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. Chief Financial Officer Richard Palmer said the company was seeing a “moderate” improvement in chip supply in October, however, and expected that to continue through the fourth quarter. This led it to expect a moderate improvement in shipments in the final part of this year, Palmer said. Stellantis’ hit from the chip shortage was echoed by rival Volkswagen (VOWG_p.DE) , which cut its outlook for deliveries, toned down sales expectations and warned of cost cuts as it reported lower-than-expected quarterly operating profit. read more Stellantis, formed at the beginning of the year from the merger of Fiat Chrysler and France’s PSA, confirmed its full-year target for an adjusted operating profit (EBIT) margin of around 10%. The forecast, which was raised in… Read full this story
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