By Scott Kanowsky
Investing.com -- Sales at Stellantis NV (BIT:STLA) rose sharply in the third quarter, as an easing in supply chain constraints helped boost car deliveries.
The auto manufacturer, formed from a merger between Italian-American conglomerate Fiat Chrysler and France's PSA Group last year, posted net revenues for the period of 42.1B euros, up 29% compared to the third quarter last year.
Shipments of vehicles increased by 13% year-on-year, which the company said stemmed from an "improvement" in order fulfillment of key semiconductor parts. Output at Stellantis NV, as well as the broader automaking industry, has been hampered by delays in the supply of chips due in part to COVID-19 restrictions in major producer China.
Revenues were also supported by price bumps for Stellantis cars and favorable foreign exchange effects.
Meanwhile, Stellantis confirmed its full-year guidance for both double-digit adjusted operating income margin growth and positive industrial free cash flows.