Stellantis profits soar 37 per cent in first half of the year as electric vehicle sales rise

MILAN -

U.S.-European carmaker Stellantis on Wednesday reported a 37% boost in earnings in the first half of the year, driven by strong North America income and an increase in electric vehicle sales in Europe.

Profit in the first six months of the year was 10.9 billion euros ($12.07 billion), compared with 7.96 billion euros in the first half of 2022. The carmaker set record net revenue in the first six months of the year of 98.4 billion euros, up 12% over a year earlier. It came as shipments rose to 3.327 million vehicles from 3.033 million.

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CEO Carlo Tavares called the first-half performance "outstanding," saying that it "supports our long-term stability."

Sales of all-electric vehicles rose by 24% to 169,000 vehicles as Stellantis became the third-largest producer of EVs in Europe, led by the Fiat New 500, Open Mokka and Citroen Berlingo.

Stellantis has 25 electric vehicles on the market and is launching another 23 by the end of next year.

North America accounted for 57% of adjusted operating income and nearly half of company revenue, boosted by higher sales of Chrysler Pacifica, Dodge Charger and Durango.

Stellantis was formed in 2021 from the merger of French carmaker PSA Peugeot and the Italian-American conglomerate Fiat Chrysler Automobiles.