Summary Q3 sales at 32.6 bln euros vs forecast of 33 bln Lost 30% of Q3 planned production due to chips FY production loss to exceed forecast of 1.4 mln units Company confirms FY adj. EBIT margin target of around 10% MILAN, Oct 28 (Reuters) – Stellantis (STLA.MI) , the world’s fourth largest automaker, on Thursday reported a 14% fall in third-quarter revenue on a pro-forma basis after semiconductor shortages cut planned quarterly production by 30% or 600,000 vehicles. Revenue amounted to 32.551 billion euros ($37.8 billion), short of analyst expectations of 33.02 billion euros in a Reuters poll. “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, adding the full-year total toll of lost production would top a previous forecast of 1.4 million units. Palmer however said the company was seeing a “moderate” improvement in chip supply in October and expected that trend to continue through the fourth quarter. “Visibility on semiconductors continues to be a difficult subject for the industry,” Palmer added. Shipments fell 27% year on year on a pro-forma basis in the third quarter to 1.131… Read full this story
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