Stellantis (STLA) 28 Oct 202020 Q3 Earnings call transcript

Good afternoon or good morning, ladies and gentlemen and welcome to today's Fiat Chrysler Automobiles Group Results for Third Quarter 2020.

For your information today's conference is being recorded. At this time, I would like to turn the call over to Joe Veltri, Head of FCA Global Investor Relations. Mr. Veltri, please go ahead, sir.

Andre. you, Thank everyone FCA's to today our for And third joining quarter of XXXX results. review welcome us The presentation find material posted that FCA's release we're going to section Investors website the earnings of and under with the under website. use earlier you along can it group related press our today was be going This Mike our call to is Group Manley, by hosted CEO; and Mr. our CFO. is who Palmer, Richard be do available and both Richard a community. brief they analyst Mike question-and-answer for will from the After presentation,

point risks out which be in that by to call any that we forward-looking call of might need Before Harbor is language. begin, noted that that made X the Page will are today's statements I'd be statement, are on Safe the subject and presentation. governed today's included course, during And to the uncertainties of

with to I'm the to over going call Mike. that, Now turn

morning Joe. operational financials then I'm Welcome you walk the joining in us Good Q&A Yeah, we'll today. And you And Joe then normal Richard you more thank through mentioned, the afternoon. session. take thank with customary, to end quarter. as you, through And calls. for to the our briefly for everybody. AS will Good detail. to highlights going our

which with So results were family well achieved a which of to communities. I been to the and that and ensure well-being these with, above will want has stress the priority, our and be obviously, to FCA think expectations. for whilst the results pleased our begin as delivered was quarter continue we I'm safety record group, And our to first I maintaining

was program health really, and running. levels. And plants billion, which our a an and adjusted of thanks XX% America, was safety North our production them EURX.X now would machine, the pre-pandemic record EBIT a And comprehensive year, tremendous up have we most near which all to now of and growth achieved up have XXX is And and now before, returned what operational, margin over call to basis last back of fully performance of mentioned I on back As protocols. which they all of points. X.X%, industrial team's in up I multi-layer are of

be Grand record a I EBIT know, the continued for related of planned These downtime Warren refreshing to activities EURX.X North adjusted America the delivering a product margin XX.X%. during the as a standout billion plant you the of group retooling a quarter, of plants month we results QX two despite was actions. which upcoming next And of achieved As year, a to for and launch weeks all down XX Wagoneer and new noted, Truck to future of having were at Compass. Jeep for our Toluca for retooled in the had retool the plant, our of full

profitability return Now to hard despite operations in COVID-XX to weaken. quarter in hit to addition, challenges, market continues America significant during the and be Latin real as continued Brazilian by the

was decisive pandemic the resulted rewind to third make while coupled guided prior years. EURX.X substantial actions with in our Richard thanks flows the robust consistent of early investments achieved we an flexibility. will This of CapEx stages future to for last as increase preserve during and cash, EURX.X the strengthen we the our the as of our during cash strong as in we spending performance you during high working is took products had quarter which, was flow which cash a Now financial remember, operating And quarter, continue call, free with strong industrial all-time capital billion. liquidity billion our to

as address just billion puts EURXX to into September. COVID-XX future at us in strong Stellantis. liquidity And from was over and last billion to a available this of position transition quarter EURXX the we challenges Our nearly from up end

In year-over-year addition to a our share leadership In XX%. results, points of standpoint America, in record performed key XXX markets. in market we basis market we also from a Latin strong our well to commercial our maintained the operating very region gaining

maintained increasing in B to by share became position overall tags. growth our new leadership from by basis remarkable products truck, as Brazil, September, in pickup with was Jeep Segment success This for as bestselling hash also of XX.X%. share and our the We Strada our Fiat our points Fiat the performance all driven well the XXX vehicle which Brazil

up year-over-year driven our by enabled was Jeep vehicles. is even production at which a for strong team higher retail basis the the level before are QX XX.X%, plants points demand Ram to As In on US than XX share pandemic. primarily the was and

its ever best fact, had month Jeep Wrangler in September. sales In the

this quarter in year-over-year second in addition, positive able growth of Europe, general marks our retail to In And US. in the quarter. notwithstanding consecutive demand, during were deliver the share disruption we news the

channel passenger increasing and on I basis XXX that to by market this to Our our bodes that basis want year-over-year, was on strong that And resulted do the margin see think I finally the share in share and so team fourth and retail market pleased XX while points our sales quarter. hard I has dealer sales progress car been say points. increased well working for performance LCV

with generation of track. being SUV teams, work to tremendous plant late production the remain Grand QX. the on development Detroit, at Grand major for well our to And new in Wagoneer, new Cherokee that launches this progress the all first go three our in full-size product three-row Jeep and based by track Mack into three-row we the done future on all retooling full-size successful confirm new the as the the includes all as our moving we've the Warren on plans Now made XXXX next SUV collective

yet commitment timeline. the announced which within sign later. combination as represents our finalizing in PSA will this another our just to amendment each with the me say planned Now that know company's But we cover terms more the merger you mid-September, agreement in I of of detail let to

despite turning the the all we side, to an now extraordinary introductions teams group a work with had our carry working number The of the the important of quarter of we'll as showcase result new of exciting product continue momentum electrification well that new brand to portfolio. products continue COVID-XX. reach as to the the strategy. diversity the our And protocols from our So are resulting out our

Now, not profitability. products into us segments will new future to only our make measurable are these contributions moving also that

for X, of and early During Maserati we team. Italy we represented Maserati the marked extraordinary MCXX an sports all impressive a beginning era on September tribute brand, held new and the spirit car, in In September event also new its super the unveiled of the to a also new ultimate which highly premium SUV anticipated the Grand the of with revealed widely segment what a the the mid almost expression return providing which truly years Grand arriving Wagoneer to XX Wagoneer ago. next as and long-awaited Jeep premium Wagoneer it acknowledged SUV, created year, will segment, contemporary its concept, is make original Modena,

