The automotive group Stellantis has just shared its 2023 figures. And we can only agree, it's good news, with all the indicators in the green.
Sales, net income, cash flow, cars delivered - Stellantis is making progress in every one of these areas. The only area where Stellantis is "regressing" is in its margins.from 13.4 % to 12.8 %. Nevertheless, this remains a very comfortable margin.
| 2021 | 2022 | 2023 | |
|---|---|---|---|
| Sales (€ billion) | 149,4 | 179,5 | 189,5 |
| Net income (€ billion) | 13,2 | 16,7 | 18,6 |
| cash flow (€ billion) | 7,9 | 10,8 | 12,9 |
| cars delivered (millions) | 6 | 6 | 6,4 |
| operating margin | 11,9 % | 13,4 % | 12,8 % |
Stellantis owes its good margins to all markets, except Europe. In fact, it's on the old continent that the margin is the smallest... it even fell slightly between 2022 and 2023.
| Margin 2022 | Margin 2023 | |
|---|---|---|
| North America | 16,4 % | 15,4 % |
| Middle East and Africa | 16,7 % | 23,7 % |
| Europe | 9,9 % | 9,8 % |
| South America | 13,1 % | 14,8 % |
| China, India, Asia Pacific | 14,5 % | 14,2 % |
But this has to be put into perspective, since, although the margin is lower there, it is in Europe that Stellantis does most of its business. The second market is North America, and the third is South America.
A special mention goes to China, where deliveries are still down, but this is hardly surprising given that the brands present there, such as Alfa Romeo and Maserati, have been in decline for several years.
As for 2024, Stellantis does not give any numerical targets. The Group indicates that sales of electric cars, selling prices and labor costs may have a negative impact. Nevertheless, the objective is to achieve a margin rate in excess of 10 %.
All these results were well received by investors, as Stellantis shares rose by around 7 % following this announcement.
Results for the first quarter are due on April 30, 2024, and those for the first half of 2024 on June 13, 2024.
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In China, everyone is going downhill... even the Chinese.
To think that without the Chinese and the French state, PSA would no longer exist and would either have disappeared or been taken over by the Chinese 🇨🇳!
You could say that FCA saved their skins.
To think that without the Chinese and the French state, PSA would no longer exist and would either have disappeared or been taken over by the Chinese 🇨🇳!
You could say that FCA saved their skins. Now it's Exor that's going to have to pay the piper for the repeated engine and other problems. Let's hope that Exor decides to sell the former PSA quickly, before the bill 🧾 is too catastrophic and damages the entire former FCA group. The recent change applied to Maserati management must be applied to all Italian brands 🇮🇹 and American 🇺🇸.
Except that with the engine problems, Exor is going to have to pay a fortune in courts, recall costs and repairs for engines for which they will not be responsible.