Stellantis Smashes Expectations with 37% Surge in Net Profit

Carmaker Stellantis reported strong financial results for the first half of 2023, with a 12% increase in net revenues and a 37% surge in net profit compared to last year. The company's positive performance was attributed to higher shipments, particularly in Europe, the Middle East & Africa, where the growth outlook was raised from 5% to 7%. Stellantis, known for brands like Jeep, Dodge, and Peugeot, achieved second-quarter net revenues of 98.4 billion euros ($108.8 billion) and a net profit of 10.9 billion euros. The carmaker's push towards sustainable mobility was evident in the strong sales of battery electric vehicles and low-emission vehicles, which saw a remarkable year-on-year growth of 24% and 28%, respectively. Stellantis also made progress in its share buyback program, repurchasing 700 million euros of its shares in the first half of 2023, and plans to complete its 1.5 billion euro buyback program by the end of the year.