Stellantis, a major player in the automotive industry, announced strong financial results for the first half of 2023, indicating a bright year for the business. The company, which is in charge of well-known brands like Jeep, Dodge, and Peugeot, saw a spectacular 12% increase in net sales year over year and an equally outstanding 37% increase in net profit. Net sales were 98.4 billion euros ($108.8 billion) in only the second quarter, while the net profit for the same time jumped to 10.9 billion euros.
The company’s increased cargo volume was one of the key factors in this outstanding achievement. 3.202 million units were shipped in total, an increase of 9% over the prior year. The lifting of supply restrictions and a return to normalcy in inventory levels were cited as the causes of the rise in shipments.
Additionally, Stellantis showed its dedication to sustainability by demonstrating a spectacular increase in worldwide sales of battery electric vehicles (BEV) and low emission vehicles (LEV). 169,000 BEVs were sold in H1 2023, a significant 24% year-over-year increase in sales. Additionally, LEV sales increased 28% year over year to an amazing 315,000 units.
The Dutch-based business, which achieved exceptional results, increased its growth expectation for Europe and the Middle East & Africa from 5% to 7% and reaffirmed its 2023 target as a consequence. This upbeat forecast demonstrates the business’ ongoing dedication to growth and market domination.
In addition, Stellantis started a scheme to buy back its own shares, spending 700 million euros in the first half of 2023. By the end of the year, the business hopes to finish its previously announced repurchase program of 1.5 billion euros. This action demonstrates the company’s belief in its own development potential and its dedication to maximizing shareholder value.
Carlos Tavares, the CEO of Stellantis, expressed his happiness with the great results in the first half of the year. He noted that this accomplishment highlights the business’s long-term viability and is consistent with its bold Dare Forward 2030 objective. In order to successfully navigate external hurdles and guide Stellantis through its transformation path, Tavares commended the company’s staff for their unified effort and open outlook.
Stellantis is well-positioned to preserve its dominant market position and spur future expansion in the automotive sector because to its exceptional financial performance and dedication to innovation and sustainability.