Stellantis, turnover and deliveries down but forecast for 2024 confirmed

In the first quarter Stellantis saw net revenues fall 12% to EUR 41.7 billion, compared to the same period last year, mainly due to lower volumes and unfavourable currency and mix effects, partly offset by resilient pricing. Analysts' consensus expected a decline of 3% to EUR 42.7bn, while experts at Intermonte and Banca Akros had forecast a decline of 12%.

Consolidated deliveries were 1.335 million units, down 10%, reflecting actions on production and stock management in preparation for the arrival of new products in the second half of 2024. Intermonte analysts had expected a decline of 8%.

This compares with Q1 2023, when deliveries had increased due to the rebuilding of stocks in the network after a prolonged period of supply constraints. The total stock of new vehicles as at 31 March stood at 1.393 million units (of which owned stock of 423,000 units), reflecting an improvement in level and structure compared to December 2023.

Global sales of Bev and Lev (low-emission vehicles) were up 8% and 13% respectively compared to the same period last year, with the focus on new launches in 2024. The company decided on an ordinary dividend of EUR 1.55 per share (up 16% year-on-year) approved by the shareholders' meeting with a payment date of 3 May. In addition, a EUR 3 billion share buy-back plan was launched in line with completion by 2024.

"While the year-on-year comparison of deliveries and net revenues in Q1 2024 is challenging due to the transition to our next generation product portfolio based on new platforms, we have achieved a marked improvement in business dynamics with sales to end customers higher than deliveries to the network". This was said by cfo Natalie Knight commenting on the group's first quarter revenue and delivery results.