AUBURN HILLS (WWJ) -- Stellantis saw its revenues jump 13 percent in the third quarter, and its global sales rise 4 percent. The company today issuing a quarterly “Shipments and Revenues” report, as it only issues full earnings reports twice a year.
“We have seen positive sequential progress and solid year-over-year performance in Q3, marked by the return of top-line growth,” said Stellantis CEO Antonio Filosa. “This is encouraging and we are continuing to build on these gains.”
Filosa has been working to turn things around at Stellantis, after the company had seen falling sales and profits. Since taking over as CEO he has worked to mend broken relationships with workers, dealers and suppliers. He’s also worked to change a product mix that saw too few mid-priced vehicles, and higher priced models either sitting on lots or being sold at a discount.
The recent increase in sales, Filosa says, is prove the strategy is working, particularly in North America.
“US sales rose six percent compared to the prior year, with several Jeep products–Wrangler, Gladiator, Wagoneer, showing solid gains.”
Jeep is a particular focus of Stellantis new product offensive, with updates of the Grand Cherokee and Grand Wagoneer unveiled, and the mid-size Cherokee returning by the end of the year. Analysts say Jeep had been hurt by not having a utility in that segment.
Stellantis recently announcing 13 billion dollars in new investments, the largest in the history of the company or any of its predecessors. That will clear the way for a number of new Jeep, Dodge and Ram products, and increase production by fifty percent.
This comes as the Trump Administration is urging companies to invest more in the United States. But, Filosa says the administration has made “pragmatic changes” to regulations and tariffs. He said it makes a difference.
“Since I took the CEO role, I made clear inside and outside the company that the US is a key priority for our success,” he said. “Because when we are strong in the US, we are stronger and better as a company everywhere.”