Car manufacturer Stellantis announced its full-year results on Wednesday, revealing that net profit rose 26 percent to $17.9 billion, the company’s highest annual profit on record.
Stellantis disclosed the record-beating results in a Feb. 22 release, which attributed its financial performance partly on its ability to pass on higher manufacturing costs to customers in a year that saw production input costs soar.
“Price increases were substantial in 2022 and they will be lower in 2023,” Stellantis Chief Financial Officer Richard Palmer said on a call with reporters.
Inflation, which in 2022 hit multi-decade highs, is expected to be lower in 2023, reducing the scope to raise prices….