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Stellantis confirms 2023 outlook despite US strike

PARIS (AFP) – Automaker Stellantis confirmed yesterday its 2023 outlook thanks to a jump in third quarter revenue despite a costly strike in the United States (US).

The French-Italian-US automaker said revenue rose by seven per cent compared to the July-September period last year to EUR45.1 billion (USD47.9 billion), beating analyst expectations.

The company said that the more than month-long strike by staff in the US, which has ended following a tentative agreement struck on Saturday, had a negative impact of around EUR3 billion on revenue compared to planned production.

But even in the US, where the company earns about half of its revenue with its Chrysler and Jeep brands, sales volumes rose by seven per cent with revenue rising by two per cent.

Overall shipments – a proxy for unit sales – rose by 11 per cent from the same period last year – to just over 1.4 million vehicles.

Shipments of battery electric vehicles (EVs) rose by 37 per cent, with the Jeep Avenger proving popular among consumers and a Citroen van enticing businesses in Europe.

Stellantis aims to shift to 100 per cent battery EVs for consumers in Europe by 2030, and for them to account for 50 per cent of sales in the US car and light pick-up truck segments.

Stellantis logo seen in Michigan, United States. PHOTO: AFP