Production stops in Mirafiori and strike in Pomigliano d’Arco. The unions: “We need certain guarantees for the future”
May 2, 2024
The first three months of the year Of Stellantis they produce a chiaroscuro effect. The January-March accounts of the car giant record net revenues at 41.7 billion euros, down 12% compared to the same period of the previous year. The automotive group led by Carlos Tavares, however, confirms its estimates for the whole of 2024 with a double-digit adjusted operating profit (Aoi) margin, as well as a positive industrial net cash flow, despite macroeconomic uncertainties. The car manufacturer explains the reason for the decrease in revenues “mainly” because of “smaller volumes and unfavorable currency exchange effects and mixes, partly offset by stable prices”.
At the same time, consolidated deliveries dropped by 10%, to 1.335 million units, a decline that “reflects the actions on production and inventory management in view of the arrival of the new products in the second half of 2024. “The comparison is towards the first quarter of 2023 in which deliveries had instead grown by the replenishment of stocks in the network after a prolonged period of supply limitations,” explains Stellantis. “We have achieved a clear improvement in commercial dynamics with sales to end customers greater than deliveries to the network and we are reducing inventories to strengthen our strong relative pricing ahead of our new product launches 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 lay the foundations for a marked improvement in growth and profitability in the second half of the year.” was underlined by CFO Natalie Knight.
As for the electric vehiclesthe news is positive: the Global sales of BEVs and LEVs increased respectively 8% and 13% compared to the first quarter of 2023. Furthermore, in the first three months of the year the ordinary dividend of 1.55 euros per share was approved by the shareholders’ meeting and is an increase of 16% compared to the previous year, with payment date May 3, 2024. Stellantis then plans to complete the €3 billion share buyback plan in line by 2024.
In the meantime, however, in addition to the production stopped in May in Mirafiorijust today there was a stop in production at the Stellantis plant in Pomigliano d’Arco for it strike called by Fim, Uilm, Fismic and Uglm. “We need certain guarantees for the future, we can no longer compromise on safety”, ask the unions. The title Stellantis in the wake of the accounts, ha suffered in Piazza Affari and closed in decrease of 10.1% at 20.88 euros per share. Equita analysts, faced with a “first quarter turnover lower than expected, but at still positive prices (+2.5% year on year)”, expect “a recovery during the year with the launch of the new models Stellantis”, even if “the 2024 turnover estimate rising by 2% to 192.7 billion euros is losing visibility”.
