Stellantis-Q3-2023-季報(bào)-2023-11-企業(yè)研究

Q32023SHIPMENTSANDREVENUES

All-newAlfaRomeo33Stradale

SAFEHARBORSTATEMENT

Thisdocument,inparticularreferencesto“FY2023Guidance”,containsforward

lookingstatements.Inparticular,statementsregardingfuturefinancialperformanceandtheCompany’sexpectationsastotheachievementofcertaintargetedmetrics,includingrevenues,industrialfreecashflows,vehicleshipments,capitalinvestments,researchanddevelopmentcostsandotherexpensesatanyfuturedateorforany

futureperiodareforward-lookingstatements.Thesestatementsmayincludetermssuchas“may”,“will”,“expect”,“could”,“should”,“intend”,“estimate”,“anticipate”,“believe”,“remain”,“ontrack”,“design”,“target”,“objective”,“goal”,“forecast”,

“projection”,“outlook”,“prospects”,“plan”,orsimilarterms.Forward-looking

statementsarenotguaranteesoffutureperformance.Rather,theyarebasedontheCompany’scurrentstateofknowledge,futureexpectationsandprojectionsabout

futureeventsandarebytheirnature,subjecttoinherentrisksanduncertainties.Theyrelatetoeventsanddependoncircumstancesthatmayormaynotoccurorexistin

thefutureand,assuch,unduerelianceshouldnotbeplacedonthem.

Actualresultsmaydiffermateriallyfromthoseexpressedinforward-looking

statementsasaresultofavarietyoffactors,including:theCompany’sabilitytolaunchnewproductssuccessfullyandtomaintainvehicleshipmentvolumes;changesintheglobalfinancialmarkets,generaleconomicenvironmentandchangesindemandfor

automotiveproducts,whichissubjecttocyclicality;theCompany’sabilitytorealizetheanticipatedbenefitsofthemerger;theCompany’sabilitytoofferinnovative,attractiveproductsandtodevelop,manufactureandsellvehicleswithadvancedfeatures

includingenhancedelectrification,connectivityandautonomous-driving

characteristics;thecontinuedimpactofunfilledsemiconductororders;theCompany’sabilitytosuccessfullymanagetheindustry-widetransitionfrominternalcombustionenginestofullelectrification;theCompany’sabilitytoproduceorprocureelectric

batterieswithcompetitiveperformance,costandatrequiredvolumes;asignificantmalfunction,disruptionorsecuritybreachcompromisinginformationtechnologysystemsortheelectroniccontrolsystemscontainedintheCompany’svehicles;

exchangeratefluctuations,interestratechanges,creditriskandothermarketrisks;increasesincosts,disruptionsofsupplyorshortagesofrawmaterials,parts,

componentsandsystemsusedintheCompany’svehicles;changesinlocaleconomic

andpoliticalconditions;changesintradepolicy,theimpositionofglobalandregionaltariffsortariffstargetedtotheautomotiveindustry,theenactmentoftaxreformsorotherchangesintaxlawsandregulations;thelevelofgovernmenteconomic

incentivesavailabletosupporttheadoptionofbatteryelectricvehicles;varioustypesofclaims,lawsuits,governmentalinvestigationsandothercontingencies,includingproductliabilityandwarrantyclaimsandenvironmentalclaims,investigationsand

lawsuits;materialoperatingexpendituresinrelationtocompliancewith

environmental,healthandsafetyregulations;thelevelofcompetitioninthe

automotiveindustry,whichmayincreaseduetoconsolidationandnewentrants;theCompany’sabilitytoattractandretainexperiencedmanagementandemployees;

exposuretoshortfallsinthefundingoftheCompany’sdefinedbenefitpensionplans;theCompany’sabilitytoprovideorarrangeforaccesstoadequatefinancingfor

dealersandretailcustomersandassociatedrisksrelatedtotheestablishmentand

operationsoffinancialservicescompanies;theCompany’sabilitytoaccessfundingtoexecuteitsbusinessplan;theCompany’sabilitytorealizeanticipatedbenefitsfrom

jointventurearrangements;disruptionsarisingfrompolitical,socialandeconomic

instability;risksassociatedwiththeCompany’srelationshipswithemployees,dealersandsuppliers;theCompany’sabilitytomaintaineffectiveinternalcontrolsover

financialreporting;developmentsinlaborandindustrialrelationsanddevelopmentsinapplicablelaborlaws;earthquakesorotherdisasters;andotherrisksanduncertainties.

