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In the first quarter, Stellantis saw net revenues drop by 12% to 41.7 billion euros, compared to the same period last year, mainly due to lower volumes and unfavorable currency exchange and mix effects, partly offset by in condition. The consensus of analysts expected a decline of 3% to 42.7 billion, while the experts at Intermonte and Banca Akros had predicted a decline of 12%.
Consolidated deliveries totaled 1.335 million units, a decline of 10%, reflecting actions on production and inventory management in preparation for the arrival of new products in the second half of 2024. Intermonte analysts expected a decline by 8%.
The data compares with the first quarter of 2023, when deliveries increased due to the replenishment of stocks in the network after a prolonged period of supply limitations. The overall stock of new vehicles as of March 31 was 1.393 million units (of which owned stock was 423,000 units), reflecting an improvement in level and structure compared to December 2023.
Global sales of BEV and LEV (low-emission vehicles) grew by 8% and 13% respectively compared to the same period last year, with the focus on new launches in 2024. The company has decided on a dividend ordinary share of 1.55 euros per share (up 16% compared to the previous year) approved by the shareholders’ meeting with payment date 3 May. Furthermore, a €3 billion share buyback plan has been launched on track for completion by 2024.
«While the year-on-year comparison of deliveries and net revenues for the first quarter of 2024 is difficult due to the transition towards our new generation product portfolio based on the new platforms, we have achieved a clear improvement in commercial dynamics with sales to end customers higher than to deliveries to the network”. CFO Natalie Knight said this while commenting on the group’s first quarter revenue and delivery results.