* In an industry still affected by unprecedented disruptions and transformations,
* This growth is propelling the execution of our
Care: In an industry still affected by unprecedented disruptions and transformations,
Tech: Peugeot revealed the first application of STLA Medium - the first of
Coming to the market soon is the all-electric Citroën ë-C3. The first affordable European electric car, the ë-C3 delivers best-in-class comfort, and easy electric life thanks to a 44kWh battery pack providing up to 320km (199 miles) WLTP(6) driving range, at fair and net prices in many European markets, starting at
The Company continued to strengthen its global electrification ecosystem and support its carbon neutrality ambitions: (i) concluding testing with Aramco on the compatibility of 24 engine families to use advanced drop-in eFuels, which will lower CO2 emissions of a potential 28 million
Value: To accelerate the transition to electric vehicles in
The Company repurchased
In
In
On
Upcoming events:
Full Year 2023 Results -
Investor Day 2024,
Q3 2023
Q3 2022
Change
FY 2023 GUIDANCE - CONFIRMED
Adjusted Operating Income Margin(2) Double-Digit
Industrial Free Cash Flows(3) Positive
2023 INDUSTRY OUTLOOK(4)*
Enlarged
South America Stable (from 3%)
*2023 Industry Outlook changed for NA, EE, MEA and SA compared to outlook provided on
Combined shipments (000 units)
1,478
1,334
+11%
Consolidated shipments (000 units)
1,427
1,281
+11%
Net revenues (EUR billion)
45.1
42.1
+7%
YTD 2023
YTD 2022
Change
Combined shipments (000 units)
4,805
4,367
+10%
Consolidated shipments (000 units)
4,629
4,215
+10%
Net revenues (EUR billion)
143.5
130.1
+10%
____________________________________________________________________________________________________________________________________
All reported data is unaudited. Reference should be made to the section "Safe Harbor Statement" included elsewhere within this document.
Segment Performance
Q3 2023
Q3 2022
Change
Shipments up 7%, led by
Net revenues up 2%, primarily due to higher volumes, positive net pricing and positive mix, mostly offset by unfavorable FX translation effects
YTD 2023
YTD 2022
Shipments (000s)
470
441
+29
1,493
1,400
Net revenues (EUR million)
21,523
21,071
+452
67,439
63,514
ENLARGED
Q3 2023
Q3 2022
Change
Shipments up 11%, driven by increased shipments of Opel/Vauxhall (in particular Astra), Fiat Professional (led by Ducato) and Peugeot (led by 208), as well as increased demand for BEVs, led by Jeep Avenger
Net revenues up 5%, mainly due to increased volumes and stable net pricing
YTD 2023
YTD 2022
Shipments (000s)
599
538
+61
2,077
1,900
Net revenues (EUR million)
14,124
13,486
+638
48,985
44,805
Q3 2023
Q3 2022
Change
Consolidated shipments up 102%, led by robust growth in
Net revenues up 128%, primarily due to increased volumes and positive net pricing, partially offset by negative FX translation effects, mainly from Turkish lira
YTD 2023
YTD 2022
Combined shipments (000s)(1)
139
87
+52
440
286
Consolidated shipments (000s)(1)
105
52
+53
313
190
Net revenues (EUR million)
3,021
1,324
+1,697
7,719
4,363
Q3 2023
Q3 2022
Change
Shipments up 7%, due to higher
Net revenues up 8%, mainly due to increased volumes and favorable net pricing, partially offset by negative FX translation effects, mostly Argentinian peso
YTD 2023
YTD 2022
Shipments (000s)
227
213
+14
647
616
Net revenues (EUR million)
4,285
3,965
+320
11,848
11,198
Q3 2023
Q3 2022
Change
Consolidated shipments down 33%, due to decreased shipments of
Net revenues down 38%, mainly due to decreased volumes and negative FX translation effects
YTD 2023
YTD 2022
Combined shipments (000s)(1)
37
48
(11)
127
148
Consolidated shipments (000s)(1)
20
30
(10)
78
92
Net revenues (EUR million)
705
1,138
(433)
2,691
3,290
MASERATI
Q3 2023
Q3 2022
Change
Shipments down 20%, due to lower volumes in
Net revenues down 21%, primarily due to decreased volumes and unfavorable FX translation effects
YTD 2023
YTD 2022
Shipments (000s)
5.3
6.6
(1.3)
20.6
16.8
Net revenues (EUR million)
496
630
(134)
1,805
1,571
Reconciliations
Net revenues from external customers to Net revenues
Q3 2023
(EUR million)
ENLARGED
MASERATI
OTHER(*)
Net revenues from external customers
21,522
14,077
3,022
4,320
705
495
995
45,136
Net revenues from transactions with other segments
1
47
(1)
(35)
--
1
(13)
--
Net revenues
21,523
14,124
3,021
4,285
705
496
982
45,136
___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
Q3 2022
(EUR million)
ENLARGED
MASERATI
OTHER(*)
Net revenues from external customers
21,070
13,467
1,324
3,978
1,136
631
495
42,101
Net revenues from transactions with other segments
1
19
--
(13)
2
(1)
(8)
--
Net revenues
21,071
13,486
1,324
3,965
1,138
630
487
42,101
___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
YTD 2023
(EUR million)
ENLARGED
MASERATI
OTHER(*)
Net revenues from external customers
67,438
48,888
7,720
11,929
2,690
1,805
3,034
143,504
Net revenues from transactions with other segments
1
97
(1)
(81)
1
--
(17)
--
Net revenues
67,439
48,985
7,719
11,848
2,691
1,805
3,017
143,504
___________________________________________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
YTD 2022
(EUR million)
ENLARGED
MASERATI
OTHER(*)
Net revenues from external customers
63,512
44,742
4,363
11,211
3,286
1,574
1,412
130,100
Net revenues from transactions with other segments
2
63
--
(13)
4
(3)
(53)
--
Net revenues
63,514
44,805
4,363
11,198
3,290
1,571
1,359
130,100
______________________________________________________________________________________
(*) Other activities, unallocated items and eliminations
