Stellantis releases third-quarter earnings: 5 things to know
Stellantis, the company behind the Jeep, Ram, Chrysler and Dodge brands, wants you to know it had a solid third quarter in 2022.
The automaker reported that both revenues and vehicle shipments were up compared with the same period a year ago. The numbers don’t represent a full earnings picture. That will come when the automaker releases its earnings for the second half of the year in a few months, but the quarterly results do provide a window into the company’s progress.
What did the numbers show?
Stellantis said it had revenues for the quarter of $41 billion (42 billion euros). That’s up 29% compared with the third quarter of 2021. Vehicle shipments globally hit 1.3 million units, up 13% compared with the same period a year ago. Shipments and net revenues were up in each of the company’s global regions. In North America, shipments were up 12% and net revenues were up 36% for the quarter, although the company lost a bit of market share in the United States.
More:Electric Jeep Recon, Wagoneer S unveiled for US; Jeep Avenger headed to Europe
In light of the economy, how's demand for new vehicles?
Richard Palmer, Stellantis’ chief financial officer, said during a webcast Thursday that demand for the company’s new vehicles remains very strong in North America, where vehicles are moving off dealer lots fast, especially in the United States. North America, however, has also been hit more than elsewhere by semiconductor shortages, he said. But he noted that those supply chain challenges, paired with some logistical problems getting vehicles where they need to go, have somewhat concealed the true demand picture.
How’s the shift toward electrification going?
The company touted its increasing battery electric vehicle sales, which it said were up 41% year over year to 68,000 units. Stellantis’ low-emission vehicle sales were also up 21,000 to 112,000 vehicles in the third quarter, according to a news release. At the Paris Motor Show last month, the company unveiled the Jeep Avenger, the brand’s first fully electric vehicle, which is headed to the European market early next year. That’s also when the company has said it will begin taking orders for two electric models coming to North America, the Jeep Recon and the Wagoneer S, which are slated for production in 2024. Ram Trucks also plans to show its electric pickup concept at CES in Las Vegas in January.
More:Exploding Takata air bags, 2 fatalities prompt warning for some Dodge, Chrysler drivers
Anything new on Maserati?
Well, the Italian luxury brand had a good quarter. Its shipments were up 14% and its net revenues increased 23%. Palmer was asked whether the brand could some day be a standalone company like Porsche. Palmer said that’s not a possibility right now, but he said that could change. Maserati could be an “interesting asset” that could stand in the market on its own because it’s got a strong brand, its own network and operates a very independent type of business within Stellantis, he said. For now, however, the focus is on building the brand through offerings such as the Grecale SUV introduced in June. Palmer said Maserati’s “boom and bust” cycle of past performance is a result largely of uneven product launches that have left gaps in its portfolio.
Did I hear correctly that Derek Jeter is now a pitchman for Jeep?
It’s true. The former Yankees shortstop Hall of Famer and his wife, Hannah, a fashion model, are appearing in a new multiyear ad campaign for the Jeep Grand Wagoneer, called “Eyes Wide Open.” The first spot aired last week during the start of this year’s World Series between the Philadelphia Phillies and Houston Astros. The campaign’s theme highlights the embodiment of the American Dream, which Jeter, who lived in and played high school baseball in Kalamazoo, is said to represent.
Contact Eric D. Lawrence: elawrence@freepress.com. Follow him on Twitter: @_ericdlawrence. Become a subscriber.
This article originally appeared on Detroit Free Press: Stellantis releases 3rd quarter earnings: 5 things to know
