Stellantis Q3 results, Ford October sales, Polestar gets funding boost

Inside Automotive:

Why cybersecurity is more important now than ever before — Patrick Condron | CDK Global
CDK Global recently published its Annual State of Cybersecurity Report which highlights top security concerns in preparation for the FTC Safeguards Rule deadline. Today on Inside Automotive, we’re joined by Patrick Condron, Product Marketing Lead for IT Solutions with CDK Global, to discuss the report’s findings. Watch the complete segment here.

Headlines:

Stellantis released its third-quarter results yesterday, reporting revenues of $41.2 billion, an increase of 29% year-over-year. The automaker shipped 1.3 million vehicles globally, and there were 926,000 vehicles in its new vehicle inventory at the end of September. Sales of the company’s battery-electric vehicles totaled 68,000 units, a 41% increase year-over-year. The company confirmed its full-year guidance for 2022, expecting another year of double-digit margin results and a positive cash flow. Read More

Ford Motor Company says sales declined 10% during the month of October as the automaker struggled with supply chain issues that have delayed shipments to dealers. Ford reported sales of 158,327 new vehicles last month, down nearly 176,000 from the same month a year earlier. These results mark the second straight month of declines. Ford had roughly 40,000 vehicles at the end of the third quarter and expects to complete and ship those vehicles by the end of the year. Read More

Swedish EV maker Polestar has obtained 1.6 billion in financing support from major shareholders, according to a press release from the company. Volvo Cars will provide 800 million US dollars as an 18-month term loan. This loan amount is comparable to the financial and liquidity support provided by PSD Investment, Polestar’s other significant stakeholder. Polestar says it currently has around 70,000 cars on the road today and is on track to reach its goal of delivering 50,000 cars to customers in 2022. Read More

Fisker released its third-quarter financial results on Thursday. The company reported cash and cash equivalents of $824.7 million at the end of Q3, a net loss totaling $149.3 million, and a $0.49 cent loss per share. The company also affirmed that it was on track to begin production on the upcoming ocean in November. Fisker anticipates producing 42,400 units through the end of 2023. Read More

News & Opinion

The Fed approves another 0.75-point interest rate hike to combat stubbornly high inflation
The Federal Reserve approved a fourth consecutive three-quarter point hike in interest rates this week and hinted at a likely shift in its monetary policy to lower inflation. The central bank increased its short-term borrowing rate by 0.75 percentage points to a target range of 3.75%-4%, the highest level since January 2008, in a move that the markets had been anticipating for a while. Read More

Increased online sales adoption could signal the in-person experience needs change
The 2022 Deloitte Global Automotive Consumer Study indicates that concluding a vehicle in-person remains the preferred method for 75% of car buyers. However, more people are attracted to buying their next vehicle fully remote. Dealerships and manufacturers have taken great strides in providing a venue for the growing number who want to take their journey online, either primarily or to a larger extent than previously. While working on improving the online sales or omnichannel experience is important, most car buyers want to maintain face-to-face interactions, and there’s still work to be done there. Read More

Did you enjoy this automotive newscast? Please share your thoughts, comments, or questions regarding this topic by connecting with us at newsroom@cbtnews.com.