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BRIEF-Stellantis sees semiconductor issue persisting till year-end - CFO

BRIEF-Stellantis sees semiconductor issue persisting till year-end - CFO

Reuters · 07/28/2022 02:00
BRIEF-Stellantis sees semiconductor issue persisting till year-end - CFO

- Stellantis CFO Richard Palmer tells journalists in a call:

  • CO AHEAD OF TESLA IN EUROPE IN ELECTRIC VEHICLES SALES, NOT FAR BEHIND VOLKSWAGEN

  • SEES "QUITE FLAT" VOLUMES IN H2 IN NORTH AMERICA, EUROPE

  • SEMICONDUCTORS WILL CONTINUE TO BE AN ISSUE FOR INDUSTRY UNTIL YEAR-END

  • CO DOES NOT SEE SIGNIFICANT VOLUME DROP EVEN IN CASE OF RECESSION, "WE ARE MOVING FROM ALREADY LOW, AFTER-COVID VOLUMES"

  • SEES SOME IMPROVEMENT Q/Q IN SEMICONDUCTOR SUPPLY BUT SLOW PROCESS

  • STRONG DOLLAR BROADLY NEUTRAL ON MARGINS, HELPED ON OPERATING PROFIT FOR AROUND HALF BILLION EUROS

  • CO NOT MAKING ANY PROVISIONS AFTER STOPPING OPERATIONS IN RUSSIA

  • CO WILL LOOK TO PASS RISING INFLATION COSTS TO CUSTOMERS UNTIL FEASIBLE

  • CO QUITE COMFORTABLE TO BE ABLE TO MANAGE ENERGY SUPPLY OF PLANTS IN EUROPE IN H2, SEES NO CONCENTRATION OF RISKS ON A SPECIFIC COUNTRY

Further company coverage: STLA


(Reporting by Milan )