Stellantis earnings rise as electric vehicle sales expand

Jul 28, 2022, 2:15 AM | Updated: 6:29 am
FILE - The Stellantis sign is seen outside the Chrysler Technology Center, in Auburn Hills, Mich. A...

FILE - The Stellantis sign is seen outside the Chrysler Technology Center, in Auburn Hills, Mich. Automaker Stellantis on Thursday, July 28, 2022, reported higher earnings in the first half of 2022 compared with last year, pointing to a nearly 50% increase in global sales of battery electric vehicles. Stellantis, which was formed last year with the merger of Fiat Chrysler and France's PSA Peugeot, said net revenue reached 88 billion euros ($89.86 billion), a 17% increase from the first half of last year. Net profit hit 8 billion euros, up 34%. (AP Photo/Carlos Osorio, File)

(AP Photo/Carlos Osorio, File)

AMSTERDAM (AP) — Automaker Stellantis on Thursday reported higher earnings in the first half of 2022 compared with last year, pointing to a nearly 50% increase in global sales of battery electric vehicles.

Stellantis, which was formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot, said net revenue reached 88 billion euros ($89.86 billion), a 17% increase from the first half of last year. Net profit hit 8 billion euros, up 34%.

The world’s fourth-largest automaker said sales of low-emission and battery electric vehicles have been increasing, with the latter up by nearly 50% from last year to 136,000 units.

Car shipments slipped 18% in Europe amid problems acquiring computer chips during a global shortage, with net revenue down 2% compared to the first half of 2021. But shipments rose 10% in North America, with net revenue up 31%.

Stellantis has plans to sell 5 million electric vehicles by 2030, with 50% of its North American passenger car and light truck sales going fully electric by 2030. It plans to sell only electric passenger cars in Europe by 2030.

“In a demanding global context,” CEO Carlos Tavares said, Stellantis is “delivering an outstanding performance and executing our bold electrification strategy.”

The automaker has stepped up investment in electric vehicles, with projects announced earlier this year in North America.

A joint venture between Stellantis and Samsung plans to spend more than $2.5 billion to build an EV battery factory in Indiana for a range of vehicles produced at Stellantis’ North American assembly plants.

The carmaker also said it would invest billions in upgrading two Canadian assembly plants and a research center as well as building a large EV battery factory in Ontario in a joint venture with South Korea’s LG Energy Solution.

U.S. regulators have opened three investigations into safety issues with about 1.65 million vehicles made by Stellantis, but none has been recalled so far or linked to crashes or injuries.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Philadelphia 76ers head coach Doc Rivers speaks with Danuel House after practice on the first day o...
Associated Press

76ers coach Rivers uses training camp as education tool

CHARLESTON, S.C. (AP) — Doc Rivers is at ease using his platform as an NBA coach to fight bigotry and racial injustice, campaign for politicians he believes in and advocate for social change on themes ranging from poverty to police brutality. Sometimes, his speeches sound like they were delivered by someone running for office. Might […]
9 hours ago
Associated Press

2 more victims found after shooting at Oklahoma homecoming

TULSA, Okla. (AP) — Police in Oklahoma said Monday they have found two more gunshot victims who were wounded in a shooting at a Oklahoma high school football homecoming game. Police initially said one 17-year-old died and another 17-year-old was wounded in the shooting Friday at McLain High School for Science and Technology in Tulsa. […]
9 hours ago
Models wear creations for the Stella McCartney ready-to-wear Spring/Summer 2023 fashion collection ...
Associated Press

Stella McCartney dabbles in art at eco-pioneering Paris show

PARIS (AP) — It was as much art fair as fashion show for Stella McCartney, who put on an art-infused spring collection at Paris Fashion Week on Monday vibrating with flashes of color. Iconic Japanese contemporary artist Yoshitomo Nara collaborated on the designs showcased outside the Pompidou Center Modern Art Museum, while sculptor Jeff Koons […]
9 hours ago
Associated Press

This Week: Job openings, Levi Strauss earns, hiring snapshot

A look at some of the key business events and economic indicators upcoming this week: JOB MARKET BAROMETER The Labor Department delivers its monthly tally of U.S. job openings Tuesday. Economists project that the Job Openings and Labor Turnover Survey, or JOLTS, will show employers advertised about 11.2 million jobs in August. Job openings, which […]
9 hours ago
This cover image released by Bantam shows "Jackal" by Erin E. Adams. (Bantam via AP)...
Associated Press

Review: A novel becomes a metaphor for race and class hatred

“Jackal” by Erin E. Adams (Bantam) Something sinister lurks in the woods enveloping the fading industrial town of Johnstown, Pennsylvania. If you sense its presence, parents warn their children, “Don’t look.” If you do, the myth will become real. Liz Rocher knows there’s something to it. When she was a child, one of her friends […]
9 hours ago
Associated Press

Tour bus crash injures musician Hardy, 3 others

NASHVILLE, Tenn. (AP) — A tour bus carrying country music singer and songwriter Hardy and three others was involved in a crash that injured everyone on board. All four people on the bus were treated for “significant injuries” suffered in the crash as they headed home from a Saturday night show in Bristol, Tennessee, Hardy […]
9 hours ago

Sponsored Articles

...
Mayo Clinic Orthopedics and Sports Medicine

Why your student-athlete’s physical should be conducted by a sports medicine specialist

Dr. Anastasi from Mayo Clinic Orthopedics and Sports Medicine in Tempe answers some of the most common questions.
(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Day & Night Air Conditioning, Heating and Plumbing

Most plumbing problems can be fixed with regular maintenance

Instead of waiting for a problem to happen, experts suggest getting a head start on your plumbing maintenance.
Stellantis earnings rise as electric vehicle sales expand