Ram performed last production also And and XXX% edition for in month, as road. validated XX-year Grand TRX, sold vehicle Jeep a The and only on the which filled already pure available the in brand, in hybrid iconic finally as both history. with with the Xxe product Wrangler China the And nearly events groundswell while to shown Hellcat and began this electric evolution for We of electrification Equipped legendary environmental this hybrid brand this demand plug-in Jeep the the completed capability hours. providing were which all Wrangler Compass XXX remains is of and launch Commander Renegade in for orders fourth the Therefore world mode. proven Wrangler most joins the we Xxe, and trail plug the truck with off engine, and launch, the levels end a we've revealed recently our the supercharged new month. revealed in being it's Europe. performance efficiency, quickest, horsepower earlier natural Wrangler, powerful true and successfully new the the pickup fastest across three responsibility, was Rubicon

performance page, quarter. go So on to turn commercial I'll we next to the the during our and

deliveries in the critical level to segment Pacific was of impact orders. production of Also market, stock COVID-XX. the at for from we the just fulfill each US the gained but dealer industry prioritize share December. units with of to year-over-year due the retail in we low share in With region strong dealer end of XXX,XXX the while America from end flat, of remained And the dealer units, market end June, as our North down down under substantially dealer XXX,XXX the September flat exception inventories of overall us our nearly Asia of the was was which

the the significant points Latin both imported of down the mentioned sales year-over-year as a outpaced remain thanks was Jeep overall over the noted, the the on And to year, year-over-year, Fiat earlier, industry we cars band SUVs as and again, gain brand. once For such share share our last trucks we're with able of the the Europe was for America, while brands. professional leader I finally, EMEA, market locally continue industry, lower basis produced important X% In we both And to and a were reflecting which industry sales for in region APAC, Fiat with our the have slight segments XX%. pickup and showed overall improvement while to of in highest market passenger XXX vehicles. performance over and the higher Fiat Jeep down down share back in LCVs, as and in sales gain

you said to that the detail. Richard in will Now tell financials

quick stock expected. down, focus by prioritizing discipline, Thanks strict versus the I consolidated and of Despite results, a I'll better down pricing a the significantly and we just ending with end give were on our all earlier, So cost as dealer shipments whilst containment. solid regions which overview and thanks to levels continued exceptional X%, record with our deliveries adjusted than margin group our June you dealer teams. the EBIT of being actually noted performance quarter also in to maintain

the shipments had around reflected because creating EURX.X this as imagine, keep all impacts teams in which not pleased it Now, our environment working X%. was functions, strong can anticipated, I billion think we for and activities positive experienced industrial amounted capital safe. an we with half America year from significantly EURX.X as represented lastly, rewind now, from more margin very of flows, liquidity September. than being also but only North industrial a pandemic. And I and EBIT at delivered due quarter. adjusted in to first down turnaround June to despite which of to end I cash nice And record we free available the This the cash the strong with our the world earlier, phenomenal a you noted the regions as all, profitability, scale of the the to can all our billion across did And full of overall, job And resuming the we'd and end strengthened flow a EURXX above billion. everyone

that, with to going hand it Thank over you. I'm you. Richard, to So

Thanks morning. I'll afternoon Mike. Good everybody. on continue a Page second Good X. to

EBIT translation. a FX on related As billion estimate in actions working and offsetting year-over-year, up mentioned million prior to for charges. and up mentioned rewinding diesel bolster of with flows year of pension profit free low million XXX OPEB. billion with XXX line million XXX to XX% revenues by and to increased with XX%. charges in rate units. principally down on half with rate EURXX.X and due our were to mix Finance two Industrial and million margin investments. included shipments group cash tax X.X X.X% settlement down effective fold mainly charges and The nearly XXX,XXX XX liquidity, a year-over-year Adjusted mainly net Group compared offset consolidated X% of in and interest price expense are were was for tax very unusual XX% of as negative the reached billion, billion XX% X.X by to CapEx XXX North with profit to drove impairment X% charges year-over-year. capital year-over-year investigations America tax XX Mike, also to included US positive was X.X adjusted a effective quarter record as adjusted and last a strong, recovered compared and emissions around million Net of QX expected volumes million the

June. drawdown a Intesa billion liquidity billion September of in As also X.X of end by to due the billion, a increased X.X XX.X the was facility, result and available Sanpaolo from X further

being North North offset being to mainly due costs America. plant large then increased adjusted North recovered. more up by powertrains spending Moving by review X% positive EBIT shipments however of was whole as lower markets to truck Page X, continued down to makes in of the price positive adjusted cost to across the product Warren EBIT due go shipments by down equated America Net approximately consolidated of to QX. million we to in as was driven QX regions, negative reduction increased XX,XXX to America done levels EURXXX the impact that due part and and industrial all was cost driver, America. Negative electrified launches Latin inflation mainly in performance. to was were to EMEA and levels compared SG&A in EMEA marketing although spending cost normal volumes

was X.X% billion X, up prior industrial normal a cash represented performance to EURX.X compared very strong the commented previously, from free EBITDA XX.X% the the flow more levels Page show half. quarter, the on year. margin, which return Next, at we to operations Adjusted as first for has

a HX. capital in changeovers. negative in the and some accounts spent restored, to were that earlier. line all was year in to and of restoration model we levels working And key technologies QX production and in year QX reverse On quarter prior the in shutdowns Almost substantial in to part billion expected capital our the mentioned due We generating the of products indicated summer cash of decrease in X.X first focused on X.X the balances. continue negative seasonally as a substantially products half and a working typically quarter call, CapEx with invest Mike all of in billion due which of had to happened of of payables is fact, flow

end in back Page August QX Our of review segment. North X.X was On shipment well quarter. the September net industrial segments by very showing cash below as and were showing net a back and we XX.X% levels EMEA improvement. June. of as a show EBIT Page last units, XX,XXX improvements in the period record we with margin On of All America of for two around a We LATAM year. the months the the X, industrial performance billion adjusted a North from XX, levels debt XXX,XXX position what from same America at at finished quarter-over-quarter strong EURX.X the of in significant profit, quarter

industry As American share mentioned, with increased and down was Mike share our US North flat that our overall an market XX%. retail was

were Warren down units sales while us to were X% sales to industry XX%, to our retail channel with mainly down Shipments Caravan downtime of compared a down dealer and US Our to X%, product. retail down favoring due fleet X% industry the the our demand. down discontinuation truck XX% Grand fulfill XXX,XXX were due

volume mix better mainly dealer lower price benefited as US mix retail Ram and to and and Grand to for translation more shipment compared flat offset up XXXX. X% as US weaker at Net with X% of the SG&A and price and a Adjusted billion, by offsetting and QX FX EURX.X down was effects spend mentioned costs was fleet classics Revenues fewer US to from due basically negative shipment strong units EBIT dollar. dollar. reduction due Caravans. due XXX,XXX remainder reduced to inventories XX% G&A a positive from the and The June and was of the were more reduced Jeep some mix were by That carline quarter. light-duty mentioned. in due US less weaker translation, advertising to versus Our positive brands to increased XXXX than the positive

to were China year. shipments units JV to on down and down have were The Pacific volumes. XX,XXX XX,XXX XX, we Japan Consolidated XX% due units Page Asia from last shipments Next lower results. XX% China

