Stellantis reiterates guidance; revenue, shipments fall
Amsterdam-headquartered automotive giant Stellantis has reiterated its full-year guidance after posting a fall in revenue and shipments.
The Fiat and Peugeot owner maintains its forecasts of 5.5-7% underlying earnings margins, as announced last month, Kallanish notes.
In the quarter to 30 September, revenue dropped by 27% on-year to €33 billion ($35.8 billion), mostly due to lower shipments and unfavourable mix, as well as pricing and foreign exchange impacts.
Combined shipments, which indicates shipments by the company's consolidated subsidiaries and unconsolidated joint ventures, declined by 21% to 1.1 million vehicles.
“Several” models suffered from a production gap during the quarter amid a global product transition, planned North American inventory reductions, and headwinds from a challenging European market environment, the firm notes.
Stellantis has been prioritising the reduction of US dealer inventory level and expects to reach the 100,000 unit cut this year as previously announced. As of 30 September, the US inventory level was 1.3m units, down by 129,000 vehicles year to date.
The group expects to deliver around 20 new models in total this year, including the battery electric vehicle (BEV) Citroën ë-C3 in Europe, and the BEVs Dodge Charger Daytona, Jeep Wagoneer S, and Ram 1500 REV in the US.
The company’s market share in the US grew from 7.2% in July to 8% in September, reaching 45% in the plug-in hybrid category in August. Stellantis Pro One, the light commercial vehicle segment, held the top spot in European BEV share with 32.8%.
Shares rose by 2.8% on Thursday morning.
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