It’s been a strong quarter for Stellantis as the automaker reported that its revenues increased by 29% to €42.1 billion from Q3 2021 to Q3 2022, primarily due to increasing volumes and persistently robust net pricing.
The increased revenue comes despite its market share dropping in important regions, such as North America were it fell 10.8% and 11.1% in the U.S. specifically. Despite this decline in North America and other places, the company confirmed its full year guidances of double-digit adjusted operating income margin as well as industrial free cash flow.
Shipments increased 13% year over year, mostly as a result of increased availability of semiconductors, while 926,000 new vehicles were in stock as of Sept. 30, with 275,000 units in company inventory, an increase of 179,000 units from Dec. 31, 2021.
Additionally, the business announced a 41% increase in battery electric vehicle sales compared with the third quarter of 2021, while sales of low-emission vehicles increased by 21,000 units year-over-year to 112,000 vehicles in the same period.
“Buoyed by the enthusiastic response to our Dodge and Jeep EV Days over the summer, and our Q3 global BEV sales increasing 41% year-over-year, we are executing our Dare Forward 2030 electrification roadmap at a fast pace to meet the strong demand for electrified vehicles,” said Chief Financial Officer Richard Palmer, in a statement. “We look forward to CES 2023 in January in Las Vegas, where the Ram 1500 Revolution BEV Concept will make its worldwide debut.”
The numbers
Overall, Stellantis saw its grip on world markets decline in the last quarter, reporting that a North American market share of 10.8%, down 20 basis points year-over-year, with U.S. share down 70 basis points to 11.1 percent. In Europe, the company claimed a market share of 19.2%, down 90 basis points. In South America, the company proved to be a market leader with a 22.6% share, although that too is down 150 basis points. The company was also a leader in commercial vehicles in South of the border, with a 30.8% market share. In Europe, Stellantis commanded a 29.2% share in commercial vehicles
An EV future
While some have said Stellantis has been slow to electrify, the company is finally starting to unveil its product strategy, with the recent reveals of the Jeep Avenger, Dodge Charger Daytona and the Chrysler Airflow. All are pure battery electric concepts that preview coming EVs, from their brands. Next up, the Ram EV, expected to be unveiled at CES in January. The new model will compete against the extraordinarily successful Ford Lightning, and forthcoming Silverado and Sierra EVs. They are part of a wave of 25 hybrid and electric models specifically aimed at the U.S. market including models from Alfa Romeo Chrysler, Dodge, Jeep, Maserati and Ram.
In 2024, the first of the new EVs is anticipated to hit the showrooms.
While Stellantis doesn’t have an EV currently on the market, it does offer the Jeep Wrangler 4xe and Jeep Grand Cherokee 4xe, and well as the Chrysler Pacifica Hybrid.
Stellantis plans to invest more than $7 billion on software-based solutions and electric vehicles over the next five years.