Stellantis in black, but output falls
Print Edition
Automaker Stellantis yesterday said it had achieved faster-than-expected progress on synergies and record margins in its first six months as a combined company, despite production falling 700,000 units due to interruptions in semiconductor supplies.
The company — formed from French carmaker Peugeot PSA’s takeover of the Italian-American company Fiat Chrysler — reported net profit of 5.9 billion euros (US$7 billion) in the first half, compared with a loss of 813 million euros a year earlier, which was impacted by the coronavirus restrictions around the globe.
Shipments rose 44 percent to 3.2 million units. Revenue rose 46 percent to 75 billion euros.
“We are very pleased with the speed with which the new team has begun to execute as one company, as Stellantis,” said Chief Financial Officer Richard Palmer.
Semiconductor shortages accounted for 200,000 units of production losses in the first quarter.
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