Following a successful first half where the company saw profits increase by 11% due to an impressive 12% growth, Stellantis has released its third quarter results. The turnover saw less impressive growth, attributed to recent strikes in North America.
Stellantis continues to do well in Q3 2023, with a sales growth of 11% compared to the previous quarter and a net sales hike of 7% from the previous year. The surge in electric vehicles has benefited the group, with sales for such vehicles up 37% compared to Q3 2022, leading to a turnover surge of 25%. This growth can be attributed mainly to the following vehicles: Jeep Avenger, Citroën Ami, Peugeot E-208, new Fiat 500e and Citroën ë-Berlingo.
The key activities performed during the year under the Dare Forward 2030 strategic plan are outlined below, with respect to each of the three primary pillars:
Dedication: Despite significant disturbance and change in the industry, Stellantis and its network of dealers in Europe have come together to solidify their alliance, enriching the experience of their customers and streamlining their travel. Stellantis and its business partners have signed over 8,000 sales contracts and 25,000 after-sales contracts in 10 key European countries. They all strive for simplicity, a multi-brand approach, a focus on the customer, and quality. Austria, Belgium, Luxembourg, and the Netherlands have already implemented the new business model. The remainder of the European countries is expected to follow suit starting from 2024.
Tech: Stellantis has revealed the first vehicle to use its STLA Medium platform, which is one of four global platforms designed for electric cars. The vehicle is the new Peugeot E-3008, boasting over 700 km of autonomy, as well as exceptional recharge time, performance, efficiency and driving pleasure. Fiat aims to improve sustainable city transport with the new 600e, now available in the B segment. The car boasts modern safety features and can travel up to 400 km on a single charge in combined cycles and up to 600 km in urban cycles (WLTP(6)). Fiat has also introduced the Topolino, a new micro vehicle with a range of 75 km and a top speed of 45 km/h. The company said they are starting to manufacture a new electric LCV at their facility in Ellesmere Port, which is both the UK and Stellantis' first global site that is entirely dedicated to mass producing electric vehicles.
They will soon release the new Citroën ë-C3, a fully electric model that's comfortable and easy to operate thanks to its 44 kWh battery pack (which offers up to 320 km of range in the WLTP(6) cycle). They will soon release the new Citroën ë-C3, a fully electric model that's comfortable and easy to operate thanks to its 44 kWh battery pack (which offers up to 320 km of range in the WLTP(6) cycle). They will soon release the new Citroën ë-C3, a fully electric model that's comfortable and easy to operate thanks to its 44 kWh battery pack (which offers up to 320 km of range in the WLTP(6) cycle). It's the first affordable European electric car. It will be available in most European markets for the same price, starting at 23,300 euros.
Stellantis has inaugurated its state-of-the-art Battery Technology Center at the Mirafiori facility in Turin, Italy. The center enables Stellantis to create, advance and test battery packs, modules, high voltage cells and software that will be used in its upcoming vehicles.
The company is expanding its worldwide network focused on converting to electricity and continuing its goals for carbon neutrality.
Validation of tests with Aramco to ensure 24 types of thermal engine work using eFuels fuels. This will help to decrease CO2 emissions from the 28 million Stellantis vehicles currently in use.
Additionally, presentation of the IBIS (Intelligent Battery Integrated System) project with Saft which may be available on Stellantis vehicles by the end of the decade.
Announcement of the building of a sixth gigafactory worldwide to aid their determined switch to electric power. The goal is to guarantee access to approximately 400 GWh of battery power; this will be the second gigafactory erected in the United States in collaboration with Samsung SDI.
Additionally, investment in the Hell’s Kitchen scheme by Controlled Thermal Resources Holdings Inc., allowing for the production of 300,000 tonnes of lithium carbonate yearly.
Completion of the purchase of 33.3% of Symbio's ownership, a top player in hydrogen-powered vehicles with zero emissions, to reinforce Stellantis' dominating stance in the hydrogen vehicle sector.
Value: To speed up the use of electric vehicles in North America, Stellantis and six other big international car makers will create an unequalled charging network by installing no less than 30,000 ultra-fast charging points.
Additionally, Stellantis will use a complex plan to manage and protect the long-term supply of necessary electronic microchips and reach the goals of the Dare Forward 2030 plan. Stellantis has teamed up with semiconductor manufacturers and secured direct access to essential parts, ensuring complete visibility of future electronic chip needs.
The company repurchased shares worth €0.5 billion in Q3 2023, bringing the total to €1.2 billion for the nine months prior to September 30, 2023. Stellantis plans to finalise its 2023 share buyback programme, totalling €1.5 billion, in Q4 2023.
Last October, Stellantis declared it would purchase nearly 20% of Leapmotor for 1.5 billion euros and set up "Leapmotor International", a joint venture managed by Stellantis with a 51/49 ratio, holding the exclusive rights to produce, transport and market Leapmotor products outside of China.
Moreover, in the same month, the corporation initiated Pro One, its commercial vehicle strategic attack, to boost its worldwide dominion. It will depend mainly on the products intended for experts from its six well-known brands - Citroën, FIAT Professional, Opel, Peugeot, Ram and Vauxhall - and will help accomplish the goals of the Dare Forward 2030 strategic plan.
In sum, Stellantis is showing strong financial performance although their sales growth has slowed due to strikes in US factories. Overall, the group's turnover has increased by 7%, whereas Volkswagen's turnover has increased by 12%. In terms of sales growth, Stellantis has seen an increase of 11%, while the German group has seen a growth of 7.4%. The issues with delivering products that occurred in recent months started getting solved in September. This progress is predicted to continue until the end of the year. As a result, Stellantis can expect a growth in sales, particularly in Europe, and an increase in revenue.