The first half financial results announced on the 28th of July by European and American automobile giant Stellantis posted record profits despite rising raw material prices and semiconductor shortages.



"European electric vehicle sales outperform Tesla and are not much different from Volkswagen," said Richard Palmer, chief financial officer (CFO), supported by sales of high-margin models such as electric vehicles.


Earnings before interest and tax (EBIT) in the first half increased 44% on a proforma basis to € 12.4 billion ($ 12.7 billion). It exceeded the market forecast of € 9.42 billion compiled by Reuters.

The adjusted EBIT rate was 14.1%, up from 11.4% in the same period of the previous year. In addition to double digits in all five regions, North America, which accounted for nearly half of sales, recorded a record high of 18.1%.


The CFO expects a semiconductor shortage to continue later this year. The situation is improving quarterly, but the pace of improvement is slow, he said.