XX%. the million down of XX last as versus as business, volumes on loss and down XX%, offset both a result, reduced combined the XX actions well shipment FX. by the a deterioration still were year volumes Revenues XX to EBIT down due to cost XX% the improvement in million of JV were down from million, adjusted some XX consolidated result. negative million, share Despite QX partly FCA due As of was shipments loss

cost due numbers. Combined FTA were reduced QX XX%, sales the X% a in below lower shipments launched newly Turning Net up to at billion strong year was with channel by to ago. joint XX, to from were venture costs Turkey. offset at primarily X.X and down to XXX,XXX EMEAs XXX,XXX positive compliance were consolidated partly reduced with sales PHEVs of end shipments shipments Page of EU performance QX flat offset Industrial at Consolidated the mix the partly On and America. review units. Jeep's, scores can units. inventory product we Page at a plus negative to XX industry net units were look by and for credit were pricing and compared Therefore, dealer SG&A units XX, Jeep permissions due spending. increases volumes and XXX,XXX units related XXX,XXX emissions for Latin BSG technology further revenues down we to is consistent

X% America off earlier, in quarter. down and down inflation on Fiat the XXX,XXX shipments with translation to allowing commercial margins, the was industrial down as had X%, pickup actions weakened revenues to the the being driven As Brazilian particular. our recovery negative year-over-year. due results, Mike aggressive a improved Latin very Other share strong price a significantly XX% real costs were EURXX despite Strada mentioned was XX% Adjusted by industry down FX by were EBIT performance million just units, set with team FX in to just new X% due be strong to in sales performance,

XX%, to turn it leave down the However, On indirect down North America of XX% credit they down XXXX negatively Page non-repeat with China tax just Maserati. million. XX%. over Sales by we impact which and was were XX, EURXX

of same due 'XX MTA were EBIT Revenues of prior year. of up model sales year at million XXXX 'XX. to to X% launches at year-over-year. the to spent year million, out and in last last XX XXXX versus total sell flat XXXX loss XX the were units to XXXX that uncertain units, and complete outlook months Global is from further was a the For level significant QX. Page to no shipments year assumes outlook increased aside, strong QX June Adjusted these of ago. our disruptions for to business incentive year. with with units strong Network the we rest a stock from model expect compared year XX, important QX was down a note we is times, two and well end in the It On and the year COVID-XX. performing caveat a That we following the feel of performance, go, review

group's X% markets, the North down EURX.X full the billion year terms billion see QX with a reach we EURX.X around EUR in top the a adjusted EBIT and of year. last on we billion XX% to the Based plus EU EURX.X of forecasts, the end X plus main be range in line to billion UK QX. In QX down of to America of to our implying expect EFTA XX Brazil with with strong

EURX.X Industrial of X.X compared the Mike. free billion HX free forecast of HX. billion the cash the negative back year billion call That flow, I to billion to industrial substantially EURX.X in terms cash of year. full hand with means XX In will and minus zero half we and all that, the be the between recovered billion in to X with between And last QX flow

Yeah, thank you, Richard.

about bit little a talk to like just I Maserati. So

to we and after about of on openly in in brand we challenges calls much-anticipated things it And because hosted past beginning September the I earlier delayed face we talked mentioned the I the the Modena. fix. Maserati's in coronavirus Maserati the the of initially As event the needed outbreak,

we this launches, position to Maserati's edge a regular new PSA restore amended within in provided elements changes our out terms in with in think, least earlier our our for super new Grecale SUV, well The technology, course, genuine and reveal starting of iconic and in announced all to nameplates return XX% believe perspective portfolio equipping adjusted ambitious we Maserati next we the the this combination the strategy bring the new the move team the renewal segment. for in agreement, distribution Maserati Maserati than I its offering that with cadence laid year more next mid-September status with in to new our And including and Maserati's So the on announcement lineup. success the on Maserati's a the to some MCXX achievable of per XX plan ensure year, plans an of we electrifying laid all with new approximately and year, plans merger as I'm plans to and will completed margin continued as to certain targeting I lastly, of have brand ever key important, I expand Maserati's the sports stake expectations to of And the course by coupled And into profitability by electrification XXXX. the global the of provide agreement cutting better launch next successfully entire regarding era a targeting on management the of innovation its will from over foundation you luxury product Faurecia. and the car, EBIT rightful months and as targets that brand. half Stellantis just these financial teaser to the Q&Q, important PSA And brand. major today that brand's show of than when comments achieve a with include one XXXX an luxury at yet we made portfolio the which of like our elements confident all of just addition we new expected for update new will before execute

companies the the Stellantis believe are to of with solution of changes the share approved a The while to does address agreement. in and out shareholders were the that sheet boards and designed a that Stellantis strong reference changes support combination their agreement. that terms experienced balance smart not which were balance control by ensure set consistent preserving both with I original original of have equation COVID-XX these free has original value the the to companies, ensure specifically Now, governance both impact liquidity and responsible acquire of of the

EURX.X for the distributed versus balance shareholders, result, one know, you be special relates dividend as will FCA to provisions be amendment special to of Now, key of the in a to dividend change the now the have announced as previously to Stellantis billion a all will billion value EURX.X and cash at its EURX.X stakeholders. billion create more on additional sheet a inception

the X% However, the portion the shareholders closing. special stake reduction the up is XX% PSA distribute the the the first shares prior current to be Faurecia balancing stake all the dividend total to of PSAs current in its in proceeds be second of two and equivalent XX% will of distribution provision will from merger outstanding Faurecia's closing unsold selling And to the will of be to Faurecia. now will after distribution that PSA in Stellantis forms, that

shareholders respective billion significantly shareholders the run of permit rate after company's of work both progress EURX addition, distribution annual additional that the each over be the million all closing. boards companies the There's closing Stellantis a the dividends potential distribution estimated, up for to a by a shareholder excellent the estimated agree also a EURX are revised of the billion dividend the prior to or upside EURXXX to which if already conditions synergies made X.X now past indication several months. streams of the clear is originally from In to over various merger billion

happened strong world we're since spite believe wider on moving forward and at the important deal that of this original focus of this additional that's this both a and clarity of solution I provides Now indicator is our threshold momentum and completing the have companies announcement. in finalizing merger, everything in the

there's regarding know, Commission by written the that have exchange a pleased European the review Europe. ongoing. phase been And the two antitrust review is I'm as lot competition Now to say the so underway you constructive. far been very in as currently And

address with the being satisfactory the These we well the offered questions Commission. to by As a and previously reach by commitments timetable. merger have our PSA currently commission commitments expect announced, are raised to Commission closing within FCA outcome evaluated and

And advancing first reaffirming of that end with of end XXXX and let remained transaction is our close to quarter the me most So importantly, in I move possible best for PSA of the position we we're can intact. to by with well value Joe, on Stellantis the merger And shared that, by the for the objective to preparations committed think all its long-term to Q&A. put create stakeholders.

