(July 13): Stellantis NV’s shipments climbed 10% in the second quarter, fuelled by growth in North America, as the maker of Jeep sport utility vehicles and Ram pickup trucks pushes on with a turnaround plan.
The manufacturer delivered an estimated 1.6 million vehicles to dealers, distributors or directly to retail and fleet customers, Stellantis said on Monday.
Shipments in North America jumped 38% as the automaker brought back models such as the Ram 1500 pickup truck with a Hemi V8 engine. In Europe, they rose 5%, with the company also including figures from its joint venture with China’s Zhejiang Leapmotor Technology Co.
CEO Antonio Filosa in May presented his turnaround plan for Stellantis, which involves spending €60 billion through 2030 to introduce dozens of new models. The group will prioritise the Jeep, Ram, Peugeot and Fiat brands. At the same time, it’s betting on partnerships with Leapmotor and Dongfeng Motor Corp to help fill up some of its plants in Europe.
Despite the efforts, Stellantis shares have lost more than a quarter of their value since Filosa presented the new plan. JPMorgan and HSBC analysts downgraded the stock this month, citing issues including rising inventories in the US.
The group is due to present detailed second-quarter results on July 30.
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