Stellantis Backs 2021 Margin Target After 3Q Revenue Decline Amid Chip Shortage
October 28 2021 - 2:54AM
Dow Jones News
By Kim Richters
Stellantis NV on Thursday posted a fall in revenue for the third
quarter as the semiconductor shortage hit production, but it
confirmed its full-year operating margin target.
The auto maker, created when Fiat Chrysler Automobiles NV and
PSA Group merged, said revenue fell 14% to 32.55 billion euros
($37.77 billion) for the three-month period.
Consolidated shipments for the quarter dropped 27% to 1.13
million vehicles and the car maker said it didn't produce around
600,000 vehicles in the third quarter due to the impact of the chip
shortage.
Improved vehicle mix and positive net pricing were more than
offset by lower volumes, it said.
Looking ahead, Stellantis backed its forecast for an adjusted
operating income margin of around 10% for 2021.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
October 28, 2021 02:39 ET (06:39 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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