智通财经APP获悉，Stellantis(STLA.US)周五表示，其第三季度全球汽车销量同比增长 13%，这一增长 得益于新车型的推出以及北美市场需求的增加，这表明在经历了数个季度的销售下滑后，业务已开始复 苏。这家法意美合资汽车制造商估计，在 7 月至 9 月期间，其共交付了 130 万辆汽车。第三季度的销量 和营收最终数据将于 10 月 30 日公布。 Stellantis补充称，尽管如此，部分收益仍被轻型商用车需求疲软以及一些欧洲主要国家销量下滑所抵 消。 在其他地区，南美洲的交付量下降了 3%，降至 25.2 万辆。Stellantis表示，这是由于去年同期的交付量 基数较高，当时该公司在里约格兰德苏尔发生洪灾后恢复了延迟交付的订单。 这一表现表明，自 6 月以来由新首席执行官Antonio Filosa领导的Stellantis或许正在恢复发展势头，尤其 是在其最重要的市场之一，此前该集团一直在应对包括库存过剩和车型更替等影响，这些因素在前几个 季度对销量造成了压力。 在欧洲，交付量同比增长 8%，达到 534，000 辆，得益于四款新紧凑型车型的推出——Citroen C3、 Citroen C ...

Core Insights - Stellantis reported an estimated consolidated shipment of 1.3 million units for Q3 2025, marking a 13% year-over-year increase [2][3][6] - The significant growth was primarily driven by North America, which saw a 35% increase in shipments [2][6] - Other regions, including Enlarged Europe and Middle East & Africa, also contributed to the overall growth, while South America experienced a slight decline [2][6] Shipment Breakdown - Consolidated shipments for Q3 2025: 1,300 thousand units, up from 1,148 thousand units in Q3 2024, a change of 152 thousand units [3] - North America shipments: 403 thousand units, an increase of 104 thousand units (35%) compared to Q3 2024 [3][6] - Enlarged Europe shipments: 534 thousand units, an increase of 38 thousand units (8%) year-over-year [3][6] - Middle East & Africa shipments: 94 thousand units, up 16 thousand units (21%) year-over-year [3][6] - South America shipments: 252 thousand units, a decrease of 7 thousand units (3%) year-over-year [3][6] - China and India & Asia shipments: 14 thousand units, an increase of 1 thousand units (7%) [3][6] - Maserati shipments: 1.7 thousand units, a decrease of 0.4 thousand units (19%) [3][6] Regional Performance - North America showed a strong rebound, attributed to normalized inventory dynamics and initial deliveries of new models [6] - Enlarged Europe’s growth was driven by the production of new B-segment vehicles, despite lower shipments of Light Commercial Vehicles [6] - Middle East & Africa's growth was primarily due to increased local production in Algeria and positive market conditions in Türkiye and Egypt [6] - South America’s decline was influenced by a high comparison base from the previous year due to shipment recovery after a flood [6]

Summary of Stellantis Conference Call Company Overview - **Company**: Stellantis - **CEO**: Antonio Filosa, appointed less than three months ago, has over 26 years of experience within the company [2][4] Key Priorities - **Business Growth**: Focus on new product launches, particularly in North America, where market share has declined from 12% to around 7% due to phasing out key nameplates [5][6] - **Flawless Industrial Execution**: Emphasis on improving operational efficiency and inventory management [10] - **Increased Profits**: Aim for visible improvement in business indicators on a quarterly basis [4] Product Launches - **New Product Actions**: - Return of the Hemi V8 engine in Ram 1500, with over 40,000 orders received shortly after announcement [6] - Introduction of the Dodge Charger with an internal combustion engine and a new Jeep Cherokee [6][12] - Plans for a Ram midsize pickup truck to fill a gap in the market [8] Inventory Management - **Dealer Inventory**: Significant reduction in aged inventory, with a focus on new and refreshed models for 2024 and 2025 [9][10] Market Expectations - **Jeep Cherokee Sales**: Anticipated to sell between 100,000 to 200,000 units annually, returning to a significant segment of the market [11][12] - **Financial Services**: Development of a financial services unit in North America expected to drive additional demand as interest rates stabilize [15] Regulatory Environment - **Tariffs and U.S. Administration**: Ongoing discussions with the U.S. administration regarding tariffs and incentives for U.S.-built vehicles [17][18] - **European Regulations**: Concerns over CO2 emission targets deemed unattainable, with suggestions for flexibility in regulations to stimulate demand [24][25] Collaboration and Synergies - **Leapmotor Partnership**: Successful collaboration with Leapmotor, which has seen significant growth in sales and aims to expand into new markets [29][30] Regional Performance - **Latin America**: Stellantis holds a 24% market share, nearly double that of the second player, with a strong focus on localization and understanding consumer needs [36][37] - **Middle East and Africa**: Plans for increased localization and product offerings to enhance market presence [37][38] Financial Outlook - **Cash Flow Management**: Aiming for gradual improvement in cash generation and profitability, with a focus on increasing revenue [40][41] - **Dealer Relationships**: Efforts to restore relationships with dealers after previous management issues, with positive reception of new products [44][48] Future Product Development - **Midsize Truck and REV**: Plans to introduce a Ram 1500 REV and a new midsize truck by 2027, with a focus on performance and market competitiveness [53][56] Conclusion - **Overall Strategy**: Stellantis is focused on revitalizing its product lineup, improving operational efficiency, and navigating regulatory challenges while maintaining strong market positions in key regions [4][24][36]

