Stellantis achieved net revenues of 41.7 billion euros in the first quarter of 2024, down 12% compared to the same period of 2023 due above all to “lower volumes, currency exchange effects and unfavorable mixes, partly offset by stable prices “. Consolidated deliveries were 1,335,000, down 10% due to interventions “on production and stock management in preparation for the arrival of the new products in the second half of 2024”. In the first quarter of 2023, deliveries increased “due to the replenishment of stocks in the network after a long period of supply limitations”. The overall stock of new vehicles is 1,393,000 units (of which the owned stock is 423 thousand units) as of 31 March 2024 which “reflects – explains Stellantis – an improvement in the level and structure compared to December 2023”.
The company will distribute to shareholders an ordinary dividend of 1.55 euros per share (an increase of 16% compared to the previous year) approved by the shareholders’ meeting with payment date 3 May. The €3 billion share buyback plan is “on track for completion by 2024”.
Stellantis reiterates “minimum commitment to achieve a double-digit adjusted operating profit margin in 2024, as well as positive net industrial cash flow despite macroeconomic uncertainties.”
Stellantis’ global sales of electric (BEV) and low-emission (LEV) vehicles in the first quarter of 2024 increased by 8% and 13%, respectively, compared to the same period in 2023. The company plans to launch new electric models in all of 2024.
“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 lays the foundation for a marked improvement in growth and profitability in the second half of the year.” . This is underlined by Natalie Knight, CFO of Stellantis. “We are reducing inventories – she explains – to strengthen our prices, already solid in relative terms, in view of the launch of new or mid-cycle products this year in key regions”, she explains she.
“While year-on-year comparisons of first quarter 2024 deliveries and net revenues are difficult due to the transition to our next-generation product portfolio based on the new platforms – observes Natalie Knight – we have achieved a clear improvement in commercial dynamics with sales to end customers greater than deliveries to the network”.
Strike in Pomigliano, production stopped
Production stopped in the Stellantis plant in Pomigliano d’Arco (Naples), due to the eight-hour strike for each shift proclaimed by Fim, Uilm, Fismic and Uglm to protest, among other things, against “the lack of safety standards in factory and the failure to restore the escalator to the canteen”.
According to the trade unions, 90% of the workers crossed their arms in the first work shift, while according to what transpires from the company, the percentage is around 70% of the blue collar workers. The workers are protesting outside the plant with a demonstration, in which the provincial secretaries of the four trade union organizations are also present. Fiom did not join the strike.
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