Stellantis reported a slight 3% beat to the BB consensus with stronger-than expected North American revenues but weak development in Enlarged Europe. The “third engine” (i.e other regions) did quite well especially in the small but margin-accretive MEA region. The price-mix remained robust while volumes ramped-up owing to the improving supply situation. Unsurprisingly the FY23 market outlook and guidance were confirmed, neither reassuring nor disappointing investors.