Judging by the political controversies and the unwelcome return of cAs integration in Mirafiori and Pomigliano it makes sense to include the car among the emergencies of the Italian industry. But the alarm is not justified if you look at it stock market which rewards the group with excellent results. It is the case of Ferrari, which even jumped to first place in terms of capitalization in the wake of the contract with Lewis Hamilton. Of course, the primacy did not last long but the leadership of Piazza Affari was assumed by stellantis which today is traded above 70 billion in value, much more than Enel (around 60 billion) and Eni (just over 48).
Ferrari's overtaking of Enel shows the growth of Italian cars
Numbers that cause a sensation if you consider that in 1992 Fiat was worth just over 4 billion euros, points out Gabriel Debach, the eToro analyst. Despite being often relegated to a marginal role on the international scene, in less than a month Italy witnessed the Ferrari overtakes Enel as the first Italian company by capitalization, thanks to record quarterly results and the signing of the champion Hamilton. However, this overtaking was short-lived, with its former parent company, now part of a larger family, returning to the top. If in the United States it is the technology sector that dominates the ranking, in Italy it is the automotive sector that takes the lead. With Tesla reporting a period of difficulty, the The Italian automotive market is experiencing a growth phase, confirmed, among other things, by the Iveco numbers.
The growth of Stellantis
But the note of color is guaranteed by the Stellantis numbers. “While the political stage is tinged” with dark shades – as Debach notes – the economic panorama shows a different colour: green”. 2023, the analyst notes, was a decisive year. Despite the misstep in December, the month in which for the first time since 1928 Fiat was not the best-selling brand in Italy.
But within a turbulent market, characterized by unprecedented transformations, Stellantis achieved significant sales growth in Europe (the group's second market), recording an increase of 5,9% in all segments and for all propulsions and ending the year oneco place in sales on the European market thanks also to the rapid growth in battery electric vehicles (BEVs), with an increase of 14% compared to 2022. Market share rose to 14,2% in Europe, where the group leads in various BEV segments. Then in January Stellantis reported volume growth of 17,6% compared to the previous year, reaching a market share of 19,7%, an increase of 0,9 percentage points compared to last year, supported by German growth, with an incredible +61% in sales
Tesla goes down, Stellantis goes up
The result? In an industry where Tesla and many automakers have experienced downward pressure on net margins, Stellantis shows the opposite evolution. Over the last year, Tesla has fallen by 4%, reporting a drawdown from the highs of 36%, while Stellantis travels to historic highs, benefiting from a growth of 43%, but above all with clearly different multiples.
The American automaker has a forward price-to-earnings ratio of 58 times, compared to Stellantis' 3.9 times. And among the automotive bigs, Stellantis ranks sixth among the main car manufacturers by capitalization, positioning itself behind Tesla, Toyota, Porsche, Mercedes and the Chinese BYD.
Of course, in this context, Stellantis in Europe is strongly aiming at the Polish, Slovakian and Serbian sites, which by 2025 could increase production by 38% and reach 788 thousand units produced. So it's a problem for Italy but also for France, despite the weight of the State in the shareholding structure. Of course, our country has the disadvantage of being a "single manufacturer", but France cannot be said to be safe from future production erosions due to delocalisation.
