Stellantis has communicated the economic data of first quarter of 2024. In the period January-March 2024 i Net revenues fell by 12% to 41.7 billion euros. 10% drop in deliveries, equal to 1.335 million units. However, the automotive group highlights that the Global BEV sales increased 8% and PHEV sales in North America increased by 79% compared to the same period in 2023. Sales of LEV (electric light commercial vehicle) models also performed well, up 13%.
According to the automotive group, revenues dropped due to “of lower volumes and unfavorable currency exchange and mix effects, partly offset by stable prices“. As regards, however, sales, the decline would reflect “actions on production and stock management 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 deliveries had instead grown due to the replenishment of stocks in the network after a prolonged period of supply limitations“.
Overall stock of new vehicles of 1,393 thousand units (of which owned stock of 423 thousand units) as of 31 March 2024 which reflects an improvement in level and structure compared to December 2023.
Natalie KnightCFO of Stellantis, commented on the Group’s Q1 2024 results:
While year-on-year comparisons of Q1 2024 deliveries and net revenues are difficult due to the transition to our next-generation product portfolio based on the new platforms, we have achieved a clear improvement in commercial dynamics with sales to end customers higher than deliveries to the network. We are reducing inventory to strengthen our already strong relative pricing ahead of new or mid-cycle product launches this year in key regions. We introduced four new models in Q1 2024 to build on 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, deliveries fell by 20% and revenues by 15%. In the European market (Enlarged Europe), a 6% decline in deliveries was recorded with a 13% drop in revenues. The lower volumes are mainly due to the decline in sales of the Peugeot 3008 in view of the launch of the new model, the Opel Mokka and the Fiat 500. A decline partially counterbalanced by the growth of Jeep Avenger, Fiat Ducato, Fiat Panda and Citroen C3.
In the Middle East & Africa area, however, there was a growth in deliveries of 42% and an increase in revenues of 24%. As for South America, deliveries at -7% and revenues at -2%. In China, India & Asia Pacific, deliveries down 46%. Same reduction also for revenues. Maserati also did poorly with deliveries down 61% and revenues down 55%.
However, Stellantis looks positively to 2024. The company reiterates its minimum commitment to achieve a double-digit adjusted operating profit (AOI) margin, as well as positive net industrial cash flow despite macroeconomic uncertainties. The shareholders’ meeting approved an ordinary dividend of 1.55 euros per share (up 16% compared to the previous year).
