Thanks to high profits in the United States, around 40,500 union employees in the country will get profit-sharing checks averaging $14,760. It’s a mild increase from last year, as car prices remain quite high due to supply-chain constraints.
Some of the hidden news was Jeep’s astounding average transaction price; it climbed to $53,000, partly as the new big Jeeps proved to be fairly popular and the smaller ones declined. Ram’s average transaction price was a heady $57,000.
Stellantis is a new company, still, but the results still set a record with a roughly $18-billion net profit; adjusted margin hit 13%. What’s more, Stellantis became a bigger BEV player with a 41% year-over-year growth, key to fighting Tesla (whose European sales shot up by a factor of ten, but remain small) and Volkswagen. Battery-electric car sales are rising fast in Europe, where fuel is far more expensive.
Net revenues were around $191 billion, up 18% from 2021, due to higher pricing and favorable exchange rates. the net profit of around $18 billion was up 26% from last year. The board has approved a stock buyback program, subject to shareholder approval, as well as a $4.5 billion dividend.
In the U.S., 90% of dealers enrolled with the company’s financing arm. Every region grew and delivered record profitability:
|North America||EU30||Middle East+Africa||South America||Asia-Pacific|
|Net Revenue||€ 85.5 million
|€ 63.3 million
|€ 6.4 million
|€ 15.6 million
|€ 4.5 million
|Adj Op Income (AOI)||€ 14 million
|€ 6.3 million
|€ 1 million
|€ 2 million
In addition, Maserati sold around 2% more globally, with around 26,000 sales; net revenues were a hefty $2.3 billion, with a margin of around 9%—up from 2021’s 5%.
Some notable reconciliation charges included the Takata recall (€951 million, €382 of which was from North America); CAFE penalties (€660 million, entirely from the United States); warranty changes (€ 314 million from the old PSA brands).
Stellantis ended 2022 with considerably less debt than at the end of 2021—€27 billion, down from €34 billion. The company holds € 46 billion in cash and cash-equivalents to weather a downturn. In the end earnings per share was € 4.69.
Across Europe, “STLA” had the best-seller and second-best-seller in the “B segment” (compact) BEV range with the Peugeot e-208 and Opel Mokka-e. The company’s four light commercial vehicle brands combined for a 43% BEV market share with their compact and full size vans, and made hydrogen vans available as well. The company also had Europe’s third best-selling PHEV, the Citroën C5 X; the Wrangler 4xe was America’s (and Canada’s) best selling plug-in hybrid, while Compass was #1 in Italy followed by Renegade. The Peugeot 3008 PHEV hit #1 in France and Spain.
The first American BEV from Stellantis, the Ram ProMaster, will arrive this year. Globally Stellantis has 23 BEV nameplates on sale, with nine more coming this year.