Anyforward-lookingstatementscontainedinthisdocumentspeakonlyasofthedateofthisdocumentandtheCompanydisclaimsanyobligationtoupdateorrevise

publiclyforward-lookingstatements.FurtherinformationconcerningtheCompanyanditsbusinesses,includingfactorsthatcouldmateriallyaffecttheCompany’s

financialresults,isincludedintheCompany’sreportsandfilingswiththeU.S.

SecuritiesandExchangeCommissionandAFM.

October31,2023Q32023Revenues|2

GROWINGREVENUESWHILEBUILDINGFORABRIGHTFUTURE

All-newPeugeotE-3008

1stapplicationofSTLAMediumplatform

DeliversStrongNetRevenuesonRobustShipmentGrowth

FocusedonAddressingCriticalNear-TermIndustryChallenges

PavingthePathforaSuccessfulJourney

AGENDA

Highlights Page

5

StellantisProOne Page

6

LeapmotorPartnership..Page7

Q3Performance Page

8

InventoryUpdate Page

12

GuidanceandOutlook…Page13

2024GrandCherokee4xe

CONTINUEDMOMENTUMINBUILDINGOURFUTURE

DELIVERING

STRONGTOP-

LINERESULTS

ADDRESSING

NEAR-TERM

INDUSTRY

CHALLENGES

PROGRESSINGON

OURSTRATEGIC

ROADMAP

Shipmentsof1.4Munits,up11%vs.Q32022,duetoimprovementsinEnlargedEurope,MiddleEast&Africa,North

AmericaandSouthAmerica

#2inEU30BEVsales;up33%y-o-y

NorthAmericaandEU30marketshareremainslowery-o-y,thoughpartiallyoffsetbySouthAmerica+130bpsandMiddleEast&Africa+290bps

EstablishingIndustry-FirstGlobal

PartnershipwithLeapmotor;Stellantisbecomesexclusivepartnerfortheexportandsale,aswellasmanufacturing,of

LeapmotorproductsoutsideGreaterChina

NetRevenuesof€45.1B,up7%vs.Q32022,duetohighershipments,partiallyoffsetbyforeignexchangeimpacts

“ThirdEngine”(1)NetRevenuesup25%y-o-y

TentativeagreementreachedwithbothUAWandUnifor

WorkstoppagesnegativelyimpactedNetRevenuesby~€3BcomparedtoplannedproductionthroughOctober

Delivered‘ProOne’Commercial

VehicleStrategy;roadmaptostrengthenglobalCVleadership,doublingrevenue(2)&achieving40%BEVsalesmixand€5Binsoftware&servicesrevenuesby2030

All-newCitro?n?-C3

(1)The"ThirdEngine"referstotheaggregationoftheSouthAmerica,MiddleEast&AfricaandChinaandIndia&AsiaPacificsegmentsforpresentationpurposesonly

(2)ComparedtoFY2021ProForma

RefertoAppendixfordefinitionsandnotestothepresentation

October31,2023Q32023Revenues|5

PROONE:COMMERCIALVEHICLEVALUECREATIONOPPORTUNITY

POWERFULBUSINESS

ACCELERATEDAMBITION

AFFIRMED2030OBJECTIVES

~33%

12

2x

ofStellantisTotalNetRevenues

renewedconnectedvanslaunchedOct2023

NetRevenuesvs.2021

#1#1#2#3

4

毛5B

EU30SAMEANA

RAMEVstobelaunchedinthenext2years

insoftware&servicesrevenues

2x

100%

40%

customerloyaltyvs.PCs

ofnewcarsconnectedbytheendof2023

BEVMix

Achieve#1inGlobalCVSales(1)by2027

Acceleratedfromoriginaltargetof2030

(1)CommercialVehiclesincludevans,lightandheavy-dutytrucksandpassengervehiclesregisteredorconvertedforcommercialuse.RevenuesareanaggregationofrevenuesreportedinNetrevenuesoftherespectivesegments

October31,2023Q32023Revenues|6

INNOVATIVEPARTNERSHIPEVOLVESANDENHANCESCHINASTRATEGY

STRATEGICPARNERSHIP

Stellantisinvests毛1.5Btoacquire

~20%equitystakeinLeapmotor

Leapmotoristhe4thlargest(1)ChineseEVpure-playmanufacturer,expandingtofullEV-segmentcoverageby2025

