Stellantis Q3 sales up 29% as better chip supplies lift shipments By Reuters

© Reuters. FILE PHOTO: The logo of Stellantis is seen on a company’s building in Velizy-Villacoublay near Paris, France, May 5, 2021. REUTERS/Gonzalo Fuentes

MILAN (Reuters) – Sales at Stellantis rose 29% in the third quarter, helped by higher volumes amid improved semiconductor supplies, the world’s fourth-largest carmaker said in a statement on Thursday.

Net revenues amounted to 42.1 billion euros ($41.3 billion)in the July-September period, topping analyst expectations of 40.9 billion euros, according to a Reuters poll.

Strong pricing and favourable forex also supported the revenue growth, the company added.

Consolidated shipments rose 13% in the quarter to 1.281 million units, Stellantis said, also confirming its forecast for a double-digit margin on adjusted operating profit and positive industrial free cash flow this year.

The group’s global sales of battery electric vehicles (BEV) rose 42% year-on-year to 68,000 units.

However, overall dealer sales to final customers were down 4% in the quarter, Chief Financial Officer Richard Palmer said, causing an increase in the group’s vehicle inventory stock, mainly due to logistic issues, especially in the so-called ‘enlarged Europe’ region.

Palmer said the whole industry was facing a scarcity of trucks and drivers, which was making it difficult for Stellantis to “convert our strong order portfolio into sales in Europe”.

($1 = 1.0190 euros)

(This story has been corrected to change shipments to million)

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