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Automotive · North America · Shipments · Stellantis
Stellantis NV's third-quarter shipments climbed 13% to an estimated 1.3 million vehicles, driven by a significant 35% surge in North American deliveries, indicating a recovery after the automaker worked down U.S. inventory.
This increase follows efforts by new CEO Antonio Filosa to turn around the company after market share losses in the U.S. and Europe, with plans to invest $10 billion in the U.S. and a review of product and manufacturing footprints ahead of an early next year capital markets day. Stellantis' enlarged Europe shipments also rose 8%, bolstered by demand for new models such as the Citroën C3, Opel Frontera, and Fiat Grande Panda.
Despite the positive shipment data, Stellantis shares are down roughly a quarter this year, and the company faces concerns from European labor unions regarding potential plant shutdowns, as Italian car output fell 36% in the first nine months. The automaker reaffirmed its full-year guidance, contrasting with German rivals BMW AG and Porsche AG, which lowered their outlooks due to weak China sales.
Rival Volkswagen AG also reported rising deliveries, citing strong EV demand, though its North American deliveries declined.