EstablishingexportJV,51%Stellantis-

owned,exclusivedistributorof

LeapmotorvehiclesoutsideofChina

VALUECREATION

Expandeddistributionstrengthenedby

Stellantis’globalreach

Technologyandvalueacceleratedby

Leapmotor’stech-firstDNA,highlevels

ofverticalization

ChineseEVecosystemaccess

maximizedtoincreaseinnovationand

cost-competitiveness

LONG-TERMAMBITIONS

>1MannualunitsinChinaby

Leapmotor,capitalizingonpositionastech-led,pure-EVdomesticleader

>500KannualsalesoutsideofChina

throughStellantis-ledexportJVby2030

AccretivetoStellantisAOIby2025,nomaterialimpacttoStellantis’industry-

leadingAOImargins

EvolvingChinastrategythroughuniqueandinnovativepartnershiptosupportsustainablegrowth

(1)AsofSeptember30,2023;Source:InsurancevolumebyChinaAutomotoveTechnology&ResearchCenter(CATARC)

October31,2023Q32023Revenues|7

?ConsolidatedShipmentsup11%

vs.Q32022,withmajorityofsegmentsreportingy-o-yimprovement

?NetRevenuesup7%vs.Q32022,mainlyduetoimprovedvolumeandconsistentpricing,despiteFX

headwinds

REVENUESUP7%DUETOSHIPMENTGROWTHANDCONTINUEDPRICINGDISCIPLINE

RESULTSFROMCONTINUINGOPERATIONS

CombinedShipments(1)(000units)

ConsolidatedShipments(1)(000units)

NetRevenues(€billion)

%Change

Q32022

Q32023

+11%

+11%

+7%

1,334

1,478

1,281

1,427

42.1

45.1

YTD2023

YTD2022

%Change

4,805

4,629

143.5

4,367

4,215

130.1

+10%

+10%

+10%

(1)CombinedShipmentsincludeshipmentsbyCompany’sconsolidatedsubsidiariesandunconsolidatedJVs,whereasConsolidatedShipmentsonlyincludeshipmentsbyCompany’sconsolidatedsubsidiaries

October31,2023Q32023Revenues|8

REVENUEGROWTHPRIMARILYDRIVENBYSHIPMENTS,PRICINGREMAINSSTABLE

NETREVENUES

€billion

+7%

Q32022

Volume&

Mix

VehicleNetPrice

FX

Translation

Other

Q32023

Figuresmaynotaddduetorounding

October31,2023Q32023Revenues|9

NETREVENUEGROWTHINREGIONSDRIVENBYSTRONGSHIPMENTS

NORTHAMERICA

SHIPMENTS

(000units)

441

470

Q3'23Q3'22

NETREVENUES

(€billion)

21.1

21.5

Q3'23Q3'22

?Shipments+7%,ledbyChrysler(inparticular

PacificaPHEV)whichmorethandoubledy-o-y;DodgeandRamalsoimproved;JeepshipmentsdownduetothediscontinuedcurrentgenerationCherokeeandscheduleddowntimeofthe

Compass,partiallyoffsetbyGrandCherokee,whichnearlydoubled

?NetRevenues+2%,primarilyduetohighervolumes,positivenetpricingandpositivemix,mostlyoffsetbyunfavorableFXtranslationeffects

ENLARGEDEUROPE

SHIPMENTS

NETREVENUES

(€billion)

(000units)

538

599

14.1

13.5

Q3'23Q3'22

Q3'23Q3'22

?Shipments+11%,drivenbyincreasedshipmentsofOpel/Vauxhall(inparticularAstra),Fiat

Professional(ledbyDucato)andPeugeot(ledby208),aswellasincreaseddemandforBEVs,ledbyJeepAvenger

?NetRevenues+5%,mainlyduetoincreased

volumesandstablenetpricing

MIDDLEEAST&AFRICA

COMBINEDSHIPMENTSNETREVENUES

(000units)

JVConsolidated

139

34

105

87

35

52

Q3'23Q3'22

(€billion)

3.0

1.3

Q3'23Q3'22

?ConsolidatedShipments+102%,ledbyrobustgrowthinFiatshipments;Opel,Peugeotand

Citro?nmodelsalsogrewsignificantly,partiallyoffsetbyadecreaseinJeepbrandshipments

?NetRevenues+128%,primarilyduetoincreasedvolumesandpositivenetpricing,partiallyoffsetbynegativeFXtranslationeffects,mainlyfrom

Turkishlira

October31,2023Q32023Revenues|10

1.1

0.7

SOUTHAMERICAGROWSASCHINA-IAPANDMASERATIDECREASEONLOWERSHIPMENTS

SOUTHAMERICA

SHIPMENTS

(000units)

