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Stellantis accelerates profit by 34% on road to become ‘mobility tech company’

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Stellantis has reported a 17% rise in revenues and 34% profit growth in first-half results which re-state its ambitions to become a “sustainable mobility tech company”.

The French-Italian carmaker behind brands including Abarth, Alfa Romeo, Alpine, Citroen, DS, Fiat, Jeep, Peugeot and Vauxhall delivered net revenues of €88 billion and net profit of €8bn.

Despite a 16% decline in global new car registrations, to 3.019 million units, the OEM delivered improved profitability thanks to strong margins as it grew its electric vehicle sales by almost 50% to 1360,000 units.

Chief executive Carlos Tavares said that the results were evidence of progress in a Dare Forward strategy targeting 100% electric sales in Europe and 50% in the United States by 2030 – equating to annual BEV sales of five million vehicles.

Stellantis chief executive Carlos TavaresTavares said: “In a demanding global context, we continue to 'Dare Forward', delivering an outstanding performance and executing our bold electrification strategy.

“Together with our employees' resiliency, agility and entrepreneurial mindset, and our innovative partners, we are shaping Stellantis into a sustainable mobility tech company that's fit for the future.

“I would like to express my sincere appreciation to all Stellantis employees for their commitment and their contribution to these results.” 

Back in December last year Stellantis revealed plans to accelerate its turnover from software-enabled services and subscriptions to €4bn (£3.4bn) in 2026 and €20bn (£17bn) in 2030 as its transitions to a new role as a “sustainable mobility tech company”.

In its H1 results statement Stellantis highlighted its confirmation of plan to develop five new EV battery gigafactories (three in Europe and two in North America) in partnership with Automotive Cells Company, Samsung SDI and LG Energy Solution.

It also acquired the Share Now mobility operation previously founded as part of a joint venture between BMW and Mercedes-Benz.

The OEM said that the addition of ShareNow would position its Free2move division as a world leader in mobility with more than six million customers worldwide.

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