Stellantis Releases Q1 2024 Financial Results

Stellantis N.V. disclosed its financial results for the first quarter of 2024 yesterday. The report illuminates the company’s performance during a period marked by significant shifts in its product lineup and strategic initiatives. So, let’s look at a quick breakdown of what we learned during yesterday’s conference call.

Financial Highlights – 

• Net Revenues Decline: Stellantis reported a 12% decrease in net revenues compared to the first quarter of 2023, amounting to €41.7 billion ($44.46 billion USD). This decline was primarily attributed to changes in volume, product mix, and unfavorable foreign exchange rates. However, firm pricing strategies partially mitigated the impact.
• Shipments Decrease: The company witnessed a 10% drop in consolidated shipments, totaling 1,335 thousand units. This decline resulted from deliberate production adjustments and inventory management efforts aimed at preparing for introducing new vehicle models later in 2024. Notably, the decrease follows a period of robust shipments in Q1 2023, driven by efforts to bolster inventory amid supply constraints.
• New Product Transition: Stellantis emphasized its strategic focus on transitioning to its next generation of products built on new platforms. Despite facing challenges from the previous year’s performance due to this transition, the company highlighted improvements in key commercial metrics. Notably, customer sales outpaced shipments during the quarter, indicating underlying strength in demand.

Product and Market Highlights – 

• BEV and LEV Sales Growth: Stellantis reported an 8% increase in global Battery Electric Vehicle (BEV) sales and a 13% increase in Low Emission Vehicle (LEV) sales compared to Q1 2023. The company underscored its commitment to electric mobility, with plans to launch additional BEV models throughout 2024.
• Regional Performance: Despite overall shipment declines, Stellantis noted positive sales trends in specific regions. Sales in the Middle East & Africa surged 23%, while Enlarged Europe witnessed a 6% increase year-over-year. Notably, North America saw a substantial 79% rise in Plug-in Hybrid Electric Vehicle (PHEV) sales, with models like the Jeep® Wrangler 4xe, Jeep Grand Cherokee 4xe, and Dodge Hornet R/T PHEV leading the segment.
• Commercial Vehicle Leadership: Stellantis highlighted its leadership position in the commercial vehicle segment, particularly in regions like the Middle East & Africa, where the Pro One lineup achieved a 26% market share. Additionally, the company maintained its market-leading position in the EU30 and South American markets.

Stellantis navigated a challenging first quarter 2024, marked by revenue declines and shipment adjustments as it transitioned to a new product lineup. Despite these challenges, the company remains focused on its strategic objectives, including expanding its electric vehicle portfolio, technological innovation, and value creation for stakeholders.