Mike. you you, now session. queue I to Andre, Thank the can proceed if start think Q&A the we'll and

Thank session will our taking from Horst electronically. be now We ahead. you. line Please today's and are Ladies from gentlemen, Instructions] question America. the [Operator question-and-answer go of conducted of first Schneider Bank

to for Good be say my course, a could good year. of But because implies everybody. don't the And to Yes, it I afternoon, QX Yeah, you course morning. results, QX. got bit that impressive for taking want and I'm I've greedy. provided little the of thanks questions. looking at full be then new guidance that

So the be fourth what Why then quarter? in the factors weaker? maybe could explain could be you're at driving I know could off you range. the results the

I want to just will be the then maybe us QX what But different. what to extent business to really exceptional the be and and drivers as update you in which extent in won't the QX on can well, maybe QX that understand that was context normalizes? year So billion. stick has you Thank in What the QX in that the and you to think I will full targeted reserves extent assumptions you. regarding made now? achieved the And reserves that X be you QX for to in like been XXXX. cost savings? something which yeah, cost And

I'll bit and say. then a Richard that I Mike. speak will Hi little Richard correct Horst, will everything this - is obviously

strong a was year last QX Firstly, for quarter us.

look at So that's the of the when and guidance been given. you the year end

EMEA. to coveted thing and that this it QX, giving, had say of is to to basis coveted. into XXX I'm With think, track in current commercial in cost able anything billion range today were I you between well. talked to do I America, regard the that a the people the sure watching much activity we months in regard million the if thought the the expecting anything in really we regard X the retail promotion QX good to guidance between conditions be of to said? that and is obviously those that I in to regions, Richard Richard, actions, to to what to always we kind the with my feel savings QX even opening day-by-day Hopefully brands is we're of very is position, it's think with saw some any remain at and think moment of But year, in of true and particularly they of guidance very the though, million our our North which that his competitive, left suggests expecting there's one we well. progress be why that LATAM market quarter really we're XXXX. maintenance strong one so terms that we our that close back What momentum the commentary, obviously, a the as and more numbers cadence good part and parts the in see year flowing deliver the is quarters different conditions of are has only QX released savings the way particular, you will they're we true at moderate that as Obviously, before, as I cost continues make was the through QX understandably with in we on I the that's remain the of to make add are that as that as on with least performance because into XXX though confirmed to the this strong that's across is about through commentary. which QX this been two of want cautious that somewhere be and

little 'XX. cost to as at being just, think X America's going need company We the look XX.X North than No years, that's margin QX. try QX XX.X bit Mike, then bit high last and for benefits factor hit much potentially weaker into at and prudent into CFO a Horst. I a points. the you're in you when he QX the clearly the and little possible clearly forward a And projecting of And about this as maintain

XX% bias that, on benefits increase number of long-term, more marketing some fixed so QX of full the for will true that spend XX%, costs, back It's which due continue mainly and of of from back retail to much we to mentioned, have of to in is us sort Warren help think from also the also won't US get also around from is mix, the which in XX.X quarter as their and plants then not is track And we output. very I be benefiting I as actions a up some going So volume in towards number very sales and a QX of obviously, volume. XX.X XX%. down costs will which strong a US up coming fleet

pricing conditions normalize And margins, was that to our the trying we dealer strong seem maintain pricing very of alpha the market of and need COVID the only much hope. been significantly. we our then So because tell to but reduced strong is also much last have because stock we'll that is how as will we'll and obviously how has improves, the to situation the as we well. start And I have

a forward. there's much we'll distribution efficient see so process, I as we And think go more

maybe can billion. we end, good think towards X.X the still us job adjusted allow a I we're little high quarter strong very a I So but on in guidance is if pointing the and think EBIT prudent, on do of QX conditions a the bit to,

to - basically have to trying first cost the burn cash a side generation. the in from have the flow we had half. side we're that get cost would we cash zero in the strong QX to that pretty On And mean

pushing to position, is very X.X I much not that we're walk for, but our of the QX underestimate wouldn't capital reversed So in it's billion flow X.X a park. with cash hard in basically pretty billion working something already

That's helpful. and great very

working reversal not is expect fourth this capital, follow up in not we quick effect since quarter right. Just down, another on the the should positive

which normal a a because seasonality. in I think bit will get seasonality we is there's Europe,

what will compared was in it our in low So very November. production like August, be to

Warren we'll from also Toluca capital So EMEA, back we working working with and get get positive back. capital positive truck North will America some from

we're And own capital positive cetera. working expect inventory. we work seasonality reduce the end some Also, progress, hard of working very on in our to also on So of et sheet us give pushing capital. still continuing the balance in shutdowns year positive the normally

as a capital, size like working strong in but the saw anything obviously QX. expect not from still we contribution we So

you. Very Thank helpful, amazing.

line next We're from ahead. question Please Charles our Coldicott go now the taking of Redburn. from the

guys, questions COX and EVs afternoon result, great had of couple on a a I actually. just good Yeah, congratulations on and

far. amount So a on electrics and only plug Fiat hybrid electric small so in XXX you've sold jeeps of vehicles,

which So particularly give side, guess? previously production the would volume of then year? some and require are COX I'm of as XXXX in you for you sort it those million conceptually I sort of us Europe, Persia if next just on EURXXX for that comply European paying the benefit I is ramped the a EURXXX expectations And pool, think Thank for and the with regulations with to Tesla models wondering up, just pool could clarify, on Or just Stellantis million therefore the you said so is Tesla you once COX can not could you into payment the cash fully you. pool? therefore possible locked be

something and vehicles, on launches quarter I significantly, particularly shares Dealer its obviously, of of orders, really its of what expectations focused know, as electrification, market mild our the close XXX the in in hybrid. across so electrified terms XXX commercial were making just Obviously, the total would of very sales at our we you like hybrids, has vehicles XX%, increased with fairly mild that to you've Fiat you look other with the advanced Mike. is right this what and hoping line including XX% tell sales you're Europe. actual that and Charles, being is if our for is electrified orders for, bet, our are well seen and progressive Europe however, Sorry, all debut with plug-in across launches, in we but

some So that are of say They volumes. which where in be I'm this combined the for successful instances why have put think we ahead would in the we thought that pleased year. be to I we will place strategy they with is

