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Stellantis Q3 net revenues jump 29% from a year ago

Stellantis announced its third-quarter financial results on Thursday, showing an increase in both revenues and shipments as shortages of semiconductors begin to ease.

The automaker reported third-quarter revenues of $41.2 billion, an increase of 29% year-over-year. Shipments totaled 1.33 million vehicles globally, a growth of 13% over the same period last year. The automaker’s new vehicle inventory was 926,000 vehicles at the end of September, a 34% improvement.

Despite the positive results, Stellantis shares on the New York Stock Exchange fell 2% in early trading on Thursday. The drop follows another 0.75-point interest rate hike from the Federal Reserve the day before.

The automaker confirmed its guidance for 2022, expecting to report double-digit margin results and positive cash flow.

Stellantis has set a goal of 50% of all US sales to be all-electric by 2030. Sales of the company’s battery-electric vehicles, which are not yet for sale in the US, increased 41% year-over-year for a total of 68,000 units. Stellantis is the parent company of 16 companies, including Jeep, Dodge, and Ram, all of which have plans to produce electric vehicles in the near future.

Jeep plans to launch four BEVs in North America by 2025, including the Recon and Wagoneer “S,” as well as the Jeep Avenger in Europe. Dodge is working on its upcoming Charger Daytona SRT Banshee concept all-electric muscle car. Ram is expected to debut its 1500 Revolution concept BEV truck in January at the Las Vegas CES consumer electronics trade show.

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