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Stellantis, 2021 beyond forecasts: Maserati is also shining again

The first year of life of the Stellantis group closes beyond all the rosiest expectations, especially at the margin level.

The Stellantis group archives the first year of life with financial results that are clearly better than initial forecasts and company targets, with margins well above the usual average of generalist manufacturers. In fact, the adjusted operating profit for 2021 (i.e. excluding the extraordinary items), reached 18.01 billion euros, almost double compared to the 9.224 of the pro-forma figure for 2020, i.e. the aggregate numbers of then Fiat Chrysler and PSA. As a result, the operating margin jumped from 6.9 to 11.8 percent, more than doubling the 4-5% historically recorded by the illustrious mass-engine companies.

At the base of the success there are many factors, including the increase in revenues , which rose to 152 billion. The increase, equal to 14%, is almost four times the growth in volumes (+ 3.3% to 6.14 million units), supporting the positive effect of the improved price-product mix . In addition, the synergies started from day one, already able to generate savings of 3.2 billion euros, not far from the 5 billion feared in 2024, have given significant advantages.

The results of the markets

In terms of markets, Stellantis recorded strong performances especially in the USA and throughout the North American territory , where the growth in revenues from 60.6 to 69.7 amply offset the drop in deliveries (from 1.85 million to 1 , 82 million units) and resulted in an improvement in operating profit from 6.12 to 11.35 billion and in the margin from 10.1% to as much as 16.3%. Positive numbers, particularly in terms of profitability, also emerged in South America, the Middle East and Africa and in the area made up of India, China and Asia / Pacific. Despite a drop in deliveries from 2.94 million to 2.86 million, revenues in the Enlarged Europe region

In the Enlarged Europe region, despite a drop in deliveries from 2.94 million to 2.86 million, revenues increased from 56.48 billion to 59.06 billion, while operating profit increased from 3.06 to 5.37 billion, for a margin of 9.1% (5.4% in 2020). Finally, from a loss of 91 million, Maserati reached a profit of 103 million, for an incidence on turnover of 5.1%. A milestone achieved thanks to both the increase in volumes, from 16,900 to 24,200, and revenues, from 1.37 billion to 2.02 billion.