213

227

Q3'23Q3'22

NETREVENUES

(€billion)

4.3

4.0

Q3'23Q3'22

CHINAANDINDIA&ASIAPACIFIC

COMBINEDSHIPMENTS

(000units)

JVConsolidated

NETREVENUES

(€billion)

48

37

18

17

30

20

Q3'23Q3'22Q3'23Q3'22

MASERATI

SHIPMENTS

NETREVENUES

(€billion)

(000units)

6.6

5.3

0.5

0.6

Q3'23Q3'22Q3'23Q3'22

?Shipments+7%,duetohigherFiatvolumes(ledbyFastback),FiatProfessional,PeugeotandRamshipments

?ConsolidatedShipments-33%,duetodecreasedshipmentsofJeepandPeugeot;mitigatedby

increasedAlfaRomeo(duetoall-newTonale)

?Shipments-20%,duetolowervolumesinChina;LevanteandGhiblishipmentsdown,partially

offsetbyhigherGrecalevolumes

?NetRevenues+8%,mainlyduetoincreased

volumesandfavorablenetpricing,partiallyoffsetbynegativeFXtranslationeffects,mostly

Argentinianpeso

?NetRevenues-38%,mainlyduetodecreasedvolumesandnegativeFXtranslationeffects

?NetRevenues-21%,primarilyduetodecreasedvolumesandunfavorableFXtranslationeffects

October31,2023Q32023Revenues|11

NEWVEHICLEINVENTORYLEVELSCONTINUETONORMALIZE

12-MonthComparisons

000units

Company

Independentdealers

3-MonthComparisons

000units

1,736

410

1,195

388

272

1,326

923

651

689

148

541

926

275

1,387

999

Sep30'23Sep30'22Sep30'21Sep30'20Sep30'19

Aggregated(1)Aggregated(1)

?Across12-monthcomparisons,inventorylevelshavenormalizedandstabilizedfollowinga2020-2022periodcharacterizedbysignificantsupplyconstraints,and

remainsignificantlybelowpre-mergernorms

?OrderbookendedQ32023at~3monthsofsales

(1)RepresentssimpleaggregationofFCAandPSAinventoryunitsasofperiodend

1,387

388

999

1,374

320

1,054

1,302

384

918

1,074

230

844

926

275

651

Sep30'23Jun30'23Mar31'23Dec31'22Sep30'22

?Across3-monthcomparisons,independentdealer

inventorieshavestabilizedfromthepriorquarteras

logisticsconstraintshaveeased,particularlyinEnlargedEurope

?Increaseincompanyinventoryduelargelyto

seasonalitytrendsandtosupportyear-enddeliveries

October31,2023Q32023Revenues|12

KEYOBJECTIVESTHROUGHYEAR-END

RatifylaborcontractsandresumefullproductionContinuestrongEU30BEVsales/sharemomentum

Drivesalesimprovementsintargetedregions

FY2023GUIDANCE–CONFIRMED

AdjustedOperatingIncomeMargin*

IndustrialFreeCashFlows*

€1.5BShareBuybackProgram

Double-Digit

Positive

On-Track

2023INDUSTRYOUTLOOKUPDATED,GUIDANCECONFIRMED

FY2023INDUSTRYOUTLOOK–BUILDINGMOMENTUM

ENLARGEDEUROPE

+10%

Raisedfrom

primarilyduetocountries

outsideofBrazil/Argentina

-+2%

Unchanged

Outlookreducedfrom+3%,

MIDDLEEAST&AFRICA

from+5%

INDIA&ASIAPACIFIC

Raisedfrom+7%

Unchanged

NORTHAMERICA

SOUTHAMERICA

+10%

+8%

Stable

Raised

CHINA

+7%

5%

+

Source:IHSGlobalInsight,Wards,ChinaPassengerCarAssociationandCompanyestimates

*RefertoAppendixfordefinitionsofsupplementalfinancialmeasures

October31,2023Q32023Revenues|13

GROWINGREVENUESWHILEBUILDINGFORABRIGHTFUTURE

DeliversStrongNetRevenuesonRobustShipmentGrowth

FocusedonAddressingCriticalNear-TermIndustryChallenges

PavingthePath

TowardaSuccessfulJourney

HighlightUpcomingEvents

FY2023Results

February15th-Virtual

InvestorDay2024

June13th-AuburnHills,MichiganUSA

October31,2023Q32023Revenues|14

APPENDIX

October31,2023Q32023Revenues|15

DEFINITIONSANDNOTESTOPRESENTATION

Forpurposesofthispresentation,andunlessotherwisestated:

