AMSTERDAM (AP) — Automaker Stellantis on Thursday reported higher earnings in the first half of 2022 compared with last year, pointing to a nearly 50% increase in global sales of battery electric vehicles.
Stellantis, which was formed last year with the merger of Fiat Chrysler and France’s PSA Peugeot, said net revenue reached 88 billion euros ($89.86 billion), a 17% increase from the first half of last year. Net profit hit 8 billion euros, up 34%.
The world’s fourth-largest automaker said sales of low-emission and battery electric vehicles have been increasing, with the latter up by nearly 50% from last year to 136,000 units.
Car shipments slipped 18% in Europe amid problems acquiring computer chips during a global shortage , with net revenue down 2% compared to the first half of 2021. But shipments rose 10% in North America, with net revenue up 31%.
Stellantis has plans to sell 5 million electric vehicles by 2030, with 50% of its North American passenger car and light truck sales going fully electric by 2030. It plans to sell only electric passenger cars in Europe by 2030.
“In a demanding global context," CEO Carlos Tavares said, Stellantis is “delivering an outstanding performance and executing our bold electrification strategy."
The automaker has stepped up investment in electric vehicles, with projects announced earlier this year in North America.
A joint venture between Stellantis and Samsung plans to spend more than $2.5 billion to build an EV battery factory in Indiana for a range of vehicles produced at Stellantis’ North American assembly plants.
The carmaker also said it would invest billions in upgrading two Canadian assembly plants and a research center as well as building a large EV battery factory in Ontario in a joint venture with South Korea’s LG Energy Solution.
U.S. regulators have opened three investigations into safety issues with about 1.65 million vehicles made by Stellantis, but none has been recalled so far or linked to crashes or injuries.