A year after the consolidation, Stellantis, the world's fourth-largest automotive group that had been teased by the underdog (Peugeot Citroen and Fiat Chrysler), announced its full-year fiscal 2021 results. Its brands include: Logo, Citroën, Fiat, Chrysler, Alfa Romeo, Maserati, Jeep, Dodge and other 15 sub-brands, with full-year revenue of 152.12 billion euros in 2021 (133.88 billion euros in 2020), while net profit for the whole year of 2021 was 13.35 billion euros ($15 billion), and 4.79 billion euros in 2020 under the epidemic. This was achieved under the condition that the shortage of semiconductors led to a 20% reduction in production in 2021 compared to the plan.
Figure 1. Stellantis' 2021 is exciting
Stellantis' largest market was Europe with 3.101 million units, with a market share of 19.4%, and the second largest market, North America, with 2.005 million units, with a market share of 11.1%, followed by 812,000 units in South America, 412,000 units in the Middle East, Africa, and China with 103,000 units in asia-Pacific, and 122,000 units in The Chinese market.
▲Figure 2.This car company that does not rely on the Chinese market at all is not bad
Part 1
Stellantis' near-term new energy plans
Although not seen in China, Stellantis sold 388,000 low emission vehicles (LEV) worldwide in 2021, an increase of 160% year-on-year. A total of 17 models will be launched in 2022-2023, which is on the 34 new energy vehicles in the current Stellantis car sea tactics.
Alfa Romeo: Not now, 2022-2023 Tonale plug-in hybrid.
Chrysler: Now Pacifica plug-in hybrid.
◎ Peugeot: the existing pure electric Am, C4, C5 Aircross PHEV, 2 BEVs added in 2022-2023, C5X plug-in hybrid.
◎ Dodge: Not now, 2022-2023 out of a plug-in hybrid.
◎ DS: The existing DS3 pure electricity, DS4, DS7 and DS9 plug-in hybrid.
◎ FIAT: The existing 500e, followed by a new BEV.
Jeep: The existing Compass, Grand Commander, Renegade and Wrestler are all plugged in, followed by a pure electric and Grand Cherokee.
◎ Masarati: Grecale pure electricity and GranTurismo pure electricity.
◎ Opel: The existing Corsa, Mokka and Rocks pure electricity, Grandland plug-in, follow-up Astra and Astra SW do pure electric and plug-in hybrid.
◎ Citroen: 208 and 308 do Bev, 308, 3008, 508 and 508SW do plug-in hybrid, follow-up 308 do pure electricity, 308 SW do plug-in and pure electricity, C Crossover do plug-in hybrid.
◎ RAM: Promaster does pure electricity.
From this type spectrum, the product is stuffed with full, and different brands are used to do market segments to make differentiated money.
Figure 3. Stellantis' new energy vehicle planning for 2022-2023
● Ultra-high-end money-making machine
Multi-brand money is based on tonality, Maserati began to make a new luxury pure electricity, and played with some technology and style on formula E.
Figure 4: Pure electric Masalti
● Traditional luxury turn electric luxury
Stellantis' few of the more niche high-end brands will all start pure electrification in 2024, including DS, LANCIA and Alfa Romeo. It is important to note that they are fewer and can afford the trial and error costs of the brand transferring from fuel vehicles to pure electricity.
Figure 5: Pure electric Masalti
On this basis, I can understand that so many brands have formed a natural niche play, and in the regional market of southern Europe, Western Europe and the United States, even in-depth pure electrification can maintain a certain competitiveness.
Note: From a merger perspective, FCA is missing a lot of money from Tesla.
Part 2
Comparison of Stellantis and VW
In fact, we can compare the differences between two large European car group groups, Volkswagen on the one hand is actually highly dependent on the Chinese market, and the sales of new energy vehicles in Europe are not outstanding overall. In 2021, a total of 472,300 new energy vehicles were delivered in Europe, an increase of 64% year-on-year. The share of pure electric vehicles (BEVs) and plug-in hybrid vehicles (PHEV) in total deliveries rose to 17.2% (2020: 10.1%), compared to around 25% in the European BEV segment. In 2021, the Volkswagen Group's emissions in the EU will be 118.5 g/km, about 2% lower than the statutory target.
Figure 6:Volkswagen's BEVs and PHEVs have achieved 472,000 units in Europe
If you count the Volkswagen brand alone, the world is 369,000 new energy vehicles, including 263,000 pure electric and 106,000 plug-in hybrids. According to Volkswagen, there are still 95,000 VEHICLEs in the ID Series MEB platform that have not yet been delivered.
Figure 7:Volkswagen brand global new energy vehicle sales
Summary: I think volkswagen's main problem is that there are not many countermeasures in the rapidly changing Chinese market. In the European market, Stellantis and VW are still relatively small in the challenge, and it is difficult for independent brands to go to Europe to become a big turning factor. Volkswagen's pressure comes from the reduction of China's market share, and it is not a big problem in Europe to tossing its own batteries and tossing its own electric vehicles.