Stellantis Releases Q3 2023 Shipments and Revenues Numbers

Stellantis has reported a robust performance in Q3 2023. The company’s results highlight significant growth in net revenues, with a total of approximately $50.6 billion (€45.1 billion in USD), driven by continued strength in shipments year-over-year.

In Q3 2023, Stellantis achieved a consolidated shipment of 1.43 million units, marking an impressive 11% increase compared to the same period in 2022. This growth was evident in key regions, including Enlarged Europe, the Middle East & Africa, North America, and South America, all of which reported year-over-year improvements. The robust shipment figures demonstrate the company’s resilience and adaptability in the face of industry challenges.

Stellantis saw its total new vehicle inventory reach 1.39 million units by the end of September 2023. Notably, the company’s inventory increased by 158,000 units compared to December 2022. This rise represents a return to more normal inventory levels after a constrained supply period, demonstrating Stellantis’ commitment to meeting market demand.

Global battery electric vehicle (BEV) sales witnessed a staggering 37% increase compared to Q3 2022. This remarkable growth was mainly driven by the success of models like the Jeep® Avenger and the increasing popularity of commercial BEV vehicles, led by the Citroën ë-Berlingo. Stellantis’ commitment to electrification is evident, and the company is making strides in the growing EV market.

Stellantis is at the forefront of the electrification revolution. The company has introduced a range of electric vehicles, each tailored to meet different consumer needs. Notable introductions include the Citroën ë-C3, an affordable European electric car with impressive range, and the Peugeot E-3008, which boasts outstanding performance, range, and efficiency. The company’s investments in battery technology and partnerships underscore its dedication to carbon neutrality and sustainable mobility.

Stellantis continues to expand its global presence and partnerships to achieve its strategic goals. The company, in collaboration with major automakers, is set to create an extensive charging network in North America, with plans to install at least 30,000 high-powered charging points. Stellantis is also actively securing its supply chain for vital microchips, vital for the production of modern vehicles.

During Q3 2023, Stellantis repurchased €0.5 billion ($0.55 billion) in shares, and a total of €1.2 billion ($1.32 billion) in shares during the nine months leading up to September 2023. The company anticipates completing its announced €1.5 billion ($1.68 billion) 2023 Share Buyback Program in Q4 2023, demonstrating its commitment to shareholders. Additionally, the company recently announced plans to acquire approximately 20% of Leapmotor and establish a joint venture for the export, sale, and manufacturing of Leapmotor products outside Greater China.

“In the first half of this year, Stellantis emerged as the industry leader for AOI, AOI margin, and Industrial Free Cash Flows among its comparable peers,” stated Natalie Knight, Stellantis CFO. “Today, we are focused on maintaining our momentum by delivering industry-leading profitability and cash flows, addressing critical near-term industry challenges, and continuing our electrification and technology transformation. This growth is propelling the execution of our Dare Forward 2030 strategy.”  

North America:

• Shipments increased by 7%.
• Strong performance by Chrysler, particularly the Pacifica Hybrid, which more than doubled year-over-year.
• Dodge and Ram also showed improvements.
• Jeep shipments were down due to the discontinuation of the current generation Cherokee and the scheduled downtime of the Compass. However, the Grand Cherokee nearly doubled.
• Net revenues increased by 2%, primarily due to higher volumes, positive net pricing, and positive mix. Unfavorable FX translation effects partly offset this.

Enlarged Europe:

• Shipments increased by an impressive 11%.
• Opel/Vauxhall (especially Astra), Fiat Professional (led by Ducato), and Peugeot (led by 208) showed increased shipments.
• Increased demand for Battery Electric Vehicles (BEVs), led by Jeep® Avenger.
• Net revenues increased by 5%, mainly due to increased volumes and stable net pricing.

Middle East & Africa:

• Consolidated shipments surged by an impressive 102%.
• Robust growth in Fiat shipments was a significant contributor.
• Opel, Peugeot, and Citroën models also saw significant growth.
• Net revenues increased by 128%, primarily due to increased volumes and positive net pricing. This was partially offset by negative FX translation effects, mainly from the Turkish lira.

South America:

• Shipments increased by 7%.
• Higher Fiat volumes (led by Fastback), Fiat Professional, Peugeot, and Ram shipments contributed to this growth.
• Net revenues increased by 8%, mainly due to increased volumes and favorable net pricing. This was partially offset by negative FX translation effects, mostly from the Argentinian peso.

China, India & Asia Pacific:

• Consolidated shipments decreased by 33%.
• Decreased shipments of Jeep and Peugeot were mitigated by increased Alfa Romeo shipments (due to the all-new Tonale).
• Net revenues decreased by 38%, mainly due to decreased volumes and negative FX translation effects.

Maserati:

• Shipments decreased by 20%.
• Lower volumes in China were a significant factor, with Levante and Ghibli shipments down. However, there was a partial offset by higher Grecale volumes.
• Net revenues decreased by 21%, primarily due to decreased volumes and unfavorable FX translation effects.

The company’s 2023 industry outlook reflects optimism, with projections showing growth in key regions, including North America, Enlarged Europe, the Middle East & Africa, and India & Asia Pacific. Stellantis’ continued success underscores its resilience, adaptability, and commitment to leading the automotive industry into an electrified and sustainable future.