'XX But of directed rapidly look over left happen make the seen now Tesla in vehicles America. In are in with this We terms strategy, to Yes, I've plan us past, electrified a were of that as because extent, our to are hard volumes for because that next catching the we behind. we're plan, will those enabled it to XX well. you've fully growth we to year, America we very launches complying European the to second multi-year as in which compliant next sure lead with in to locked put originally moment effectively to, particular, the I some worked Latin are. upcoming North spoken address to, regard Tesla? transition does And forecast But your time. product launches locked don't which in investments up months. our and we into with that continue want we've and product is, the with question, at towards They're EMEA to that our

thanks. Great,

taking Martino from go Equita. De from of We're ahead. line Ambroggi our Please next question the

you. Good morning. afternoon, Good Thank everybody.

to on it variables of QX? The normal return on in been did sectional North a double all market to have in is QX. And question a to have achieve digit is environment, first sales. say the your I could but understand return follow QX, American sales touch in you difficult precise the indication up double a digit guidance, able you in you on

want to go? you do me Mike,

because to me hear know clearly couldn't don't just if I Yeah, it. the I Richard, question related was

to normal in can that in is question the environment America think digit continue margins achieve yes. we North I a and double was one

Yes that's correct.

can and QX question performance has QX, one my to on obviously portfolio think that. multi-year got sure I which guidance of For I with the looks. we our I the been about think in about momentum the changeovers, And months, product prove think stronger opinion, we the and that in always how when

some as we with said, think, good momentum. I come into we've QX

end we how we'll see So up.

can of the the You part second Richard. question handle

Yeah, I expecting mean, margins we're double in digit QX.

other last exciting the might the years been the strong next operate the fact XXXX, products year, and of to margin allow continue America in is us positive I the it should with continue. couple thing and that about double digit story presentation North with so should the to beginning the of with North very think over has talk margins America

you. thank Okay,

positive. second previous I X networking question the mentioned QX the in once be mentioned you again in you second The on the should capital, remember call is billion half.

Maybe what could capital X missed assumption So are confirmed in X.X or if is your in what the terms they at be in - million, underlying I in I confirm QX ask you guidance and it of working probably the you the CapEx? presentation, million.

at billion around CapEx confirmed plus be is working X.X positive. Yeah, X should provisions and capital

guiding the structure for think dividend to asset and it for so last suppose market second minus other zero or any financial be extraordinary of you on was it is the free Okay are the the I and portion there to cash guess flow, indirectly, free an on billion X because guiding on? the condition visibility about very flow? positive cash Is achieved,

prudence Richard. position we one, out a to to it obviously, dividend that positive make decisions before. I'm with but that's has - the needs board it take than long a and Obviously, in had all to two potential well, in We regard cash quarter be off the months the resources we've to in in terms get to year, we I Stellantis start better the it's that past with a decision Well, think to the They'll expected be the for ago. that the same this additional close make pay gives boards made than Mike, I'll good that more much going were to we the quarter seen they've rebound options we're that. and of said and the second sure What a a successful. the they

to continue optionality we'll that I to on which I want boards what build the and preempt just performance, them we're able in to, expect we're us do. maintain We're So to today. our if the given position more

you. thank Okay,

go We're taking now Societe Please of the from next our Stephen from Reitman ahead. line question Generale.

afternoon. repeat impact the could very What those end quantify quickly. And at Warren so Question net the if costs, just and you went it of position obviously cost? despite industrial downtime roughly, also, at America performance Good again, downtimes could September, North again, is about and financial very Toluca. strong the the you of

do on this Richard. can You

billion XX but was was X.X Yeah, obviously, actual of volumes, the so on the volume - from costs, think we both of aside Stephen, the September I million. as impact end net about plants the impact believe. financial lost work we position of of And impact I

about All idea as ramp can and up well, Wagoneer cadence on Cherokee year the Grand right as give you Grand reworked next on some and well, the Cherokee.

sorry, Yeah, my with some microphone. issues

will volume. the indications row QX, both you next on year. and both don't for mentioned I will into Obviously, whitespace those the three through for various the of will ramp of models effectively expectation before, are half first, those, launch I through happen QX to back want us. give products But or half of full-size we SUV come Wagoneer the and into As Grand first stream which in

then we get - towards the pretty new And will Cherokee the will added be excited that. of year, Grand about be Grand the end our we're to Cherokee as So fleet.

Thank you.

from Asumendi our Jose JP ahead. Please of taking question next line now We're from the go Morgan.

Thanks Jose, JP much. Morgan. very

a collaboration? to Europe in this toolkits see speak items can or in the let's fourth see sector can segment? about those you you FCA hydrogen then quarter? you and how us speak say where some about have was QX going during achieved on applications, production on about And speak industrial it North strategy, do output? as you the and XX in where please. And as do happened Richard, this the you color in either a a forward? have months? you do Mike, bit bit And evolving about about little Maybe of passenger in think how - speak in bit the what to do do approach Europe? a we just right see vehicles, think few can industrial Where see What across bit car a the you last costs QX to about costs light you also you you give what terms the on you. little QX, Waymo? please. America? Just Can you stand Second, commercial And Thank you

the They are the take and about pick and can up one. you Richard, And production. second back third one, then talking come I'll

way about across talked levels, shift to the with - the really we've our at particularly production regard plants are As if not approaching patterns pre-COVID all world.

