L’automobile ne connaît pas la crise

Le Dacia Jogger est un vrai succès commercial.

For this first half of 2022, automakers announce record financial results. Although new car sales in Europe are down 14% (-12% worldwide), car brands are smiling. And for cause! All indicators are green.

At Stellantis, we registered a turnover for the first half of the year (88 billion euros) that was 17% higher compared to the same period of the previous year. Current operating income increased by 44% with a double-digit margin in almost all world markets.

On the side of the Renault group, optimism is also in order. Turnover remained stable at approximately €21.1 billion (+0.3%), despite a 16% drop in sales volume. The operating margin increased 2.6 points in one year. The manufacturer posted an operating margin of 4.7% excluding Russia, with net income from continuing operations of €657 million during the half. This is thanks to the sale of more expensive and better equipped vehicles, with fewer discounts. Particularly in the profitable segment C (Arkana, Austral, Mégane). ” From an operational point of view (apart from the abandonment of activities in Russia that weighs down the group’s accounts) these are the best results of the last ten years, they mark a turning point in Renault’s recent history. we explain on the Boulogne Billancourt side.

French manufacturers are not the only ones. Volkswagen increased its profits by 5.7% in the first half. Same euphoria in the United States. Ford announces a 19% revenue increase.

The car knows no crisis

End of the semiconductor crisis

Will semiconductor shortages soon be a thing of the past? The situation is improving. Many manufacturers are announcing a return to normality by the end of 2023. Thomas Schäfer, president of the Volkswagen brand, wants to be more optimistic and announces ” for the second half of the year (…) the improvement in the supply situation. »

With the aim of better manufacturing and delivery times. Because if Renault claims to be able today to deliver an Arkana in thirty days, the average waiting time for all ranges added up is more than four months.

The semiconductor crisis limited vehicle manufacturing, estimated at 300,000 units at Renault and more than 100,000 units at Ford. In any case, everyone is in the starting blocks. The automotive supplier Forvia, born from the merger between Faurecia and the German company Hella, published this Monday an operating result that exceeded expectations for the first half of the year. And the orders are up. Proof of the optimism of the car manufacturers in the face of the revival of sales.

The car knows no crisis

Complete order books

Due to the shortage of semiconductors and the partial closure of production units, manufacturers cannot meet the demand. At VW, the order book, all engine types combined, stands at 728,000 vehicles for Europe alone, including around 139,000 100% electric ID.s. However, in the first half of 2022, the German brand was only able to deliver 488,468 vehicles. The group is working to further reduce delivery times for customers and to process more orders from the large portfolio as quickly as possible. The same goes for Renault or Stellantis, where orders are going well. The rate increase will only be done gradually. But at the moment impossible to deliver faster.

The car knows no crisis

Extra cost of raw materials.

If the forced march towards electricity and the semiconductor crisis seems to be on the way to a solution, the rise in the cost of raw materials remains the main concern that automakers must face.

During one year (January 2021-2022), the price of lithium increased by 13% since the beginning of 2022. The price of nickel appreciated by almost 60% since 2020. During the same period, the price of copper increased by 27% . %, that of palladium by 30%. As for rubber, its rise compared to last year has reached 16%. Not to mention high energy prices. Consequence: the cost of producing an electric vehicle has increased by €4,500 compared to 2020. This weighs mainly on equipment manufacturers, but also on manufacturers. At Renault, for example, the impact is estimated at 797 million euros. Having raised the selling prices of their cars to improve their margins, manufacturers can’t pass on all this inflation. In the last three years, the price of new vehicles has risen 20%. And it seems very difficult to make the client support all current and future increases. Because if there is a recovery in production volumes, the prices of raw materials will continue to skyrocket. As a result, some brands are playing it safe for the future.

The car knows no crisis

reasoned optimism

GM chairwoman Mary Marra makes no secret of her fears Regarding the economic conditions ” to the point ” for having also modeled numerous slowdown scenarios. “Same story at Volkswagen. ” We expect the impact of commodity and energy prices to be significantly larger in the second half of 2022 than in the first half says Alexander Seitz, chief financial officer of Volkswagen.

Despite rising commodity and energy prices, builders are revising their outlooks higher. ” We are confident that we will be able to more than offset these price increases and continue our positive trend. Therefore, we raise our outlook, provided the supply situation develops as expected. For the full year 2022, we are now targeting an operating return on sales before special items of 4-5%. “, assures the financial director of VW. Renault is also revising its financial outlook for 2022 upwards. Like almost all manufacturers. We are talking about a car crisis! What crisis?

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