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☆ Jeep-maker Stellantis reports sharp fall in revenue as it shifts car portfolio
▼ + stars: | 2024-04-30 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

Maserati's first GranCabrio convertible since 2019 is scheduled to go on sale this summer in the U.S. Global automaker Stellantis on Tuesday reported a 12% decline in revenue in the first quarter, citing lower sales and foreign exchange effects, even as net pricing held firm. Chief Financial Officer Natalie Knight said year-over-year shipment and net revenue comparisons were difficult due to the company's transition to a "next generation product portfolio manufactured on new platforms." This is a breaking news story and will be updated shortly.

Persons: Maserati's, Natalie Knight Organizations: U.S . Global, Stellantis Locations: U.S

Full-year profit rose 11% to 18.6 billion euros . Stellantis' North American revenues, accounting for nearly half of the carmaker’s total, dropped 5.6% in the second half of the year to 40.5 billion euros from 43 billion euros on lower shipments that eroded its market share. Stellantis’ European revenues were flat in the second half of the year at 31.7 billion euros. Stellantis paid shareholders 6.6 billion euros last year through dividends and buybacks, up 53% from 2022. The carmaker said it plans to increase dividend payments by 16% this year, to 1.55 euros per share, and buy back another 3 billion euros in shares.

Persons: Stellantis, Natalie Knight Organizations: MILAN, Peugeot PSA, FCA, Detroit, South, Pacific Locations: North America, South America, China, India

☆ Stellantis offering buyouts to about half its US salaried employees
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 13 (Reuters) - Chrysler-parent Stellantis (STLAM.MI) said Monday it is offering 6,400 U.S. salaried employees voluntary buyouts as it works to cut costs amid the transition to electric vehicles and agreeing to a new United Auto Workers contract. The buyouts would be about half the company's salaried U.S. employees not represented by a union, which is currently 12,700. Another 2,500 Stellantis U.S. salaried workers are unionized and are not being offered the current buyout. Salaried employees must have at least five years of experience to be offered a voluntary departure package. In October 2022, Stellantis offered voluntary buyouts to its U.S. salaried employees who were aged 55 or older and had worked for the automaker at least 10 years.

Persons: David, Dee, Delgado, Stellantis, Mark Stewart, Natalie Knight, David Shepardson, Leslie Adler, Lisa Shumaker Organizations: New York, REUTERS, Chrysler, United Auto Workers, Employees, UAW, Thomson Locations: Manhattan , New York City, U.S, Canada, North America

☆ Stellantis says it least affected by N.America strikes among Detroit Three
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/4] A Stellantis employee works on the e-GMP electric engine assembly line at the carmaker Stellantis engines factory in Tremery near Metz, France, June 29, 2022. And I think you will continue to hear more about that mitigation as we go forward," she said in a media briefing. Presenting its third-quarter sales results, Stellantis on Tuesday confirmed its forecast for a double-digit margin on adjusted operating profit and positive industrial free cash flow this year. "We believe we continue to be in a very strong position globally and in the U.S.," Knight said. Consolidated shipments rose 11% in the quarter to 1.427 million vehicles, Stellantis said.

Persons: Gilles Guillaume Acquire, Natalie Knight, Stellantis, Knight, Giulio Piovaccari, Gilles Guillaume, Federico Maccioni, Jason Neely Organizations: REUTERS, Detroit Three, Detroit, Thomson Locations: Tremery, Metz, France, North America, United States, Canada, U.S

MILAN (AP) —Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros ($795 million) in profits —less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%.

Persons: Stellantis, Natalie Knight, Ford, Knight Organizations: MILAN, Fiat, Peugeot, GM, CES, LA, Saturday, United Auto Workers Union, Jeep, North Locations: North America, Europe, Asia, U.S, Las Vegas, Michigan, Ohio

Customers might assume that nonunion automakers, like Toyota, Tesla or Hyundai-Kia, will now be able to price their vehicles well below what the Detroit automakers can. “When the dust settles from this UAW debacle, the Detroit auto stalwarts find themselves with a bigger cost profile with competition increasing," said Dan Ives, an analyst at Wedbush. That means that competition for buyers is intensifying as pent-up demand from the pandemic wanes, making it difficult for any automaker to raise prices. But if the Detroit companies report lower income, Wall Street will register its disappointment, and stock prices could fall. “You either raise your labor costs to meet what the UAW is getting or you risk the unionization drive.”

