Wednesday, November 29, 2023

Stellantis defies US strike and increases turnover by 10%

The historic US auto strike did little to hurt the quarterly results of Stellantis, the French-Italian-American consortium that owns Chrysler, one of the Detroit’s ‘Big Three’. Specifically, its turnover at the end of September amounted to 143.5 billion euros in 2023, an increase of 10%.

Another similar development is its registrations, which amounted to 4.63 million units. Special mention goes to the manufacturer’s electric models, where the Jeep Avenger, Citroën Ami, Peugeot e-208, Fiat 500e and Citroën ë-Berlingo stand out. In general, electric models represent an increase in sales of 37%.

In the United States, Stellantis said it had reached a tentative agreement with the majority union, the United Auto Workers, and Canada’s Unifor to end strikes at its factories. Since its beginning, in mid-September, the manufacturer estimates that the impact on income is close to 3,000 million euros.

In terms of inventory, the company has 1.38 million new vehicles in the fields. Most of these, just under a million, are owned by dealers.

According to CFO Natalie Knight, “Stellantis has emerged as the industry leader in free cash flow and profitability among its competitors.” Looking ahead to the end of the year, the manufacturer maintains double-digit profit forecasts.

In its foreign markets, “we consider that we continue to have a very strong position around the world.” Thus, it saw productive increases in North America and Europe, but a decline in South America.

Earlier this month, Stellantis bought a stake in Chinese electric vehicle maker Zhejiang Leapmotor Technologies in a bid to reverse declining sales in the world’s largest single market.

In addition, this ‘joint venture’ will also allow it to sell models from the Asian manufacturer in the markets where the Western consortium operates.

In October, they also revealed the new electric C3, a subcompact with an SUV profile whose price starts at 23,300 euros, making it the cheapest zero-emissions model produced in Europe.

World Nation News Desk
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