Stellantis Q3 shipments fall 1% as American weakness offsets Europe EV growth

Investing.com-- Stellantis on Tuesday reported a 1% year-on-year drop in its third-quarter vehicle shipments, as continued weakness in North America largely offset some growth in European electric vehicle sales.

Stellantis’ consolidated shipments in the three months to September 30 fell to 1.29 million units from 1.30 million units a year ago.

North American shipments were a major drag, falling 12% year-on-year to 357,000 units.

But shipments in the greater Europe area grew 10% to 588,000 units, Stellantis said, attributing the increase primarily to higher battery EV sales.

Shipments of Leapmotor-branded vehicles– Stellantis’ Chinese EV partner– rose sharply to 44,000 units, aided by the new B10 and B03x models.

Still, shipments in other regions were broadly in a flat-to-low range in Q3, as the French-Italian-American automaker grappled with heightened global competition and laggard consumer demand for its higher-margin, more expensive models.

Tuesday’s sales data points to continued weakness in Stellantis’ earnings. The automaker will release its full Q3 earnings on October 28.

Original Article

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