Stellantis has posted record global profits of €16.8 billion (£14.8bn) for 2022, up 26% on 2021.
This was only its second full year as a company, having been formed from a merger of the PSA Group and Fiat Chrysler Automobiles (FCA).
Stellantis also recorded an 18% increase in net revenue, at €180bn (£158bn) over 2021’s €152bn (£127bn), despite the lingering effects of the pandemic.
Ongoing supply-chain issues (mainly semiconductor chip shortages) hit European production the hardest, with car shipments down 8% on 2021 at 2.6 million.
Despite the drop in shipments, revenue rose 7% to €63bn (£55bn), thanks to price increases and a “favourable” mix of vehicles and powertrains. Top sellers included the Peugeot 308, Fiat Panda, DS 4, Citroën C5 X and Alfa Romeo Tonale.
In North America, Stellantis posted a 23% rise in net revenue to €85bn (£75bn), with car shipments up 2% to 1.9 million. This was due to higher demand for its top sellers, such as the Jeep Grand Wagoneer, Jeep Compass and Chrysler Pacifica.
In the Middle East and Africa, Stellantis posted a 24% net revenue rise, driven by the Opel Mokka, Opel Corsa and Opel Crossland.
It also grew in South America, up 46% thanks to more demand for the Fiat Pulse, Jeep Commander and Citroën C3.
Meanwhile, Stellantis's electrification push led to a 41% increase in its global EV sales to 288,000.
It currently offers 23 EVs across all markets and has promised to more than double this to 47 by the end of 2024.
Later this year, electric variants of current models will join all-new vehicles like the Jeep Avenger (already crowned European Car of the Year), while the Ram Promaster van will be launched as Stellantis's first North American EV.
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