Decade-old Dodge Durango SUV helps drive $7 billion Stellantis profits with record sales
Decade-old Dodge Durango SUV helps drive $7 billion Stellantis profits with record sales
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Stellantis is off to a stellar start.
The newly formed automotive conglomerate on Tuesday reported a $7 billion profit during its first half-year of existence despite losing 700,000 units of production due to the ongoing semiconductor shortage.
Stellantis, which includes the former Fiat Chrysler Automobiles brands, has updated its projected full-year operating profit margin from 5.5%-7.5% to 10% on the back of the strong result.
Share prices popped over 5% at the bell.
North America delivered a 16.1% margin during the first half on the back of the highest average transaction prices among mainstream brands, which reached $46K and $48K in the U.S. in May and June.
Ram pickup prices led the way at an average of $49K, the Jeep Wrangler had its best first-half retail sales ever and the new Jeep Wrangler 4xe has been the best-selling plug-in hybrid since it went on sale in March. Even one of the automaker's oldest models is having a banner year.
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