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Stellantis reports big profits even as output cuts chip output

Carmaker Stellantis said its profits more than doubled in 2021 to 13.3 billion euros, as a result of cost savings and higher prices offsetting production and sales disruptions due to a global shortage of computer chips.

The company, founded a year ago by the merger of France’s Fiat Chrysler and Peugeot, said revenue for the year rose 14% to 149 billion euros from 134 billion euros in 2020.

The end result is a huge improvement from 2020, when the combined companies’ profits would have totaled only €4.8 million, if they had operated as a consolidated entity at that time. In 2021, Stellantis benefits from €3.2 billion in cost savings resulting from the merger, the company said.

Stellantis sold 6.1 million cars and light trucks last year, up from 5.9 billion in 2020. Its North American operations, which include the Jeep and Ram truck brands, generate about half of the company’s revenue and 11.3 billion euros in pre-tax profits.

https://www.nytimes.com/2022/02/23/business/stellantis-earnings-2021.html Stellantis reports big profits even as output cuts chip output

Fry Electronics Team

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