Stellantis reports net revenues of 41.7 billion Euro, down 12 percent in Q1

Stellantis today reported its financial results for the first quarter of 2024. Net revenues reached 41.7 billion Euro, down 12 percent compared to Q1 2023 primarily due to volume, mix and foreign exchange headwinds, partly offset by firm net pricing, a release shows.

Sales to customers were unchanged from prior year, with growth in Middle East & Africa (up 23 percent year-over-year) and Enlarged Europe (up 6 percent year-over-year). Global BEV sales were up 8 percent and North America PHEV sales were up 79 percent year-over-year.

“While Q1 2024 year-over-year shipments and Net revenues comparisons were difficult due to transitions in our next generation product portfolio manufactured on new platforms, we are delivering clear improvements in key commercial dynamics with customer sales outpacing shipments. We are reducing inventories to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions. During Q1 2024, we have introduced four new models out of our full-year launch plan of 25 models, including 18 BEV nameplates, which we believe sets the stage for materially improved growth and profitability in the second half of the year,” said Natalie Knight, CFO Stellantis.