January registrations in the French market grew by 5% to 139,000 units reversing the previous months’ decline but Stellantis underperformed with an 11% annual decline to 49.5,000 units mainly due to the decline of the Citroen brands (-27%) and Peugeot (-14%).
Registrations on the Italian market grew by 19% YoY to 128k vehicles. This is the fourth consecutive month of growth, but the comparison is easy as the month of January 2022 was particularly weak (-27.5% YoY) due to the problems related to the chip shortage. Stellantis underperformed growing 13% YoY to 45k units mainly due to the decline of the Peuget (-22%) and Opel (-12%) brands. The recovery is not surprising given that since January the incentives for the purchase of new low-emission cars have returned (575 million if emissions are lower than 135 g/km of CO2).
The first data of the year bodes well for a recovery in FY23 volumes with the progressive improvement of the component shortage, but we underline that Italy benefits from the incentives and that registrations most likely benefit from the backlog of previous months. At the moment in Piazza Affari the Stellantis share marks an increase of 1.48% to 14.70 euros.