Why Chrysler Parent Stellantis' Shares Are Gaining Today
Portfolio Pulse from Lekha Gupta
Stellantis NV (NYSE:STLA), the parent company of Chrysler, reported a 7% Y/Y net revenue growth in Q3 FY23 to €45.1 billion, led by improved volume and consistent pricing. The company also reported a surge in global BEV sales by 37% Y/Y. Stellantis plans to create a charging network with six other global automakers, installing at least 30,000 high-powered charge points to drive the EV transition in North America. The company repurchased shares worth €0.5 billion in Q3 FY23 and expects to complete the €1.5 billion 2023 Share Buyback Program in Q4 2023. STLA shares are trading higher by 3.11% at $18.56 premarket on the last check Tuesday.
October 31, 2023 | 9:55 am
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Stellantis reported a 7% Y/Y net revenue growth in Q3 FY23, led by improved volume and pricing. The company's plans to create a charging network for EV transition in North America and its ongoing share buyback program could be driving the stock price up.
Stellantis' positive earnings report, plans for an EV charging network, and ongoing share buyback program are likely contributing to the rise in its stock price. The company's strategic moves and strong financial performance make it relevant and important for investors.
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