DETROIT — The maker of Jeep SUVs and Ram pickup trucks on Thursday said its revenues increased 29% year-over-year in the third quarter as shipments rose by 13% amid improvement in the semiconductor shortage.
The boost in production alongside continued strong pricing from demand and low inventory resulted in revenues of $41.2 billion (42.1 billion euro). Combined shipments totaled 1.334 million vehicles globally, bringing new vehicle inventory at the end of September to 926,000, up 34% from a year prior.
But economic conditions that have been a tailwind for auto sales have been changing, rallied on Wednesday by another 0.75-point increase to interest rates by the U.S. Federal Reserve to curb inflation and an indication that there would be more to come.
Stellantis shares on the New York Stock Exchange fell 2% early Thursday morning in pre-market trading. Its shares dropped by 2.2% and 2% in Milan and Paris, respectively.
Still, Stellantis confirmed its guidance for 2022. It expects to report another year of double-digit margin results and positive cash flow to drive it forward in the transformation strategy the automaker outlined in March to become a sustainable tech mobility company with more than 50% of its U.S. sales all-electric by 2030.
Sales globally of the automaker's battery-electric vehicles, none of which are sold in the United States at this point, totaled 68,000, up 41% year-over-year.
More all-electric options are on their way. Jeep revealed plans to launch four BEVs in North America by 2025, including the new Recon and Wagoneer "S" for global consumption. The Jeep Avenger in Europe will lead the way in all-electric vehicles from the SUV brand.
Dodge in August also shared its Charger Daytona SRT Banshee concept all-electric muscle car with further details this week on the power levels offered on the vehicle through its Direct Connection aftersales program. Ram also will debut its 1500 Revolution concept BEV truck on Jan. 5 at the CES consumer electronics trade show in Las Vegas.
The company is "executing our Dare Forward 2030 electrification roadmap at a fast pace," Richard Palmer, Stellantis' chief financial officer, said in a statement, "to meet the strong demand for electrified vehicles."
Stellantis' revenues for the third quarter were shy of crosstown rival General Motors Co.'s. The Detroit automaker posted $3.3 billion in net income on $42 billion for the first quarter. Stellanits, however, beat Ford Motor Co., which reported a $827 million net loss on revenue of $39 billion. Stellantis will share profits for the second half of 2022 early next year.
Its shipments and revenues rose in all regions. In North America, shipments increased 12% to 441,000 vehicles from higher volumes of SUVs and pickup trucks, though the discontinuation of the prior generation of the Jeep Grand Cherokee partially offset those benefits. That helped rebuild some inventory as sales to consumers dropped 6% in the U.S. in the third quarter. North American net revenues rose to $19.6 billion (20.1 billion euro) from the higher volumes and strong pricing.
Revenues rose 16% in Europe, 56% in South America, 27% in the Middle East and Africa and 20% in Asia, though Stellantis this week filed for bankruptcy on its joint venture with Guangzhou Automobile Group Co. Ltd. in China in its decision to dissolve the partnership and import Jeeps into the country instead of building them there.
For the Maserati luxury brand, revenues rose 23% as shipments increased by 14% with the launch of its new Grecale SUV. It also revealed in October the GranTurismo, the brand's first vehicle available as all-electric.
