The synergies, especially in Europe, deriving from the merger between FCA and PSA in what is now Stellantis led, in the first post-integration balance sheet, to a cash benefit of 3.2 billion of the 5 billion envisaged by the CEO Carlos Tavares. This is almost the same amount that the top management decided to allocate to shareholders as a dividend for the current year: 3.3 billion. The first shareholder of Stellantis is 14% the Agnelli family through the Exor holding controlled by the Giovanni Agnelli Bv company box. An exercise that Stellantis records satisfactorily considering the macro scenario complicated by the conjunction between a European market limping for overall sales and the impact that the shortage of semiconductors worldwide, the crucial determinants of car brains, has had on the number of cars. produced cut due to lack of components.
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Group net profit significantly improved, which nearly tripled in 2021 and amounted to 13.4 billion euros, while net revenues reached 152 billion, an increase of 14% compared to the previous year. The result translates into a distribution of income also to employees around the world. A check worth 1.9 billion which for Italian workers translates into a one-off amount of 450 euros. Money that is added to the approximately 1400 euros already foreseen as a productivity bonus. An unexpected contribution – which satisfies all the unions – also considering the volumes of cars produced in Italy, well below the capacity of the Stellantis plants (for 1.5 million vehicles). On the other hand, the lack of demand on the part of consumers on the main outlet market is also evidenced by the latest data of registrations in January. The transition to electric, Tavares again points out, involves “a 40-50% increase in production costs compared to a conventional vehicle”. It is inevitable, without incentives, that the cost of electric cars is passed on downstream to the consumer with prices that at the moment do not allow them to be accessible to everyone. 2022 will also be a year of transition “for the cost of raw materials” which will probably force a retouching of the price lists. We will see.
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What is certain is that the center of gravity of Stellantis, as per repeated statements of its top manager, it is gradually moving towards China, not surprisingly the most advanced electric car market in the world. Tavares confirmed yesterday, in the conference call with analysts, the ambition to rise to 75% (from the current 50%) in the Chinese joint-venture Gac after the Beijing government decided to dismantle the control theorem in companies with companies westerners. At the same time as, as per agreements, the Dongfeng Chinese are canceling their stake, legacy of the investment in PSA. A bet on the Italian brands is the premium brand Maserati, destined “for racing in 2023”. The launch of the Grecale SUV was confirmed in March (which should have seen the light last November): it will serve to revitalize the Cassino plant which runs almost unloaded. The stock benefits from this on the stock market, closing the session in Milan up by 4.41%. According to Tavares, the group’s market capitalization is low relative to its fundamentals.
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Cautious prospects for global auto market growth instead for 2022. The automotive group expects that in North America the market will grow by 3% in the current year. The same percentage change is also expected for enlarged Europe and South America. The car market in India and the Asia Pacific area is expected to grow by 5%. While the auto market in China and the Middle East and Africa should remain stable compared to 2021. CFO Richard Palmer said the shortage of semiconductors would continue to “be a problem” for auto manufacturers this year as well. In 2021, the components crisis cut the group’s production by 1.7 million vehicles. During a telephone press conference, the manager also reported that recruitment difficulties “In some regions” and commodity inflation represent challenges to be faced in 2022.
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«We welcome this decision by the group, at the same time we think it is essential that the group gives an equally positive signal in the investment plan that will be announced on March 1, 2022 by the CEO. We ask that there be answers to all the Stellantis realities in Italy, in order to guarantee and secure prospects and employment ”, comments Ferdinando Uliano, Fim Cisl car manager. «Now we await the development of the industrial plan and the resumption of discussion at the table opened at the Mise on the perspectives of Italian realities. I trust that we will be able to start all over again with the approval of the Gigafactory of Termoli, essential for the entire Italian production chain », says Gianluca Ficco, same role in Uilm.
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