The all-new Peugeot E-3008 showed off Stellantis’s new STLA Medium BEV architecture that will spread … [+]
Franco-global auto-making conglomerate Stellantis has shrugged off the effects of the prolonged North American strikes to post third-quarter revenues of 45.1 billion euros.
The parent company of Jeep, Dodge and Ram saw its pre-tax operating profit move to €3 billion, despite admitting the pay-increase strikes in the US cost them around €750 million.
Its revenue climbed 7% over the third quarter of 2022, and its deliveries rose 11% to 1.48 million vehicles to September 30.
The Jeep Avenger BEV lead the electric growth for Stellantis. Photo: Stellantis
Its battery-electric vehicles are also booming, with 37% growth over Q3 2022, lead by the Jeep Avenger, the Peugeot E-208, the Fiat New 500e and the commercial Citroen E Berlingo.
The third quarter also saw the debut of the STLA Medium, the first of its four dedicated BEV platforms, beneath the all-new Peugeot E-3008 SUV.
Chief Financial Officer Natalie Knight, who signed on in the second quarter, told a media call today (October 31, 2023) that it was the least impacted of the Detroit Three during the six-week strikes.
“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,” Knight said.
“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,” she said.
Stellantis only reached a wage agreement with its Canadian union on Monday, just days after it settled with the United Auto Workers south of the border on a deal that brought the top pay rate to more than $42 per hour by 2028.
With the strike hiccup out of the way, Stellantis confirmed it is on track for double-digit margins for 2023, with only its only pessimism focused on its South American markets.
“We believe we continue to be in a very strong position globally and in the US,” Knight said on the call.
Stellantis also continued its share buyback program in the third quarter, taking in another €500 million in shares, taking the total so far to €1.2 billion in 2023. It expects to close out the buyback at €1.5 billion by the end of the 2024 calendar year.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
