The Stellantis group (PSA, Fiat-Chrysler) announces a sharp increase in its turnover in the 3rd quarter of 2022. If in Europe, small models are popular, in North America, it is SUVs that are driving sales.
The Stellantis group published sharply higher third-quarter sales on Thursday, maintaining its sales prices at their highest and benefiting from an improvement in its microchip supplies.
The group born from the merger of PSA and Fiat-Chryslerr published this Thursday November 3rd a turnover of 42.1 billion euros, up 29% compared to a third quarter of 2021 paralyzed by microchip shortages.
Stellantis recorded a 13% increase in sales to 1,281,000 units, “mainly due to an improvement in the reception of orders for semiconductors”, the group said in a press release.
The automotive group “had a good quarter in terms of revenue, with good deliveries, and positive sales price and currency effects,” Chief Financial Officer Richard Palmer said at a press conference. If inflation threatens the automotive market, “the dynamic remains positive”, underlined the financial director.
+41% sales for electric vehicles
“Order intake did not slow down in North America, while it fell slightly in Europe,” said Palmer. Dodge and Jeep brands. Turnover, up 36%, was driven by rising prices and currency effects on the dollar.
In Europe, vehicle deliveries are up 14%, thanks in particular to the Fiat 500 and Panda. Sales increased by 16%. Globally, sales of highly profitable electric vehicles increased by 41% year-on-year, reaching 68,000 units. The luxury brand Maserati also saw an increase of 14 % of its sales, thanks to the launch of the new Grecale SUV, which partly offset a decline in sales of the Levante SUV and the Ghibli sedan, particularly in Asia.
Falling stock
Analysts from the RBC firm highlighted performances slightly above the consensus. The Oddo firm hailed the manufacturer’s “resilient” profile for the year 2023, with its geographical exposure focused on the United States, and less on Europe or China than its competitors. Stellantis has maintained its margin forecasts ” double digits” for 2022. Its action lost 1.98% at 10:30 a.m. on the Milan Stock Exchange and 1.78% on the Paris Stock Exchange, at 13.46 euros, after having rebounded during the month of October. group also encountered logistical problems, particularly related to the lack of drivers and trucks in Europe, which prompted it to increase the number of vehicles in stock, said the financial director. During the first 9 months of 2022, the group sold 550,000 vehicles less than over the same period in 2021, with a sharp drop in Europe in particular.