Europe’s biggest automakers posted record profits in 2022 despite mostly flat sales and supply chain and logistics problems.
Net profits rose 22 percent to a record total of 67.8 billion euros ($73.6 billion) at the six largest Europe-based automakers: BMW Group, Mercedes-Benz, Renault Group, Stellantis, Volkswagen Group and Volvo Car (see table, below), plus the largest luxury carmaker, Ferrari.
Most of those profits came from the four largest groups. BMW had the largest net profit, at 18.6 billion euros, followed by Stellantis (16.8 billion euros), VW (15.8 billion euros) and Mercedes (14.8 billion euros).
BMW’s results are not entirely comparable with those of other carmakers. Last year it started to consolidate the results of its BMW Brilliance Chinese joint venture after raising its stake to 75 percent from 50 percent. BMW said its 49 percent jump in profits in 2022 came mainly from this consolidation.
Volvo Car, which is controlled by China’s Zhejiang Geely Holding, had a net profit of 17 billion Swedish krona (1.6 billion euros); Ferrari posted a 939 million euro profit, while Renault had a 700 million euro net loss after writing down its stake in its Russia subsidiary, AvtoVAZ, following Russia’s invasion of Ukraine.
Jaguar Land Rover, owned by India’s Tata Group, was not included in the 2022 tally, as its fiscal year ends on March 31. Figures from recently listed Porsche are included in the Volkswagen Group results.