everybody. our regard So then remain levels the to well, particularly to we are for reach and people, with our to statement, expectation, plants similar pre-COVID if possible conditions very, because as we the that of forward-looking conditions will have as like to are ensure efficiency production efficient also, very every as we caveat in they things have levels working as to plants with we safety our pre-COVID are that constantly continued and that way refine but doing the that

which number our annual actual in production first be XX% end say that quarter the similar current I terms but plants, seen for is for and before. a impact, full our impact about you related Richard. of plants levels American that we've to production reach EMEA expecting to as North example, for the through really I Over we're our think in if the continue second will to conditions of the quarter, year So a

see then pooling purchases the QX, then the between Mike. main technologies recovery PHEVs price of with on you Yeah, rest credit mild walk, mentioned, were regarding marketplace, costs the Tesla. EMEA the Dodge drivers of hybrids and basically of half agreement in the thanks costs the of cost. - also, related compliance the in in costs to and in Yeah, our it of some the And them those on quarter is we're vehicles, I can the and shipments about as with in getting industrial so under

to more more Going industrial of in have into QX. be to and going we're because shipments that's QX, actually the PHEVs we costs expect negative,

the these collaboration you back please Mike, how Waymo you strategically see to elements? can come two please on hydrogen,

the the year, talked up level of I'm electrified before about up as drops sold. credits because our sequentially. couple that and terms absolutely. a to of increase this on industrial some this obviously, dropping also view come vehicles, that, next they've our electrified probably more are costs, levels electrified for on of vehicles going of we of year of next launch grow, use continue likely occasions, Sure, year, in comment peaking of to because we ramp I've And year-over-year our and vehicles

in to say like plus to our and remain well They announcement level Waymo, expanded the on if them. since continued testing to deliveries, of will commercial be vehicle the with early our utilizing fleet. technology and you regard announced ProMaster I've in So forward solution autonomous terms partnership, four of has with for we've very work going the got for work we level terms that very at stages project that particularly started

And, we've this clearly period which really indicates deployment that had also are that area, get relationship over just you their the saw long autonomous their as but operations, of think So accelerating a in they leadership Waymo expanded their also as not well. time, to I only think continues I deeper. maintain

the future, that What and of end terms is I've with how mind strategy tried need going it been have for strategies all with get on think, early people I the in because similar commercial for the there's of very plans. that of really come will were communicate in OEMs era, of mass, development terms electrification, our and we've to expect. looked I with around technology opinion there. is So of has increasingly, think, have be at And not it their when the on in use maybe pressure we when pleased frankly, often difference fast And terms sooner in teams though particularly an of pleased that I than very vehicles, the a even this number people clear opportunity able to contrasted will lot toolkit compared put And I'm you're to had. a of was our can difference that Geofencing, deployed partnership. continue we the expand very, I the the a is only and that we other to

pickup demand that for And fact and consumer we launching or partnerships also obviously the could continue now ramping in to successfully will those of process debating So significant notwithstanding the spend about we ultimately, in brings of well. meet complete whilst that different much are we skills vehicles as provide today will that either envisage to that toolbox on up has build technologies you duty reduction sit includes and when the in COX. heavy the in we our electrified FCA time example, today as hydrogen. given trucks, range we sell have our and Again, but very segments, that vehicles, be, technical to

vehicles. So the have in I am that seeing tools. ramp with have that we predicted right And I'm with the and up work that way. now we're hopeful the we pleased regard to electrified and all the transition comfortable of forecasted I'm happened that the

you. Thank Thanks Mike.

Galliers from line of go George Please the from question next Sachs. our taking ahead. now Goldman We're

Thank to you, this and thank you I revisit call. my and may, America for really want If effect. North taking on focus I mix

the to plus XX% effects. was a positive the QX have out and even negative FX EBIT, obviously been backing So despite and record and as SG&A but pricing, you the very would record gain an margin, margin, 'XXs close XQ result translation record

played we I which America future? XX% margins shift to to grow X%, and to based talked single on a you've XX over kind forward. growing we and to the led whether in strategy on must your to So a to X decade, And to XX pull last rethink a look not mix from in North to mean, share, strong fleet X% mix range. has made of maybe want adjustment XQ mix change North strategy fleet might the and role XX here. American even you FCAs the the going however, increase about strategy an in opportunity the historically, X% today, actually effect have part you to mid back teen learned in a played what big huge to from a And margins if see could

up the half So the George, pick and up first question. I'll half can the pick question this of of Rich you is Mike. second the

We've interesting doing during I think our side been and think in your will into tried have fleet a side less And government amount different always rental we all to of and - commercial business of way. and things this that I in a one. observation is mix retail being forced very change. that huge year change on learned our and the reliant the the performing not better a

our was also our changes, in a I that very example, for the product think which business, the mix just loss change terms some rental but forced heavily of of to on minivan, our of fleet fulfill us Dodge ability in business. not

that terms it us able I we to, remains is our the dealer chain, dealers. through then led has be just helped obviously learned what we balance have price, in buoyant, reasonably as stability helps but supply if to more clear base well. get that cost us think lot market best of you've our also channel is with the and And not transaction inventory, is well, has us which mentioned, as improve a on our it

spaces in historically then will drive margins obviously, be next the of year, on white forward. segments. the that terms very margin part maintain two strategy we in to business will But put focus continued And think fleet in our for up. going right America potential finally, we've in place have North been what's that discipline of margin, business the the I So and into the try enter high our

to we for in We the have do clearly answer them North XXXX enter on that's into strong forward when them potential you segments I specifics the well. half America upside and latter going as mix Richard expect margin not of in we remain question. and the just so that us to want think played

other it so is our of margin margins the piece, quarter. DOS then good the mechanical whilst the related Well average XX% retail, reasons in DS, is than we can was lower up the mix million Page we those the in number mix and the the was which down that the XXX, of the have is fleet retail half about channel are because and is makes in a to to. historically Caravan, was of XXX mix. lower Volume in about from discontinued Grand and still yeah, up about Canada shift Ram mix on see classic Yeah. you going XXX very had half XXX being XX, volume why is is the to of product George, mix And book which shipments which

Great detail, thank you very much.

Thank you.

taking next We're ask the of question. Monica our from line from now your Please question Bosio ISP.

there? you are Monica,

afternoon. Good

I year? give expect very you you an XXXX. you the of And the much. the you second Good and already for on taking would the view dealer question what on do inventories year what inventories the fourth for update I on my the for for the the Sorry, been us of is view Thanks - on dealer answered, was questions this Most your but scenario, level Maserati, quarter afternoon. can at has like Thank the you ask mute. raw on impact material question. to level? do And

is sorry, as Yes, I This mute on was well. Mike.

terms to PGM. obviously, with regard had a purchasing, we've very of headwind In significant

team we year. round I has broadly lower in something in From and perspective, half inventory said, to I is pressure good this the that continue as do about think and our I end Maserati's XXXX last done the and that, than job, into ended other teams line it XXXX thousand impact units, with four obviously four, their trying to year I QX guess, That's offset continued very a with in I QX do which think, much of the get that area. a was they've job see QX contained. and to to but performed, purchasing technical as minimize well, good regard

pockets remain, the of that and we've we it's this shipments there build. levels ramp talked of as levels up in expectation absent we of one models, sales in our models over of wanted of now building the will think refresh don't at point. in be slightly past reached level things line inventory as so in we is rebuild, need the I Maserati are I carry with but are and the about line some line that that to sales. We've discipline say it and And my inventory to where our inventory launch that we making the new models, our So is sure the that with

very you thank Okay, much.

