Europe’s most profitable car manufacturer last year was Stellantis. The multi-brand group reports an operating profit of 24 billion euros for 2023, which, just like last year, is ahead of Volkswagen (23 billion euros) and Mercedes-Benz (20 billion euros).
According to a list from ‘Automotive News’, BMW follows in fourth place with 18 billion euros. In terms of operating profit, the European quartet is ahead of the American companies General Motors (11 billion euros), Ford (10 billion euros) and Tesla (8 billion euros).
The Korean manufacturers Hyundai (11 billion euros) and Kia (8 billion euros) also remain at a distance. There will likely be changes in the rankings when figures for Toyota’s fiscal year, which ended March 31, are released.
In addition to European brands such as Peugeot, Citroen, Opel and Fiat, Stellantis also includes the American brands Jeep, Chrysler, Dodge and Ram. CEO Carlos Tavares is known as a cost-cutter and has recently accepted market share losses to achieve high profitability, especially in Europe.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