Core Insights - Stellantis reported a challenging first half of 2025, with net revenues of €74.3 billion, down 13% compared to H1 2024, primarily due to declines in North America and Enlarged Europe, partially offset by growth in South America [6][8] - The company experienced a net loss of €2.3 billion in H1 2025, a significant decline from a net profit of €5.6 billion in H1 2024, reflecting the impact of external headwinds and strategic challenges [8][6] - A new leadership team, led by CEO Antonio Filosa, has been established to navigate the company through these challenges and focus on profitable growth [7][9] Financial Performance - Net revenues decreased from €85.0 billion in H1 2024 to €74.3 billion in H1 2025, marking a 13% decline [5][8] - Adjusted operating income fell to €0.5 billion with a margin of 0.7%, down from €8.5 billion and 10.0% in the previous year, indicating a 94% decrease in operating performance [5][8] - Industrial free cash flows were negative at €3.0 billion, worsening from a negative €0.4 billion in H1 2024, driven by high capital expenditures and R&D costs [5][8] Market Dynamics - The company faced significant external challenges, including foreign exchange headwinds, tariffs, and declines in European light commercial vehicle (LCV) industry volumes [6][8] - Despite these challenges, Stellantis reported sequential improvements in shipments, net revenues, and adjusted operating income compared to H2 2024, indicating a gradual recovery [2][8] Strategic Initiatives - Stellantis launched four new models in H1 2025 and plans to introduce ten new models throughout the year, aiming to enhance market share and customer engagement [10][11] - The company has re-established financial guidance for H2 2025, expecting increased net revenues and low-single digit adjusted operating income profitability [15][8] - Stellantis is actively engaging with policymakers regarding tariff impacts, estimating a net tariff impact of approximately €1.5 billion for 2025 [14][8] Segment Performance - North America reported a significant decline in shipments and net revenues, with a net loss of €951 million in H1 2025 compared to a profit of €4.4 billion in H1 2024 [18][20] - South America showed resilience with a 5% increase in net revenues, driven by higher shipments, particularly in Argentina [19][23] - The Enlarged Europe segment also faced challenges, with a decrease in shipments and net revenues, reflecting ongoing market pressures [18][20]

Core Insights - Stellantis reported Q1 2025 net revenues of €35.8 billion, a 14% decrease compared to Q1 2024, primarily due to lower shipment volumes and adverse regional mix [6][8] - Consolidated shipments were 1,217 thousand units, down 9% year-on-year, attributed to lower production in North America and decreased LCV volumes in Enlarged Europe [6][8] - The company is suspending its FY 2025 guidance due to uncertainties related to evolving tariff policies [5][8] Financial Performance - Q1 2025 net revenues decreased by €5.9 billion from €41.7 billion in Q1 2024 [5][6] - North America saw a 25% decline in net revenues, with shipments down 20% to 325 thousand units [14] - Enlarged Europe experienced a 3% decrease in net revenues, with shipments down 8% to 567 thousand units [15] Market Dynamics - The company launched three all-new products in Q1 2025, contributing to a 1.9 percentage point increase in EU30 market share to 17.3% [9][10] - In South America, shipments increased by 19%, maintaining a market share of 23.8% [18] - The U.S. retail order volumes improved significantly, with new retail orders rising 82% in March 2025 compared to March 2024 [9] Strategic Initiatives - Stellantis is actively engaging with policymakers on tariff policies and adjusting production plans to mitigate impacts [11][8] - The company is focusing on innovations, including the introduction of STLA AutoDrive 1.0, enhancing vehicle intelligence and automation [17] - The process to appoint a new permanent CEO is underway and expected to conclude in the first half of 2025 [8] Segment Performance - North America: Shipments down 20%, net revenues down 25% [14] - Enlarged Europe: Shipments down 8%, net revenues down 3% [15] - Middle East & Africa: Shipments down 15%, net revenues down 15% [16] - South America: Shipments up 19%, net revenues up 6% [18] - China and India & Asia Pacific: Shipments down 20%, net revenues down 15% [19] - Maserati: Shipments down 48%, net revenues down 50% [20]