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Stellantis reports $15 billion in profits in 2021; Jeep Wrangler 4xe selling well

Stellantis also announced hourly full-time UAW employees will receive profit-sharing checks up to $14,670 this year, the highest amount in 35 years.
Credit: Jeep
The Jeep Wrangler 4xe

TOLEDO, Ohio — Stellantis profited $15.1 billion in its first year as a company, thanks in part to the hot-selling Toledo-built Jeep Wrangler and Wrangler 4xe.

The automaker released its 2021 earnings report Wednesday morning 13 months after Fiat Chrysler Automobiles merged with French PSA Group. Profits were up 179% compared to last year's combined results from the two former companies.

"Today’s record results prove that Stellantis is well positioned to deliver strong performance, even in the most uncertain market environments," CEO Carlos Tavares said. "I warmly thank all Stellantis employees across our regions, brands and functions for their contribution to building our new company powered by its diversity. I take this opportunity to also thank the management team for their relentless efforts as we faced and overcame intense headwinds. Together, we are focused on executing our plans as we race to become a sustainable mobility tech company."

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Stellantis launched over 10 new models in 2021, including the Jeep Wagoneer and Citroen C4. The company accelerated its low emission vehicle fleet, which sold 388,000 units worldwide.

Stellantis typically does not release sales figures for plug-in hybrids, but the automaker says the Jeep Wrangler 4xe is the best-selling plug-in hybrid vehicle in North America. 204,610 total Wranglers were sold in the United States in 2021, and another 18,580 were sold in Canada. 

According to Wednesday's presentation, 29,000 Wrangler 4xes were sold in the U.S. last year.

"The Jeep brand has been able to make the right decisions at the right time," Tavares said. "It is important to see the Jeep brand is absolutely on the right tempo to serve on the successful electrified technology of our company."

Jeep CEO Chrstian Meunier said last summer the 2021 4xe model year had sold out. The Compass and Renegade also debuted 4xe models last year.

"The electrification of the Jeep brand is no longer a plan, it's a reality," Tavares said.

2021 was a record year for Wrangler sales in the Middle East.

Stellantis 2021 net revenues were $172.2 billion, up 14%. This is despite losing 20% of planned production due to unfilled semiconductor orders.

Tavares said the company prioritized areas of high profitability to offset costs from chip shortages and rising part prices. The average sales price of a new car increased by more than $6,000 in the U.S. in 2021.

The company said the merger achieved cost savings of $3.6 billion in the first year, with a total savings of $5.7 billion expected.

Also Wednesday, Stellantis announced hourly full-time United Auto Workers employees will receive profit-sharing checks up to $14,670 this year, the highest amount in 35 years.

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