Unlocking Q3 2023: Shipment and Revenue Figures Unveiled

01 Nov, 2023

Unlocking Q3 2023: Shipment and Revenue Figures Unveiled

Stellantis is strategically steering its course in Q3 2023, with a multifaceted plan aimed at ensuring a sustainable supply of critical microchips, aligning with Dare Forward 2030 objectives. The strategy comprises collaborations with semiconductor manufacturers, securing mission-critical components, and gaining clear visibility into future chip requirements.

During Q3 2023, Stellantis repurchased €0.5 billion worth of shares, with a total of €1.2 billion repurchased in the nine months leading to September 30, 2023. The company is on track to complete its €1.5 billion 2023 Share Buyback Program in Q4 2023.

In October 2023, Stellantis unveiled plans to acquire approximately 20% of Leapmotor for around €1.5 billion, forming the Stellantis-led joint venture, Leapmotor International. This venture secures exclusive rights for exporting, selling, and manufacturing Leapmotor products outside Greater China.

The financial performance in Q3 2023 demonstrated positive results, with net revenues reaching €45.1 billion, marking a 7% increase compared to Q3 2022. This growth can be attributed to improved volume and consistent pricing, albeit partially offset by foreign exchange fluctuations.

Stellantis reported consolidated shipments of 1,427 thousand units, reflecting an 11% increase compared to Q3 2022. The Enlarged Europe, Middle East & Africa, North America, and South America regions contributed to year-over-year improvements.

The company's total new vehicle inventory stood at 1,387 thousand units as of September 30, 2023, with company inventory accounting for 388 thousand units. This increase represents a return to more typical levels after a period of supply constraints spanning several years.

Stellantis faced challenges due to work stoppages, which had a negative impact of approximately €3 billion on net revenues through October. A tentative agreement was reached with both the UAW and Unifor, helping to mitigate these disruptions.

Global battery electric vehicle (BEV) sales experienced a significant surge of 37% in Q3 2023 compared to the same period in 2022. This growth was primarily driven by the popularity of the Jeep® Avenger and an expanding portfolio of commercial BEV vehicles, led by the Citroën ë-Berlingo.

The company's commitment to share buybacks and strategic alliances, coupled with strong growth in the BEV segment, underscores Stellantis's resilience and adaptability in the dynamic automotive industry landscape.