Stellantis was able to increase prices and sell more high-end vehicles in the first half, in part because of production constraints from the semiconductor shortage
The automaker on Tuesday reported strong financial results and profits in all its regions after the company's first six months of existence after the merger of PSA Group and Fiat Chrysler Automobiles in January.
The chip shortage resulted in an estimated 700,000 units of lost production in the first half, but like many of its competitors, Stellantis prioritized assembly of the highest-margin models.
North America, a stronghold for FCA, was the most profitable region at Stellantis. Operating margin was 16.1 percent, compared with 3.8 percent in the first half of 2020. Revenue was 32.7 billion euros ($38.9 billion) compared with 22.84 billion on a pro forma basis in 2020, and operating profit was 5.24 billion euros compared with 876 million euros in 2020.
The group delivered 873,000 vehicles in North America, compared with 697,000 in the first half of 2020. Key drivers were record sales for the Ram truck brand, and the Jeep Wrangler 4xe large SUV, which was the best-selling plug-in hybrid vehicle in the U.S. in the second quarter following its launch in March.
Stellantis' Europe region, which includes Russia, had the highest sales volume, with 1.66 million units in the first half compared with 1.12 million in 2020 on a pro forma basis. But despite outselling North America nearly two to one, the Europe region delivered lower revenue of 32.04 billion euros, due to a less-rich model mix.
Operating margin in Europe was 8.8 percent, compared with 0.9 percent in 2020 on a pro forma basis, on operating profit of 2.83 billion euros, compared with 194 million euros in 2020.