TM - Stellantis Delivered Record Financials Despite Getting Bitten By The UAW Strike | Benzinga
Despite the hit made by the six weeks-long UAW strike, Stellantis N.V. (NYSE: STLA) reported otherwise strong earnings for the full year. But the global auto giant reported a profit drop during the second half of 2023 due to halted production.
Stellantis Still Delivered Record 2023 Results, But They Were Not Stellar
Stellantis CEO Carlos Tavares admitted that aside from the UAW industrial action, Stellantis’ U.S. performance was not stellar, despite 2023 being the third consecutive year of record results since the company was formed by a merger of Fiat Chrysler and PSA Groupe at the beginning of 2021.
Stellantis was the only major automaker to report a decline in U.S. sales last year. While Stellantis’ market share dropped below 10%, Hyundai Motor Company (OTC: HYMTF) outsold Stellantis for the first time ever. Hyundai, that consists of Kia, Genesis and Hyundai brands, had a very good year. As it surpassed Stellantis, Hyundai became the fourth best-selling automaker in the U.S. With its sales rising 12.1% to 1,652,821 units, Hyundai is now behind General Motors (NYSE: GM), ...