With North America as the most profitable part of the company, Stellantis N.V. posted strong results for 2021 as the merger of Fiat Chrysler and the PSA Group produced healthy savings.
Despite the semiconductor shortages, net revenues increased 14% to $173 billion, while adjusted operating income nearly doubled to $20.5 billion, with 11.8% margin and all segments profitable, the company reported in its financial report for 2021.
Stellantis’ net profit nearly tripled year-over-year to $15.3 billion after the synergies from the merger produced savings of $3.6 billion.
“Today’s record results prove that Stellantis is well positioned to deliver strong performance, even in the most uncertain market environments,” said Stellantis CEO Carlos Tavares. “We are focused on executing our plans as we race to become a sustainable mobility tech company.”
Big profit-sharing checks
The strong results translated to big profit-sharing checks for Stellantis’ UAW hourly workers in the U.S. They can expect to see checks as high as $14,670 before taxes. The checks are the biggest in more than three decades and higher than those received by their Detroit-based counterparts.
Last year, the company doled out checks as high as $8,010 to the company’s nearly 43,000 hourly workers. Globally, the company’s eligible employees shared in $2.2 billion, Stellantis reported, which was a 70% jump compared to the previous year.
Stellantis and the UAW agreed to a new formula for determining profit sharing in 2019, part of that included removing a $12,000 cap, which made a big difference this year. However, some employees at plants that experienced downtime related to the semiconductor shortage will not get the top dollar payout — something the UAW noticed.
“UAW Stellantis members are proud of the product they create every day especially during challenging environments over the past two years,” said UAW Vice President Cindy Estrada in a statement. “We continue to make sure that this dedication in the face of pandemic and unforeseen parts shortages is recognized properly.”
New products aided growth
Tavares noted during 2021, Stellantis launched more than 10 new models, including three in the U.S. market: the Jeep Grand Cherokee, Wagoneer and Maserati MC20.
Stellantis also accelerated its low-emission vehicles commercial momentum leveraging the portfolio of 34 LEV models in market including hydrogen fuel cell medium vans.
Global LEV sales reached 388,000 units, up 160% year-over-year, including the top spot for battery electric van sales in EU30, which accounts for much of eastern Europe. It also garnered the No. 1 position in South America and achieved its highest ever global pickup sales moving about 1 million trucks.
By the end of 2023, Stellantis will have 32 battery electric vehicles on sale around the world, Tavares said. In North America, the Jeep Wrangler 4xe was the best-selling plug-in hybrid electric vehicle in U.S. retail for 2021.
Strong results globally for commercial vehicles
In South America, Stellantis was the market leader in 2021 with a 22.9% share, and it was also the leader in commercial vehicles with 30.9% market share.
Stellantis was the EU30 market leader in commercial vehicles with 33.7% market share for 2021. The Peugeot 208 was the best-selling vehicle in the EU30 and the 2008 was number one in the EU30 B-SUV segment for 2021.
In China, Dongfeng Peugeot Citroën Automobile Co. Ltd (DPCA), more than doubled its annual sales volume of 2020 with 100,000 units sold and Stellantis became the fourth largest Independent After Market parts distributor in China with sales growth of approximately 30% year on year.
Maserati global market share grew to 2.4%, with North America and China market share at 2.9% and 2.7%, respectively, for 2021.