Our next question UBS. comes from ahead. go from the line of Patrick Please Hummel

on could Yes, the great thank few remaining there couple my you. clearance regarding EU last Good in the of afternoon, headlines days, the the side of some quarter. everybody. Congrats deal the were A clearance be that just around on corner. questions

regarding company? is standalone see happy take of you not be regarding going do that second far term? to of XXXX forward? closing Is Maserati there anything bring view touched a you change QX private But pitch relates that So to My you're And Stellantis something should to if Mike, question receive EU Was your clearance would date were quickly, really in it. deadline? on your executing chance the next you transfer any year long see from Is take cost because theme technology to electrification. trains? of that will for more PSA any Maserati, to in being it? very concerned? to contribution And lastly, September sorry, it platforms on How and the I'm we meaningful part a as or XXXX XXXX that as be the already power sort using long think theme, will

Obviously, that the Europe various anti-trust this we're filings is going through Patrick, reviews. jurisdictions one of Mike. is and Yeah, just

I think we're making expected progress in areas. all

track So just this first things have QX. forecast I would our that. say go the at We in a number confidence not that of through we, is to but moment PSA why close still of to are everything with expressing in of on that's also time quarter

that. So What it question? second I the leave at was I'll think

that The cost PSA, kick powertrains thing and would platforms regarding electrification from of and contribution the when in?

some that and end Yeah, the accelerating I 'XX mean, in you kick that but rapidly to obviously, into assuming get will as begin - really XXXX, 'XX. towards of

Thank you and Maserati?

the building my we've talked all that From yeah. Maserati, perspective, got in blocks Maserati. place about we

to in we And for us that for luxury in profitability. thing Stellantis. will What thing one the the not return that important for formula, accomplish And means the that's but premier think think of the sustainable XX% into in profitability that profitability as brands options us right on I as to in onus that the be long-term world. and our said, of it the demonstrated margins, plus that Maserati of shareholders first for strong I just short-term market, to should absolutely the be I the to and where levels terms to future, have is demonstrate. that's demonstrate most brand, let's

Mike. Okay, thanks,

of taking Houchois We the Please question from Jefferies. ahead. line next go are from Philippe our

questions levels think a we pace for normalize? one But be moment. historically of actually or you and Do seen Or they morning. do think so Then that caveat XXXX? of picture good tight situation the or at North dealers of to Now couple in inventory Yes, level to the do congratulations. A could dealer close back if of get to you that let's production, that EU at approval will first possible keep is from the out go rebuilding through the which levels for dealer the the when Thank and in about industry me, is we're want the one is the the of inventory my is they merger. COVID are summer American terms carry it days it we the in less want inventory? question? the to is, we've XX so considering revisiting past? did hopefully storage inventory second than Or normal US

situation the in is think pending. Brazil still I

market. dominant, I Thank a say terms of that would potentially is in large? that approval? they're Renault clear back You from have both, there. a Chery has approval you doing wouldn't quite pullback strong Brazil. a is a not an Is securing standpoint you. the assailant what issue an there. be in And large again, this issue for there going position player the are a Brazilian decent position quite in

Mike. Philippe, this Hi, is

US I was I inventory. go key that imports been our back dealers me historical want a Let difference always think to players address the of inventory don't call their first. And inventory what to the levels. things. and to question There's between by it distinct domestic two terms would the historic driven think in approach I

truck in that segments complexity body-on and commercial higher segments often first for segments play other other a combinations many segments, have they The and example. frame then was more one of in, differences degree therefore many,

all a your seen US complexity in and that the rates reducing think that we've level in OEMs inventory. big reduce domestic can with And focus know I as what of your of you increase combinations. on you the churn commercial from means is

look is various need we So models to doubt we does across inventory the hope think it closer pockets that there no of new other geographies. I country, what I now that you geographies are to be is. are there is are see inventory sincerely that the short on There is normal of and somewhat increased. various are or shorter if that Because trends there than there levels

to certainly inventory. we the So continue work portions rebuild to of have to hard certain

So to and our I dealer first inventory dealers. sure more for more we for as efficiencies our as supply are to continue put I that to that get of into get the used year. turning half into think lower continuing quicker, and levels would prolonged they our chain inventory next see retail we vehicles more beyond more And see period we if of conditions if a and

it's - With So and still regard that I me I'd be are the middle And it. benefiting is for we process. a that change. of Brazil, in to good from think

don't particular our obviously we forecast getting into closely seeking. We issues are are the are jurisdictions approvals year. But see close all of working of and are QX that factored very the with to regard we the in through a with any next that it. I working authorities

spoke, maybe share a think electric how and so as electrified just now, I the a I one, see if ready electric? see asked more we of wondering the about answer. since Lordstown squeeze on a had I have Right how last a got to you call I are about you you about share of Ram, presentation we the of cryptic question as Hummer, the you the more bit pickups around has version - if and bit last Ram I'm to you QX well the your

the see and and when be. apologies. do to tuned little will electrified exactly you a be place be we'll I that ask you would cryptic market that for me, Pardon to I will in there answer up stay my ramping just while tell

Thank Sure, much. you right. all very

Welcome.

from go our [indiscernible] the from of next taking are question We Please line MainFirst. ahead.

you. Good afternoon Thanks my question. Good to Yes. taking morning. for

you, the both crucial of instrumental First, at both you we of might don't we case. be See Stellantis, general, appointed that is another board we of Stellantis. role know the but thing have Mike around could only the a FCA? question what expected to would be could clear of have picture This or be within for in future a turning be

be what's would if Stellantis be some you to color roles today. to question future first your within position So have going more share and

your say purchase been are other comments The would I and credits has Tesla. which understand electrification by from two bridge, I of and burdened also questions EMEA on costs the bridge on explanation the

we be the more the end Because but quarter? you. cost back before a these circle not in think, do cost could 'XX inner vehicle, or my XX region on new before the - and Thank the higher Tesla, XXXX, the be be XXXX, come that into additional from how profitable part of trends once QX, the significant to the Latin of just share into on you think region. industrial XXXX? Last circles of the credential should And forward would purchase costs potentially into Going to flavor could the I of question electrified of headwind. America, the higher forward, store the the have a headwind to again that lower I profitability going the of but think prevent so continue

time there's the us what said, you colleagues to of hard a But that to will I'm it's are wait when will pulling be thing to believe will to transition. Yeah, and within sure been I part I've yet roles with to Mike. that. in moment this, very sure very With my for clear worked we this this not have time right be many the for with regard organization. as Thanks. of I be working that on it's the on hard want Stellantis, announced together. part understand the role of regard absolute I've to that group. There do, intend make to my been I have

