Stellantis N.V. (NYSE:STLA) Q3 2023 Earnings Conference Call October 31, 2023 9:00 AM ET

Company Participants

Ed Ditmire - Head, Investor Relations

Natalie Knight - Chief Financial Officer

Conference Call Participants

George Galliers - Goldman Sachs

Michael Jacks - Bank of America

Daniel Roeska - Bernstein Research

José Asumendi - J.P. Morgan

Thomas Besson - Kepler

Dorothee Cresswell - BNP Paribas Exane

Henning Cosman - Barclays

Patrick Hummel - UBS

Tim Rokossa - Deutsche Bank

Operator

Ladies and gentlemen, welcome to the Stellantis Q3 2023 Shipments and Revenues Call.

I will now hand over to our host, Mr. Ed Ditmire, Head of Investor Relations at Stellantis. Mr. Ditmire, please go ahead.

Ed Ditmire

Hello, everyone and thank you for joining us today as we review Stellantis’ Q3 2023 shipments and revenues. Earlier today, the presentation material for this call, along with the related press release were posted on the Investors section of the Stellantis Group website. Today, our call is hosted by Natalie Knight, the company’s Chief Financial Officer. After her presentation, Ms. Knight will be available to answer questions from the analysts.

Before we begin, I want to point out that any forward-looking statements we might make today during the call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on Page 2 of today’s presentation. And as customary, the call will be governed by that language.

Now, I would like to hand over the call to Natalie Knight, CFO of Stellantis.

Natalie Knight

Thanks, Ed. I’m excited to be here with everybody today and talk about our strong Q3 performance. This was a period where net revenue growth and continued shipment momentum really shone through. We took on critical short-term industry challenges like the union negotiations in North America head-on and made strategic moves that demonstrate we are clearly on track to achieve our Dare Forward 2030 ambitions.

Let’s now turn to our first chart. At 1.4 million units, Q3 shipments grew 11% year-over-year, and our net revenues increased 7% to EUR 45 billion. This development was supported by our unique, high-performing Third Engine markets, where revenues were up 25% year-over-year due to the share gains in both South America as well as the Middle East and Africa.

Our efforts on electric vehicles also continue to accelerate. LEV sales grew 50% in the quarter, and we moved back into the number 2 position in BEV sales in the Europe 30 markets. Regaining that spot that we had lost to Tesla in Q2 and setting ourselves up to finish the year and enter 2024 with strong momentum.