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The highest in history! The latest financial report of Stellantis Group announced

2024-07-16 Update From: AutoBeta NAV: AutoBeta > News >


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On February 15th, Stellantis Group announced its full-year financial results for fiscal year 2023. According to the financial report, the net income of Stellantis Group in fiscal 2023 increased 6% year-on-year to 189.5 billion euros, net profit increased 11% year-on-year to 18.6 billion euros, adjusted operating profit increased 1% to 24.3 billion euros, and adjusted operating margin was 12.8%. In terms of new car sales, Stellantis Group said that excluding sales data from its joint venture, its car sales in 2023 were 6.168 million, up 7% from a year earlier, of which pure electric vehicles and low-emission models were up 21% and 27%, respectively, and plug-in hybrids and low-emission models ranked first and second in the US market, respectively.

Regarding Stellantis Group's performance in fiscal year 2023, officials said: "Stellantis Group achieved record-breaking full-year financial results in 2023, with three key financial indicators, net revenue, net profit and industrial free cash flow, all at an all-time high." In addition, Carlos Tavares, global CEO of the Stellantis Group, said that even though the Stellantis Group encountered various extremely adverse factors in 2023, its record-breaking financial performance in 2023 shows that it has become a global leader in the automotive industry and is ready to face all possible new situations in order to continue to achieve the phased goals of the Group's' Dare Forward 2030 'strategic plan. "

According to data, Stellantis Group was established on January 16, 2021, jointly formed by Peugeot Citroen Group (PSA) and Fiat Chrysler Group (FCA), with a shareholding ratio of 50:50 respectively. Stellantis Group owns many brands such as Fiat, Maserati, Jeep, Dodge, Ram, Peugeot, Citroen, Opel and DS. At that time, the new group became the fourth largest automobile group in the world after Volkswagen, Toyota and Renault-Nissan-Mitsubishi, but Stellantis Group did not develop smoothly in the Chinese market.

In the Chinese market, Stellantis Group once had two joint ventures, DPCA and GAC Fick. However, after Guangzhou Auto Fick's defeat in China, Stellantis Group has only one joint venture brand of DPCA in China, but its market performance is not optimistic. According to data disclosed by Dongfeng Motor Co., Ltd., DPCA sold 80345 vehicles in 2023, down 35.81% from the same period last year, including 45780 Dongfeng Peugeot, 28180 Dongfeng Citroen and 6385 Dongfeng Fukang. Among them, DPCA is the largest joint venture brand of Dongfeng Motor Co., Ltd.

In fact, since the establishment of Stellantis Group, it has not done much in the Chinese market, and is gradually being marginalized. The results show that the Chinese market has been "packaged" into the regional performance of "China, India and Asia-Pacific markets", with net revenue of 3.528 billion euros in 2023, adjusted operating profit of 502 million euros and adjusted operating profit margin of 14.2%.

In addition to the results, Stellantis also announced that it would implement a share buyback program totaling 3 billion euros in 2024. It should be noted that in November 2023, the Stellantis Group announced that the Stellantis Group and Dongfeng Motor (Hong Kong) International Co., Ltd., a subsidiary of Dongfeng Group, have confirmed that they have executed a transaction that Stellantis will buy back 50 million Stellantis common shares (1.58 per cent of Stellantis's share capital before the cancellation of the shares) from Dongfeng Group, for a total consideration of 934 million euros. Stellantis plans to write off the shares. Upon completion of the deal, Dongfeng Group will hold 49.2 million common shares of Stellantis Group, accounting for 1.58 per cent of Stellantis's share capital. In other words, Dongfeng Group sold more than half of its stake in Stellantis Group in this round of transactions.

In addition, Stellantis also acquired a stake in Zero Motor during the year. In November 2023, Zero Motor will issue about 194 million new H-share subscription shares to Stellantis, with a total proceeds of more than HK $8.5 billion. Prior to that, Stellantis had invested 1.5 billion euros (11.5 billion yuan) to acquire about 20 per cent of Zero Motor and won two seats on its board of directors. The industry believes that seeking cooperation with Chinese car companies may also be a shortcut for Stellantis Group to lay out the Chinese market. As for the future development of Stellantis in China's auto market, we can only wait for the passage of time.

To support the group's overall sales growth and the process of electrification in the North American market, Stellantis will launch 18 pure electric vehicles this year and have a total of 48 pure electric vehicles in the market by the end of 2024, officials said. Among them, the starting price of the new Citroen e-C3 model is 23300 euros, making it the most price-competitive B-class electric car made in Europe.

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