Stellantis Shipments Jump 13% on Rise in North America
North American Shipments Jumped 35%
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Stellantis NV’s third-quarter shipments climbed 13%, led by a rise in North America, pointing to a recovery after the ailing carmaker worked down inventory in the U.S.
The company delivered an estimated 1.3 million vehicles to dealers and other customers in the period, according to a statement. North American shipments jumped 35%, as Stellantis reintroduced popular models like the V8-powered Ram 1500 pickup.
Rival Volkswagen AG on Oct. 10 also reported rising deliveries, citing strong demand for its electric models.
Stellantis shares rose as much as 2.7% in Milan on Oct. 10. The stock is still down roughly a quarter this year.
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The group’s new CEO Antonio Filosa is taking steps to turn around a company on the back foot following steep market share losses in both the U.S. and Europe. Carlos Tavares, the previous CEO who left in December, had pursued cost cuts and efficiencies at the expense of new models. Stellantis plans to invest about $10 billion in the U.S. to boost momentum in its key profit pool, Bloomberg reported earlier this month.
As part of Filosa’s review, Stellantis is reshaping its top management and walking back some European investments. The new CEO is also reviewing the group’s product, brand and manufacturing footprint ahead of a capital markets day scheduled for early next year. In Europe, Stellantis owns brands including Fiat, Maserati and Citroën.
Volkswagen’s deliveries to customers rose 1% in the third quarter, with gains in Europe and South America offsetting declines in China and North America, where its Audi and Porsche brands face import tariffs. The group’s EV deliveries jumped by a third.
Stellantis’ enlarged Europe shipments rose 8% in the period, bolstered by demand for new models such as the Citroën C3, Opel Frontera and Fiat Grande Panda.
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The company’s increased U.S. focus and a recent wave of management changes are alarming labor unions in Europe, where several plants temporarily stopped producing this month. Car output at Stellantis in Italy fell 36% in the first nine months of the year, sparking union worries of forced plant shutdowns in the region.
Stellantis on Sept. 29 reaffirmed its full-year guidance, while German manufacturers such as BMW AG and Porsche AG lowered their outlooks in recent weeks in part because of weak sales in China.
The manufacturer is due to report full third-quarter deliveries and revenues on Oct. 30.
