STELLANTIS revenues rose seven per cent in the third quarter despite a major multi-billion pound hit from strike action in the US.

The revenue rise was as a result of growing production in almost every region bar Asia and more than a third jump in global battery electric vehicle (BEV) sales.

Stellantis, which owns brands including Vauxhall and Peugeot, said that the autoworkers' six-week strike in North America had cost it approximately €3bn.

The carmaker, based in The Netherlands, reached a "tentative" agreement last week with the United Auto Workers Union. This finally ended over a month of industrial action by 14,000 workers at its plants in Ohio and Michigan.

"Today, we are focused on maintaining our momentum by delivering industry-leading profitability and cash flows, addressing critical near-term industry challenges, and continuing our electrification and technology transformation," Natalie Knight, Stellantis CFO, said.

Stellantis has been revving up its electrification strategy over the last year, as it competes with the fastmoving new Chinese manufacturers rapidly entering Europe.

(c) 2023 City A.M., source Newspaper