Stellantis Q3 gross sales up 29% as higher chip provides carry shipments By Reuters

MILAN (Reuters) -Gross sales at Stellantis rose 29% within the third quarter, helped by larger volumes amid higher semiconductor provides, the world’s fourth-largest carmaker stated in a press release on Thursday.

However whereas the semiconductor crunch was easing, different provide chain points had been looming on Stellantis’ operations, particularly round logistics in Europe.

Web revenues amounted to 42.1 billion euros ($41.3 billion)within the July-September interval, topping analyst expectations of 40.9 billion euros, in keeping with a Reuters ballot.

Sturdy pricing and beneficial foreign exchange additionally supported income progress, the corporate added.

Consolidated shipments rose 13% within the quarter to 1.281 million models, Stellantis stated, additionally confirming its forecast for a double-digit margin on adjusted working revenue and optimistic industrial free money circulate this yr.

The group’s international gross sales of battery electrical autos (BEV) rose 42% year-on-year to 68,000 models.

Logistics points induced a rise within the group’s automobile stock inventory, whereas total seller gross sales to ultimate clients had been down 4% within the quarter.

Chief Monetary Officer Richard Palmer stated the entire trade was going through a shortage of vehicles and drivers, which was making it tough for Stellantis to “convert our robust order portfolio into gross sales in Europe”.

Palmer added the corporate was presently seeing “no crimson gentle flashing” on potential vitality constraints affecting its provide chain and that the extent of concern was now comparatively decrease in contrast to some months in the past, as “everyone seems to be taking actions”.

“It the winter is regular … then I believe we’re moderately assured that we will handle manufacturing with none vital interruptions,” Palmer stated.

“However the threat is that we’ve got a really in depth provide chain and small hiccups in suppliers can create huge complexities for us by way of the completion of autos.”

($1 = 1.0190 euros)