July 31, 2023: On Wednesday, Carmaker Stellantis posted a 12% yearly increase in net earnings and a 37% spike in net earnings for the first half of 2023, boosted by higher loads.

The manufacturer of Jeep, Dodge, Peugeot, and other brands recorded second-quarter net revenues of 98.4 billion euros ($108.8 billion) and a net profit of 10.9 billion euros. The company affirmed its 2023 guidance while raising its growth outlook in Europe, the Middle East & Africa from 5% to 7%.

The Dutch-headquartered company, formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler Group and France’s PSA Group, said consolidated shipments rose 9% year-on-year to 3.202 million units due to an easing of supply constraints and a normalization of inventory levels.

Global battery electric vehicle and low-emission vehicle (LEV) sales were up 24% and 28% yearly to 169,000 units and 315,000 units, respectively.

Stellantis repurchased 700 million euros of its shares over the first half of 2023 and expects to complete its previously announced 1.5 billion euro buyback program by the end of the year.

“Our excellent performance in the first half of this year supports our long-term sustainability and our ability to achieve the bold ambitions of our Dare Forward 2030 plan,” CEO Carlos Tavares said in a statement.

“It takes a united effort and open mindset across all our employees to embark on our no-compromise conversion journey while protecting the Company from external challenges.”