Persons: Stellantis, ”, Jonathan Smoke, pare, Dan Ives, Natalie Knight, Ram, Knight, Smoke, Shawn Fain, Fain, Art Wheaton, wouldn’t, Wheaton, Tesla, ” Wheaton Organizations: DETROIT, United Auto Workers, Detroit’s, General Motors, Ford, Toyota, Hyundai, Kia, Detroit, GM, Cox Automotive, UAW, Chrysler, Jeep, Cox, automakers, Detroit automakers, Cornell University, U.S Locations: United States, U.S, Stellantis, Detroit

☆ UAW strikes cost Stellantis about $3.2 billion in revenue
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Labor strikes by the United Auto Workers union cost Stellantis about $3.2 billion, or 3 billion euros, in lost revenue through October, the company reported Tuesday. UAW workers began roughly six weeks of targeted U.S. strikes against Stellantis, General Motors and Ford Motor on Sept. 15. Ford said the UAW strike cost it $1.3 billion in earnings before interest and taxes, including roughly $100 million during the third quarter. Despite the labor strikes, Stellantis maintained its 2023 guidance, signaling the strength of its global footprint compared to its main U.S.-based competitors. Stellantis' guidance includes double-digit adjusted operating income margin, positive industrial-free cash flows and completion of $1.6 billion, or 1.5 billion euros, in share buybacks.

Persons: Stellantis, Natalie Knight, Ford Organizations: United Auto Workers, DETROIT — Labor, UAW, Stellantis, General Motors, Ford, North, GM, CNBC Locations: Sterling Heights , Michigan, U.S

☆ Stellantis tops forecasts, looks to cost cuts to keep margins strong
▼ + stars: | 2023-07-26 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

[1/2] A DS 4 automobile, produced by Stellantis, stands on display during its launch event in Paris, France, February 3, 2021. The world's third largest automaker by sales said its January-June adjusted earnings before interest and tax (EBIT) rose 11% to 14.1 billion euros ($15.6 billion), topping the 12.1 billion expected by analysts in a Reuters poll. Milan-listed shares in Stellantis were up 1.6% by 0725 GMT, outpacing a 0.15% rise in Italy's blue-chip index (.FTMIB). He argued that the Stellantis margin performance was still better than those of Tesla (TSLA.O) and GM (GM.N), which he said posted margins of 10.5% and 8.3% respectively. Its first-half EBIT margin fell 60 basis points to 17.5% in North America, the group's most profitable region.

Persons: Benoit Tessier, EBIT, Carlos Tavares, Stellantis, Alfa Romeo, Ram, Natalie Knight, Tesla, Giulio Piovaccari, Gilles Guillaume, Federico Maccioni, Jason Neely, Keith Weir Organizations: REUTERS, Milan, GM, Fiat, Peugeot, Jeep, Thomson Locations: Paris, France, MILAN, Stellantis, North America, China, Europe, Milan

Stellantis shares were down 2.1% by 0720 GMT, the worst performers within Italy's blue-chip index (.FTMIB). Jefferies analysts said in a note that while revenues were improving, the inventory situation was to be monitored. CHIP FULFILMENTIn the first quarter, Stellantis' net revenue rose to 47.2 billion euros ($52 billion), topping analyst expectations of 45.5 billion euros in a Reuters poll, while consolidated shipments were up 7% to around 1.48 million units. "A better fulfilment of semiconductor orders is slowly but surely improving our capacity to produce vehicles," Palmer said. Sales of battery electric vehicles (BEV) rose 22% in the first quarter, Stellantis said, adding it would add nine new BEV models this year.

☆ Automaker Stellantis hires ex-Adidas, grocery executive as CFO
▼ + stars: | 2023-04-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Stellantis on Wednesday said it has hired the chief financial officer from global grocery company Ahold Delhaize to replace CFO Richard Palmer, who plans to leave the company at the end of June. Palmer will be succeeded by Natalie Knight, who has served as CFO at the Netherlands-based food retailer since early 2020. The automaker did not release details regarding why Palmer, who served as CFO through two major global mergers, is leaving the company. The resulting automaker then merged with French company PSA Groupe in 2021, forming Stellantis. Stellantis said Knight will be based at the company's U.S. headquarters in Auburn Hills, Michigan, "with extensive travel to Europe and the other regions."

LONDON, Nov 9 (Reuters) - Some European retailers this week forecast or reported better full-year sales after working to keep prices low to attract cash-strapped shoppers although others, including Marks & Spencer (MKS.L) and Adidas (ADSGn.DE) warned on profit. Many consumers have turned to cheaper private-label products, boosting sales for retailers like Dutch grocer Ahold Delhaize and Primark owner Associated British Foods (ABF.L), as they face a prolonged cost-of-living crisis. On Wednesday, Ahold raised its annual outlook for the third time this year, expecting low-double-digit earnings per share growth versus a prior mid-single-digit guidance. Carrefour said it would step up its expansion in e-commerce, open more discount stores and cut costs as it detailed its new turnaround strategy, . LUXURY GAPHaving less disposable income has meant many shoppers are holding back on buying mid-market clothes and other discretionary items.

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