?EU30=EU27(excludingMalta),Iceland,Norway,SwitzerlandandUK

?Rankings,marketshareandotherindustryinformationareforpassengercars(PC)pluslightcommercialvehicles(LCV)andfor

Q32023unlessotherwisestated.Informationisderivedfromthird-partyindustrysources(e.g.AgenceNationaledesTitresSécurisés(ANTS),Associa??oNacionaldosFabricantesdeVeículosAutomotores(ANFAVEA),MinistryofInfrastructureandSustainableMobility(MIMS),S&PGlobal,Ward’sAutomotive)andinternalinformationunlessotherwisestated.

?AllStellantisreportedBEVsalesincludeCitro?nAmiandOpelRocks-e;incountrieswherethesevehiclesareclassifiedasquadricycles,theyareexcludedfromStellantisreportedcombinedsales,industrysalesandmarketsharefigures

?CommercialVehiclesrevenuesareanaggregationofrevenuesreportedinNetrevenuesoftherespectivesegments

October31,2023Q32023Revenues|16

NON-GAAPFINANCIALMEASURES

Stellantismonitorsitsoperationsthroughtheuseofseveralnon-generallyacceptedaccountingprinciples(non-GAAP)financialmeasures.Companymanagementbelievesthatthesenon-GAAPfinancialmeasuresprovideusefulandrelevantinformationregardingouroperatingresultsandenhancetheoverallabilitytoassessourfinancial

performance.Thesemeasuresprovidecomparablemeasureswhichfacilitatemanagement’sabilitytoidentifyoperationaltrends,aswellasmakedecisionsregardingfuturespending,resourceallocationsandotheroperationaldecisions.TheseandsimilarmeasuresarewidelyusedintheindustryinwhichtheCompanyoperates,however,thesefinancialmeasuresmaynotbecomparabletoothersimilarlytitledmeasuresofothercompaniesandarenotintendedtobesubstitutesformeasuresoffinancialperformanceaspreparedinaccordancewithInternationalFinancialReportingStandards(IFRS)asissuedbytheInternationalAccountingStandardsBoard(IASB),aswellasIFRSas

adoptedbytheEuropeanUnion.

Stellantis’non-GAAPfinancialmeasuresaredefinedasfollows:

?Adjustedoperatingincome/(loss)excludesfromNetprofit/(loss)adjustmentscomprisingrestructuring,impairments,assetwrite-offs,disposalsofinvestmentsandunusualoperatingincome/(expense)thatareconsideredrareordiscreteeventsandareinfrequentinnature,asinclusionofsuchitemsisnotconsideredtobeindicativeoftheCompany'songoingoperatingperformance,andalsoexcludesNetfinancialexpenses/(income)andTaxexpense/(benefit).EffectivefromJanuary1,2023,our

Adjustedoperatingincome/(loss)includesShareoftheprofit/(loss)ofequitymethodinvestees.Thecomparativesfortherespectiveperiodsfor2022havebeenadustedaccordingly.

ThischangewasimplementedasmanagementbelievestheseresultsarebecomingincreasinglyrelevantduetothenumberofpartnershipsStellantishasrecentlyengagedin,andwillcontinuetoengageininthefuture,aroundelectrificationandotherareascriticaltothefutureofmobility.

Unusualoperatingincome/(expense)areimpactsfromstrategicdecisions,aswellaseventsconsideredrareordiscreteandinfrequentinnature,asinclusionofsuchitemsisnotconsideredtobeindicativeoftheCompany'songoingoperatingperformance.Unusualoperatingincome/(expense)includes,butmaynotbelimitedto:impacts

fromstrategicdecisionstorationalizeStellantis'coreoperations;facility-relatedcostsstemmingfromStellantis'planstomatchproductioncapacityandcoststructuretomarketdemand,andconvergenceandintegrationcostsdirectlyrelatedtosignificantacquisitionsormergers.

