The parent company Peugeot, Fiat and Chrysler shows recovery

The parent company Peugeot, Fiat and Chrysler shows recovery

Car maker Stellantis made the biggest profit in the first half of the year on higher sales.

The owner of French-Italian cars such as Fiat, Chrysler, Peugeot and Citroën thus showed a strong recovery from the corona crisis.

Stellantis closed the first half of 2021 with a profit of 5.8 billion euros. A year before, that was – on a technical basis because Stellantis has existed for only six months – 797 million euros. The company was created by the merger of PSA and Fiat Chrysler. The company’s sales reached 72.6 billion euros, compared to 19.6 billion euros after six months last year when the corona epidemic disrupted income by closing the factory and showroom.

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In the US, Jeep SUVs and RAM trucks sold well. In Europe, the Peugeot 2008 and Citroen C4 were key drivers of growth.

Like many of their peers, Stellantis raised prices. In particular, the most expensive models were sold. The automaker was still facing shortages of parts such as chips that hampered production. This problem is also widespread in the automotive sector.

Chip deficiency

Stellantis chief financial officer Richard Palmer said the chip shortage meant that 700,000 fewer cars could be connected in the first half of 2021. The situation would be similar for the rest of the year, with a slight improvement towards the end of the year. Despite the difficulties, Palmer spoke of the result as “very strong”.

Stellantis plans to launch eleven new, fully electric vehicles over the next two years. In addition, there are several examples of hybrid plugins.