Stellantis Posts Q3 Net Revenues of €32.6 Billion -14%

Stellantis late yesterday reported Q3 net revenues of €32.6 billion, a decrease of -14% year-over-year. Even with improved vehicle mix and positive net pricing helping revenues, this was more than offset by lower volumes. Results were based on shipments of 1,131,000 units, down 27% compared to Q3 2020. This was primarily the result of the loss of ~30% of Q3 2021 planned production of 600,000 units because of unfilled semiconductor orders.

Click to Enlarge.

As always executives tried to spin the weak performance positively.

“Stellantis’ Q3 net revenues reflect the success of our recent vehicle launches, including new electrified offerings, combined with significant commercial and industrial actions executed by our teams in response to unfilled semiconductor orders. Full year guidance¹ is therefore confirmed despite continued poor visibility of component supply” said Richard Palmer, CFO. (Stellantis Posts Record H1 Results. Full-Year Guidance Upped, Stellantis New Credit Line €12B Tops PSA and FCA Combined)

The company spun the weak results as positive. Click to Enlarge.

There is some reason for the optimism. New vehicle launches this year include the DS 4, Jeep Grand Cherokee L, Opel Mokka and Peugeot 308. In September, the all-new Grand Wagoneer and Wagoneer went on sale. And the all-new Jeep Grand Cherokee along with the first-ever electrified Grand Cherokee 4xe in the queue.

Segment Results (all market shares as of Q3 2021)

• EU30 Commercial Vehicles market leader with 32.0% share.
• U.S. retail share up 50 bps from Q2 2021 to 11.5%.
• Maintained market leadership in South America, Brazil and Argentina with 24.4%, 35.6% and 31.0% share, respectively.
• Maserati market share up 40 bps y-o-y to 2.4%. Started deliveries of all-new Maserati MC20.

Strategic Partnerships

• Electrification strategy accelerating with several strategic partnerships announced to expand battery cell capacity across Europe and North America.
• Entered definitive agreement to acquire First Investors Financial Services Group, a significant milestone to establishing a captive U.S. finance company.
• Mercedes-Benz to join ACC JV as equal partner with Stellantis and TotalEnergies; raise cell capacity plan in Europe to at least 120 GWh by 2030
• Entered MOUs with LG Energy Solution and Samsung SDI to form separate battery JVs in North America, providing at least 63 GWh of total cell capacity by 2025

Fine Print and Footnotes

1. ~10% of adjusted operating income margin is the net revenue guidance.

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