?IndustrialFreeCashFlowsiscalculatedasCashflowsfromoperatingactivitiesless:cashflowsfromoperatingactivitiesfromdiscontinuedoperations;cashflowsfromoperatingactivitiesrelatedtofinancialservices,netofeliminations;investmentsinproperty,plantandequipmentandintangibleassetsforindustrialactivities;

contributionsofequitytojointventuresandminoracquisitionsofconsolidatedsubsidiariesandequitymethodandotherinvestments;andadjustedfor:net

intercompanypaymentsbetweencontinuingoperationsanddiscontinuedoperations;proceedsfromdisposalofassetsandcontributionstodefinedbenefitpension

plans,netoftax.ThetimingofIndustrialfreecashflowsmaybeaffectedbythetimingofmonetizationofreceivables,factoringandthepaymentofaccountspayables,aswellaschangesinothercomponentsofworkingcapital,whichcanvaryfromperiodtoperioddueto,amongotherthings,cashmanagementinitiativesandother

factors,someofwhichmaybeoutsideoftheCompany’scontrol.

October31,2023Q32023Revenues|17

Q3KEYCOMMERCIALMETRICS

COMBINEDSALES

000units

Q32023

Q32022

1,515

1,405

TOTAL

445445

NORTH

AMERICA

651

591

ENLARGED

EUROPE

91

144

MIDDLEEAST&AFRICA

236223

SOUTH

AMERICA

2027

INDIA&

ASIAPACIFIC

1422

CHINA

5.96.3

MARKETSHARE(1)

9.1%10.8%

16.7%17.9%

14.0%11.1%

23.9%22.6%

0.5%0.8%

0.2%0.4%

2.5%2.3%

Q3INDUSTRY(1)

(2023vs.2022)

+18%

+18%

+25%

-1%

+5%

+1%

Flat

(1)Industryandmarketshareinformationisderivedfromthird-partyindustrysources(e.g.AgenceNationaledesTitresSécurisés(ANTS),Associa??oNacionaldosFabricantesdeVeículosAutomotores(ANFAVEA),MinistryofInfrastructureandSustainableMobility(MIMS),Ward’sAutomotive)andinternalinformation.RepresentsPCandLCVs,exceptasnotedbelow:

?MiddleEast&AfricaexcludeIran,SudanandSyria

?SouthAmericaexcludesCuba

?India&AsiaPacificreflectsaggregateformajormarketswhereStellantiscompetes(Japan(PC),India(PC),SouthKorea(PC+Pickups),Australia,NewZealandandSouthEastAsia)

?ChinarepresentsPConly

?Maseratireflectsaggregatefor17majormarketswhereMaseraticompetesandisderivedfromS&PGlobaldata,Maseraticompetitivesegmentandinternalinformation

Figuresmaynotaddduetorounding.Priorperiodfigureshavebeenupdatedtoreflectcurrentinformationprovidedbythirdpartyindustrysources.

October31,2023Q32023Revenues|18

YTDKEYCOMMERCIALMETRICS

000units

YTD2023

YTD2022

4,694

4,424

1,383

1,381

2,093

COMBINEDSALES

1,967

618

646

437

293

78

68

46

16.5

6920.4

TOTAL

NORTH

AMERICA

ENLARGED

EUROPE

MIDDLEEAST

&AFRICA

SOUTH

AMERICA

INDIA&

ASIAPACIFIC

CHINA

MARKETSHARE(1)

9.7%11.1%

17.4%19.1%

14.7%11.6%

23.8%23.0%

0.6%0.8%

0.3%0.5%

2.5%2.2%

YTDINDUSTRY(1)

(2023vs.2022)

+15%

+17%

+18%

+1%

+9%

+2%

+8%

(1)Industryandmarketshareinformationisderivedfromthird-partyindustrysources(e.g.AgenceNationaledesTitresSécurisés(ANTS),Associa??oNacionaldosFabricantesdeVeículosAutomotores(ANFAVEA),MinistryofInfrastructureandSustainableMobility(MIMS),Ward’sAutomotive)andinternalinformation.RepresentsPCandLCVs,exceptasnotedbelow:

?MiddleEast&AfricaexcludeIran,SudanandSyria

?SouthAmericaexcludesCuba

?India&AsiaPacificreflectsaggregateformajormarketswhereStellantiscompetes(Japan(PC),India(PC),SouthKorea(PC+Pickups),Australia,NewZealandandSouthEastAsia)

?ChinarepresentsPConly

?Maseratireflectsaggregatefor17majormarketswhereMaseraticompetesandisderivedfromS&PGlobaldata,Maseraticompetitivesegmentandinternalinformation

Figuresmaynotaddduetorounding.Priorperiodfigureshavebeenupdatedtoreflectcurrentinformationprovidedbythirdpartyindustrysources.

October31,2023Q32023Revenues|19

YTDNETREVENUES

NETREV