"We are ahead of Tesla in Europe in electric vehicle sales, and not far from Volkswagen," Chief Financial Officer Richard Palmer said while presenting results, which showed a 44% operating income rise in the January-June period, on a pro-forma basis.įirst-half adjusted earnings before interest and tax (EBIT) of 12.4 billion euros ($12.7 billion) beat analyst expectations of 9.42 billion euros in a Reuters poll and Stellantis' Milan-listed shares were up 3.4% in early afternoon trading.
Initially seen as a laggard in the race to electrification, Stellantis this year rolled out an ambitious plan to double its annual revenues by 2030 and turn its range from traditional combustion engines to low-emission models. The group behind such brands as Alfa Romeo, Chrysler, Dodge, Jeep, Ram, Citroën, Peugeot, Fiat, Lancia, Maserati ad Opel, also saw high demand for electric vehicles (EVs) in the first half. 4 carmaker's first-half results put its breakeven point at 40% of revenues, "so we can bear any event, including a recession." Tavares said Stellantis' "stellar" order book was currently running at three times the rate the carmaker had seen before the global coronavirus pandemic hit in 2020. He added that steel prices were already falling because of fears of a global recession, but energy costs remained high.
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