, in an effort to ensure supply security and drive innovation for critical components necessary for the transition to a sustainable mobility tech company, Stellantis is executing a multifaceted strategy. Announced in June 2023, SiliconAuto, the new joint venture with Foxconn, is dedicated to designing and selling a family of state-of-the-art automotive semiconductors starting in 2026.
On the commercial vehicle front, Stellantis is the leader in EU30 and South America with 30.9% and 26.8% market share, respectively, and No. 1 in EU30 BEV sales. The all-new Ram ProMaster BEV, the first BEV van in North America from Stellantis, is slated to arrive later this year, complementing the company’s hydrogen fuel cell portfolio for the European market.
“Our outstanding performance in the first half of this year supports our long-term sustainability and our ability to achieve the bold ambitions of our Dare Forward 2030 plan. It takes a united effort and open mindset across all our employees to embark on our no-compromise transformation journey while protecting the Company from external challenges. I want to express my gratitude to each and every employee and I am proud to say that the teams are delivering across multiple dimensions. We are well-positioned for the remainder of 2023 and beyond,” said Stellantis CEO Carlos Tavares.
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