Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
    • Browse photos from the 2021 awards ceremony
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Battery testing center for large battery packs and more
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
October 28, 2021 02:23 AM

Stellantis confirms 2021 margin target despite Q3 drop in sales

Automaker lost 30% of planned production due to chips supply crisis

Reuters
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Stellantis logo

    MILAN -- Stellantis confirmed its full-year target for a 10 percent operating profit margin despite a 14 percent fall in third-quarter sales due to the microchip supply crisis.

    Revenue in the quarter was 32.6 billion euros ($37.8 billion), Stellantis said in a statement on Thursday. Vehicle shipments fell 27 percent to 1.131 million.

    Like most automakers, Stellantis was forced to idle some production lines in the quarter due to the lack of automotive semiconductors. The automaker lost 30 percent of its planned production -- or 600,000 vehicles -- during the quarter.

    "The level of chip shortage was probably slightly higher that what we had expected when we last spoke to the market in August," Chief Financial Officer Richard Palmer said.

    The full-year toll of lost production due to the chip crisis would top a previous forecast of 1.4 million units, he said.

    Palmer said the company was seeing a "moderate" improvement on the chip supply front in October compared with the previous month and expected such trend to continue through the fourth quarter.

    "Visibility on semiconductors continues to be a difficult subject for the industry," Palmer added.

    Palmer said Stellantis forecasts a moderate improvement in shipments in the final quarter. "We see positive pricing across all regions," he said, adding he saw good progress on post-merger synergies and cost management.

    Palmer confirmed the full-year target for an adjusted operating profit margin of about 10 percent, assuming no further deterioration in semiconductor supply and no further significant COVID-19 lockdowns in Europe or the U.S. The forecast was raised in August to 10 percent from between 5.5 percent and 7.5 percent after strong first-half results, which included record margins in North America and progress on cost savings.

    Stellantis was created in January from the merger of Fiat Chrysler Automobiles and PSA Group. The automaker does not release quarterly profit figures. In the first half, its adjusted margin was 11.4 percent. The 2020 margin was 1.5 percent, a pro forma result because in 2020 FCA and PSA operated independently.

    Stellantis revised its full-year industry growth outlook for some of its regions. The company lowered the outlook for North America, South America and Europe, while improving the forecast for the Middle East and Africa region. It kept the outlook unchanged for India, and Asia Pacific and China.

    EDITOR'S NOTE: Stellantis reported revenue of 32.6 billion euros, or $37.8 billion. A previous version of this story used incorrect revenue figures.

    RECOMMENDED FOR YOU
    Tesla ads can continue referring to autonomous driving, German court says
    Recommended for You
    Tesla self drive
    Tesla ads can continue referring to autonomous driving, German court says
    jag-main_i.jpg
    Jaguar begins polishing image as an elite lifestyle brand
    VW Tiguan production at company's assembly plant in Puebla, Mexico.
    VW Mexico union to hold new contract vote after workers reject pay deal
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
        • Browse photos from the 2021 awards ceremony
    • More
      • Publishing Partners
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Battery testing center for large battery packs and more
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us