Analyst Note
| Richard Hilgert |No-moat-rated Stellantis reported third-quarter revenue of EUR 42.1 billion, jumping 29% from EUR 32.6 billion reported for the prior year when the chip crunch was at its worst. Excluding favorable currency, organic revenue rose 19%. The top line beat the FactSet consensus estimate of EUR 40.7 billion by 3%. Stellantis’ volume and market conditions, still affected by the chip shortage but to a lesser degree and the Ukraine crisis, contributed 9% points to revenue. However, vehicle pricing, content, and mix added 10% while average revenue per unit jumped 14% as the firm allocates chips to production of higher margin vehicles. The revenue increase outpaced a 13% rise in unit volume to 1.3 million from 1.2 million last year. The automaker (French domiciled for accounting purposes) discloses only revenue in the first and third quarters.