Stellantis profits rise as electric vehicle sales rise

AMSTERDAM — Automaker Stellantis on Thursday reported higher profits in the first half of 2022 compared to last year, pointing to a nearly 50% rise in global sales of battery electric vehicles.

Stellantis, which was formed last year from the merger of Fiat Chrysler and France’s PSA Peugeot, said net income reached 88 billion euros ($89.86 billion), a 17% increase from the first half of the year. past. Net profit reached 8,000 million euros, 34% more.

The world’s fourth-largest automaker said sales of low-emission and battery electric vehicles have surged, with the latter rising nearly 50% from last year to 136,000 units.

Car shipments fell 18% in Europe amid trouble sourcing computer chips during a global shortage, with net income down 2% compared to the first half of 2021. But shipments rose 10% in North America, with a 31% increase in net income.

Stellantis has plans to sell 5 million electric vehicles by 2030, with 50% of its passenger car and light truck sales in North America being fully electric by 2030. It plans to sell only electric passenger cars in Europe by 2030.

“In a demanding global context,” CEO Carlos Tavares said, Stellantis is “delivering outstanding performance and executing on our bold electrification strategy.”

The automaker has increased investment in electric vehicles, with projects announced earlier this year in North America.

A joint venture between Stellantis and Samsung plans to invest more than $2.5 billion to build an electric vehicle battery factory in Indiana for a range of vehicles produced at Stellantis’ North American assembly plants.

The automaker also said it would invest billions in upgrading two Canadian assembly plants and a research center, as well as building a large electric vehicle battery factory in Ontario in a joint venture with LG Energy Solution. from South Korea.

US regulators have opened three investigations into safety issues involving around 1.65 million vehicles made by Stellantis, but so far none have been recalled or linked to accidents or injuries.

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