Stellantis reported economic data first quarter of 2024. During the period January-March 2024 Net revenue fell 12% to 41.7 billion euros.. A decrease in supplies by 10%, which is equal to 1.335 million units. However, the automotive group emphasizes that Global BEV sales grew 8% and PHEV sales in North America are up 79% compared to the same period in 2023. Sales of LEV (light electric commercial vehicle) models also performed well, increasing by 13%.
According to the automotive group, revenue fell due to “lower volumes and adverse effects of currency exchange and currency mix, partially offset by stable prices“However, in terms of sales, the decline will reflect”production and inventory management activities in preparation for the arrival of new products in the second half of 2024“.To all this we add that the comparison is with the first quarter of 2023”in which supplies instead increased due to online restocking after a long period of supply constraints“.
The total fleet of new vehicles is 1,393 thousand units (of which the own fleet is 423 thousand units) as of March 31, 2024, which reflects an improvement in the level and structure compared to December 2023.
Natalie KnightStellantis CFO commented on the group’s results for the first quarter of 2024:
While comparisons of shipments and net sales for the first quarter of 2024 are difficult due to the transition to our portfolio of next-generation products based on new platforms, we have achieved clear improvement in business dynamics with sales to end customers exceeding shipments. to the network. We are reducing inventories to bolster our already strong relative pricing ahead of new or mid-cycle product launches later this year in key regions. We introduced four new models in the first quarter of 2024 as part of our plan to launch 25 models this year, including 18 BEV versions, which we believe sets the stage for a marked improvement in growth and profitability in the second half of the year.
More specifically, in North America, shipments fell 20% and revenues fell 15%. The European market (Extended Europe) recorded a 6% decrease in supplies with a 13% drop in revenue. The decline in volumes was mainly due to lower sales of the Peugeot 3008 due to the launch of the new Opel Mokka and Fiat 500. The decline was partially offset by higher sales of the Jeep Avenger, Fiat Ducato, Fiat Panda and Citroen C3.
However, the Middle East and Africa region saw a 42% increase in shipments and a 24% increase in revenue. As for South America, supplies are at -7%, revenue -2%. In China, India and the Asia-Pacific region, shipments fell by 46%. The same reduction will affect income. Maserati also performed poorly, with deliveries down 61% and revenue down 55%.
However, Stellantis is positive about 2024. The Company reiterates its minimum commitment to achieving double-digit adjusted operating income (AOI) margins as well as positive industrial net cash flow despite macroeconomic uncertainty. The shareholders meeting approved ordinary dividends of 1.55 euros per share (an increase of 16% compared to the previous year).
Source: HD Motori
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