Bad, even bad for Stellantis. Third quarter revenues fell again, by 27% compared to the same period in 2023 and deliveries down 20%. The data arrives in the aftermath of the political “clash” between the Italian-French car manufacturer and the government, after the president of the Elkann group said “I’m not coming” to the hearing in Parliament. But the next appointment, officially scheduled for November 14th, cannot be refused.
The group led by Tavares slowed down in the third quarter, with a drop in revenues of 27%, reaching 33 billion euros. Lower deliveries mainly weighed on the accounts (1,148 million units, down 20% from 2023) and the impact of changes in exchange rates. The situation was aggravated by the difficult context of the European market and the need to manage the exhaustion of some models in view of the transition towards a renewed and sustainability-oriented range. The start of this transformation, Stellantis underlines, led to the cessation of production of various models, temporarily slowing down supply. The group’s strategy envisages the launch of 20 new models by the end of the year, three of which have already been introduced in the third quarter and which appear to be very promising according to the car manufacturer. “The reception to the new products has been very positive, with orders for more than 50,000 units for the new Citroen C3, around 75,000 units for the new Peugeot 3008 and over 200 dealers ready for the European launch of Leapmotor” explains the company .
Across the Atlantic there are some positive signs. With a reduction in inventory by over 80 thousand units in the United States, Stellantis was able to reduce unsold stock in North America, pursuing the goal of cutting its inventory by 30 November by 100 thousand units overall. Despite everything, Stellantis confirms its financial guidance set on September 30 for 2024, with the adjusted operating margin expected between 5.5% and 7% and a negative industrial free cash flow that could reach 10 billion euros.
In addition to the accounts there is the political plan. The clash was triggered by President John Elkann’s refusal to participate in a hearing before the joint committees of the House and Senate. A refusal that neither the majority nor the opposition liked. And after hours of back and forth, the official call arrived. On November 14th Stellantis is expected at the Ministry of Industry and Made in Italy with Minister Adolfo Urso. There will also be trade unions, Regions and representatives of Anfia, the automotive supply chain association. And this time there will be no “no thanks”.
