Stellantis, born from the merger of PSA and Fiat-Chrysler, published on Wednesday a new record net profit of 16.8 billion euros for 2022, an increase of 26% for its second year of existence.
The automotive group recorded a sharp increase in turnover (+18%) to 179.6 billion euros, with price increases largely offsetting a drop in the number of vehicles sold, particularly in Europe.
Stellantis notably progressed on the North American market, with 1.8 million vehicles sold and a turnover of 85 billion euros, up 23%.
A sharp rise in prices
In a market strained by logistical problems and shortages of electronic chips, the manufacturer was able to practice sharp price increases. The Jeep Grand Wagoneer, Jeep Compass and Chrysler Pacifica sold well.
In Europe, in a depressed market, the group recorded a sharp decline in sales, to 2.6 million units (-8%), which affected most of its brands (Peugeot, Citroën, Opel, Jeep) .
But the group was able to maintain its margins, in particular with price increases and new electric and hybrid models sold at a higher price.
The group’s “third driving force”, namely the other regions of the world, also saw its turnover increase by 34% over the year, and its operating margin double to 3.8 billion euros.
The context should improve in 2023
Globally, rising raw material costs and logistics issues (delivery to dealers) resulted in costs of €9 billion. The context should improve in 2023, said the group’s chief financial officer, Richard Palmer, during a press conference.
2 billion euros will be distributed to employees
“In recognition of the performance of employees around the world”, 2 billion euros will be distributed to employees, ie a net amount of €4,300 per person. According to the general manager, Carlos Tavares, quoted in the group’s press release, this “corresponds to 2.4 months of salary for the first levels of remuneration under the agreement on participation / profit-sharing signed by 80% of the representative trade unions of Stellantis”.
And the boss of Stellantis added: “These 4300 € come in addition to a bonus of 1000 € and a salary increase of 5.3%, resulting from an agreement signed by 60% of the representative trade unions. »
The first union reactions to the announcement of this distribution of €4,300 per employee were however marked by disappointment.
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These results “confirm the value of our commitment and of this merger,” said Mr. Palmer.
The group will propose the payment of a dividend of 1.34 euros per share, compared to 1.05 euros for the 2021 financial year.
Stellantis also announced that it will buy back 1.5 billion euros of shares by the end of 2023.
For 2023, the group expects automotive markets to rebound slightly (+5% in Europe and North America). It is still aiming for a double-digit operating margin, having reached 13% of revenue in 2022. In the long term, Stellantis is targeting 300 billion euros in revenue by 2030.
