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.
