Dive Brief:
- Stellantis' first quarter revenues fell 12% year over year to 41.7 billion euros, as product transitions weighed on its finances, the company reported Tuesday.
- Shipments were also down 10% from a year ago to 1.3 million vehicles, largely due to transitions in product offerings and strategic inventory management, CFO Natalie Knight said during the company’s earnings call.
- In North America alone — the automaker’s biggest market — volumes were reduced by 20%, or nearly 100,000 units, as it shifted its U.S. manufacturing operations to make way for next-generation vehicles. But Stellantis expects new product launches to drive growth in the second half of 2024.
Dive Insight:
Knight said Stellantis has made “important progress in preparing for a powerful new product rollout later this year.”
The company plans to launch 25 new or updated products in 2024, 18 of which will be battery electric vehicles. It introduced three BEVs in Q1: The Fiat Topolino, Maserati Grecale Folgore and Ram ProMaster.
And unlike many of its peers, Stellantis saw growth in global EV sales last quarter, reporting BEV and low-emission vehicle sales increased by 8% and 13%, respectively, versus Q1 2023. Plug-in hybrid electric vehicle sales were up 79% year over year in North America.
“Moving forward, we believe we can improve BEVs even further due to the whitespace BEV model introductions in the coming quarter, including the extremely affordable Citroen e-C3 and several C-segment BEVs, such as the high-performance Peugeot E-3008 with the up to 700 kilometers of range,” Knight said.
In its presentation, Stellantis also highlighted the planned Q3 launches of the Jeep Wagoneer S and Dodge Charger Daytona, as well as the 2025 Ram 1500 REV in Q4. Knight called the new product push “significant.”
“It's been created on flexible platforms to be ready for different EV-adoption scenarios with high agility to respond to a dynamic market, which will move us into a new phase of our story that will become even more clear in the second half of the year and beyond,” she said.
