Europe 1 with AFP 7:06 p.m., February 23, 2022

The group, the result of the merger of PSA and Fiat-Chrysler in January 2021, has unveiled its first results and they are more than promising.

The automotive leader generated 13.4 billion euros in profits.

In France, employees will receive an incentive and participation bonus of 4,400 euros, on average.

Stellantis recorded huge profits in 2021 for its first year of existence by multiplying synergies and raising prices, despite sales being held back by the semiconductor crisis.

The automotive group, born from the merger in January 2021 of French manufacturers Peugeot-Citroën (PSA) and Italian-American Fiat Chrysler (FCA), published on Wednesday a net profit of 13.4 billion euros in 2021, despite a production down 1.6 million cars due to shortage of microchips.

This profit climbs to 14.3 billion euros with the dilution of its shares in the equipment manufacturer Faurecia.

At the same time, Stellantis has proposed for its French employees an overall salary increase of 3.2% with a general increase for all workers of 2.8% at the end of the mandatory annual negotiations (NAO) completed on Tuesday evening.

Revenue increased by 5% in 2021

In a slowing global automotive market, Stellantis recorded sales of 152 billion euros, up 14% compared to the combined data of the two groups in 2020. These results are rare in the sector, with an operating margin of 11.8% against 10% forecast, were the result of synergies and cost-hunting within the group, but also of higher selling prices on vehicles.

In Europe, Stellantis' main market, volume sales were down, but sales increased by 5%, thanks in particular to hybrid and electric cars.

In North America, the group's margins were boosted by limited supply and very strong demand, especially for its Jeep SUVs and Ram pickups.

The 208 remains the best-selling car in Europe  

As for the other brands, Peugeot saw its sales rebound slightly in Europe, in particular thanks to its hybrids and its small 208 remains the best-selling car on the continent.

Fiat has again become No. 1 in Latin America and is preparing its 100% electric transition for 2027 in Europe.

Maserati returned to profit in 2021, while Alfa Romeo is due to relaunch in 2022 with a new SUV, its first hybrid.

"Today's record results demonstrate that Stellantis is well positioned to deliver strong performance even in the most uncertain market environments," said Group Chief Executive Carlos Tavares.

"It is the result of the gavage of public aid and thousands of temporary layoffs and job cuts from permanent contracts", denounced for his part the central CGT union representative Jean-Pierre Mercier.

>> READ ALSO - Automotive: Stellantis joins forces with Amazon to connect its vehicles

Force Ouvrière, the manufacturer's first union, was "delighted with the results announced by the group and the profit-sharing which will be on average this year at 4,300 euros" for each employee in France.

These results "confirm the strategy of the Stellantis group", welcomed FO.