Rankings, market share and other industry information are derived from third-party industry sources (e.g. Agence Nationale des Titres Sécurisés (ANTS), Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA),
For purposes of this document, and unless otherwise stated industry and market share information are for passenger cars (PC) plus light commercial vehicles (LCV), except as noted below:
Maserati reflects aggregate for 17 major markets where Maserati competes and is derived from
Prior period figures have been updated to reflect current information provided by third-party industry sources.
Commercial Vehicles include vans, light and heavy-duty trucks and passenger vehicles registered or converted for commercial use.
EU30 = EU 27 (excluding
Low emission vehicles (LEV) = battery electric (BEV), plug-in hybrid (PHEV) and fuel cell electric (FCEV) vehicles.
All
Safe Harbor Statement
This document, in particular references to "FY 2023 Guidance", contains forward looking statements. In particular, statements regarding future financial performance and the Company's expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as "may", "will", "expect", "could", "should", "intend", "estimate", "anticipate", "believe", "remain", "on track", "design", "target", "objective", "goal", "forecast", "projection", "outlook", "prospects", "plan", or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company's current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them.
Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company's ability to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; the Company's ability to realize the anticipated benefits of the merger; the Company's ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; the continued impact of unfilled semiconductor orders; the Company's ability to successfully manage the industry-wide transition from internal combustion engines to full electrification; the Company's ability to produce or procure electric batteries with competitive performance, cost and at required volumes; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company's vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company's vehicles; changes in local economic and political conditions; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the level of government economic incentives available to support the adoption of battery electric vehicles; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; the Company's ability to attract and retain experienced management and employees; exposure to shortfalls in the funding of the Company's defined benefit pension plans; the Company's ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies; the Company's ability to access funding to execute its business plan; the Company's ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company's relationships with employees, dealers and suppliers; the Company's ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties.
Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company's financial results, is included in the Company's reports and filings with the
_________________________________________
Notes:
(1) Combined shipments include shipments by Company's consolidated subsidiaries and unconsolidated joint ventures, whereas Consolidated shipments only include shipments by Company's consolidated subsidiaries. Figures by segments may not add up due to rounding.
(2) Adjusted operating income/(loss) excludes from Net profit/(loss) adjustments comprising restructuring, impairments, asset write-offs, disposals of investments and unusual operating income/(expense) that are considered rare or discrete events and are infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance, and also excludes Net financial expenses/(income) and Tax expense/(benefit). Effective from
This change was implemented as management believes these results are becoming increasingly relevant due to the number of partnerships
Unusual operating income/(expense) are impacts from strategic decisions, as well as events considered rare or discrete and infrequent in nature, as inclusion of such items is not considered to be indicative of the Company's ongoing operating performance. Unusual operating income/(expense) includes, but may not be limited to: impacts from strategic decisions to rationalize
(3) Industrial free cash flows is calculated as Cash flows from operating activities less: cash flows from operating activities from discontinued operations; cash flows from operating activities related to financial services, net of eliminations; investments in property, plant and equipment and intangible assets for industrial activities; contributions of equity to joint ventures and minor acquisitions of consolidated subsidiaries and equity method and other investments; and adjusted for: net intercompany payments between continuing operations and discontinued operations; proceeds from disposal of assets and contributions to defined benefit pension plans, net of tax. The timing of Industrial free cash flows may be affected by the timing of monetization of receivables, factoring and the payment of accounts payables, as well as changes in other components of working capital, which can vary from period to period due to, among other things, cash management initiatives and other factors, some of which may be outside of the Company's control.
(4) Source:
(5) Refers to the aggregation of the
(6) Worldwide Harmonized Light Vehicles Test Cycle
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