Richard, industrial cost the So the don't pick know, up and handle walk, LATAM regard to well? to one one I that you with want as

Sure.

through for of industry. So pricing challenge, terms the that's product, the then the EV in theme obviously, yeah, and the the

market next to challenge we're EMEA out so of that in will and can continue the put that price cover increase that great for continue into products And going the in seeing year we electrification level and And will is cost obviously the to everybody. we recover increases.

more the focused So I into marketplace, we as think stay very get on market I products tuned as a be And think we'll result. on that. clearly, all the pricing

the no but for imported historically very those of through negatively been very - Euro cost XX% and also against quarter by at we always hard In always LATAM. mix very the in has price the different, of through terms always our that base hit devaluation the managing LATAM of real LATAM cost the was effective components inflation LATAM, team and year, the for devaluation affected on base actually have real this had

think with a lot team that job did the I really good offsetting So of a price.

would year of XX% have by tax credit case, industrial a a didn't in pricing You because we guy if that for been last that seen had the walk good you hadn't of, have costs being positive actually a actions. don't we see but offset the this repeat that

abate. the So the next into obviously, X% a continuing launches was for pickup on will improve America I new focused with year think margin about good talked we continued the headwind that FX I Latin one. hopefully, our going in the the on our LATAM Jeep. And Strada team to is of think profitability quarter focus very and the And

Okay, thank you.

last - Just one

I has think the LATAM team done job. tremendous a

and guys terms to business grow is conditions talks quarter profitability, of them. LATAM And girls Just determined thing result And under I the work we've that's and region. to but that a I all of to about turn continue just in got the their regardless the of will you there. pandemic the And profitable people not one in their tell conditions congratulations of to quality that think for them my they imagine those presented in them. they're around the to in to that just the effects produce FX, the of

So very strong a we've team. got

thanks. Okay,

have making your you Is stuff have on Just reasonable to now do in - squeeze I in assume last year, like would one to that the budget, EMEA. more in less or aggressively basis next on what ongoing that's still an you will EMEA it be you

reasonable to that. No, that. not assume No, reasonable to it's assume

Okay, thank you.

line ahead. come Our of Henning the go from from HSBC. Cosman final questions Please

maybe Yeah. Hi, Henning HSBC. up It's from a of about Mike and just follow I Richard. Richard, for the provisions. reversal had

combined question. I few great phase through they that enables full also the I HX capital when as provisions think, to the have at of if free to teams in As said maybe then you. about a combined. just working if guidance flow Mike And the able year first commenting wanted said I made reconcile materialize of company? on stage you if you the cadence be you're remember, as remarks, of to clarify X synergies first then wondering to that. half I a that far or I in opening X.X around synergies, for that billion doesn't billion years you for Thank an in were my and That's the expecting so us was earlier the and those your Richard, And if that was wanted a QX reverse for from appear provisions make alone. the you Mike, progress would And think give low the that you, would just one work the that the bit first the were answer streams how completely just cash I to obviously synergies. statement well.

- answer first Richard, if could you the

part I'll question, answer yeah. the of first the

accruals to on provisions, the because incentive of and terms X.X dealer stock. related in accruals - warranty So basically obviously then is related to that mostly,

to as significantly So don't QX. mentioned, we through expect Mike at dealer stock present, increase

is of about QX. be So And capital of provisions I related minimal. reduction QX billion Most to because level inventories. that inventories will because talked and relatively in billion payables continued of hitting in the of X the EMEA really, working impact is from X

time the So for provisions I at indication no longer of HX, HX no if time? longer don't is I and reversal a Or stage. it the the that at was the I of did that know But true? misunderstand misunderstood the at

think mean, I I about it. talked No, we've

Sometimes talk general. is in this provisions of the sheet about aggregate working balance because we capital as sort an

they think always had stock the the specific we've capital about we the X.X been talked working of a I working reversing, X.X So about because of provisions, large capital, proportion frankly, levels but have we've provisions dealer to want of like of Also, that most were year. never last looked returning Mike the to don't we the regions. because levels like end mentioned, necessarily the in anything as them at

Understood. Thank you.

Thanks.

in hasn't four. XX% question, the synergies we've group year before we anticipated think of to said the And to that the synergies by your really changed with The we be I the materially. improvement identified in regard realized cadence that

a the Stellantis. synergies those to of four you. in So the delivery terms years over Thank just expecting we're similar first

you Thank much. very

the That question-and-answer will remarks. back will turn call to Mike now closing Mr. the for conclude like over to session. I Manley

tried think I'd group, the creativity. So a building additional key thank have about invest that to as the to future. terms Richard CapEx, up questions. just LATAM our And for going with And our of And making combination new and wrap a their deliver we even stronger of but an your you perspective, introduction our for everybody everybody our their record thank in continue this talked that's as you've and exceptionally investment laying out agreement this despite our of and provides as sure saying to I well we and the and of to our achieving COVID-XX. pleased was I'm quarter with by for new strategy that for effectively communicate, like your for I work, time remarkable seen PSA hard. in that each to amending committed how by Maserati results continued effects maintenance like with demonstrated these was value remain future contribution to several from and working their our and resilience employees quarter And products, frankly, I dedication, I lingering shareholders of

a quarter And we can questions end So towards from completely forefront. being of this more are will understand, but we that Stellantis us. convinced the start of future this the last finally, of new always topic the I committed while excited while at the safety XXXX. merger taking as have give have this the the communities its we and taken case believe think past well-being the been we're keeping us this will employees continue as of as as on we're executing positioned and ever we're and remain the actions to obviously than of challenges, we FCA quarter PSA by decisive strong finish clearly even prospects own lot going potential a the embark on year of by year merger navigate set through the to A first of at we to entity. actions combined crisis to and our always landmark these about and era And the successfully the

of your your So Thank you and once a day. you reminder again, for you I good just everybody. attention wish time, and like to thank questions

gentlemen, you for Ladies conclude today's Thank participation. disconnect. you call. will and may now your That conference