Stellantis has revealed that it exceeded profitability targets in 2021 despite a 20% decline in new vehicle production triggered by the shortage of semiconductor microchips.

The OEM behind the Abarth, Alfa Romeo, Citroen, Fiat, DS Automobiles, Peugeot and Vauxhall brands revealed today (February 23) that its pro forma revenues rose 14% to €152bn, while net profit nearly tripled to €13.4bn.

This resulted in an adjusted operating margin well above its 10% goal for the year at 11.8%.

Stellantis chief executive, Carlos Taveres, said: "Today’s record results prove that Stellantis is well positioned to deliver strong performance, even in the most uncertain market environments. I warmly thank all Stellantis employees across our regions, brands and functions for their contribution to building our new company powered by its diversity.

“I take this opportunity to also thank the management team for their relentless efforts as we faced and overcame intense headwinds. Together, we are focused on executing our plans as we race to become a sustainable mobility tech company."