Stellantis Q3 23 trading update came in above consensus by 4% to €45.1bn (up by 7% yoy) mainly driven by a better-than-expected performance in margin-accretive North America (48% of group sales) and the Middle East & Africa (7% of group sales) regions. Stellantis was the least impacted by the strikes in the US with a €3bn dent in sales and a <€750m impact on pre-tax profit. Unsurprisingly the guidance remained unchanged with upgraded market growth. We confirm our positive rating.
