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Stellantis Misses Mark with Q1 Earnings Results

by | April 30, 2024

Stellantis fell short of analysts’ expectations, posting a 12% decline in first quarter revenue largely due to sluggish sales in Europe. However, the company expects a big rebound in the second half of the year.

Stellantis CFO Natalie Knight head shot REL

Stellantis CFO Natalie Knight said the company’s 12% decline in revenue is the result of the transition to new vehicle platforms.

The parent company of Chrysler, Dodge, Ram, Jeep, Fiat and Alfa Romeo in the U.S., Stellantis reported revenue of €41.7 billion, or $44.6 billion, during the quarter. That was a double-digit drop from the €42.6 billion reported during the year-ago period.

“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,” said Natalie Knight, Stellantis CFO.

“We are reducing inventories to reinforce our strong relative pricing ahead of our new or midcycle 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.”

Impact of new productsStellantis NA performance graphic Q1 2024

The company plans to reverse the results in the second half of the year, officials noted. The change is expected as Stellantis introduces several new products. The product onslaught has already begun as four new vehicles were introduced during the first quarter, including the new Ram 1500.

Those models will be joined by 21 more in the remainder of 2024. Of the total of 25 new vehicles, 18 will be electric vehicles. Three EVs, the Fiat Topolino, Maserati Grecale Folgore and Ram ProMaster EV, made their debut in Q1.

“Those are blockbuster products for us,” Knight said, noting the roll out of new models will set “the stage for materially improved growth and profitability in the second half of the year.”

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Overall performance

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

Jeep Wrangler, Jeep Grand Cherokee and Dodge Hornet were the top three most sold PHEVs in the U.S. Stellantis Q1 2024 financial results graphic

Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 26% market share, while maintaining its No. 1 position in both EU30 and South America, on its quest to achieve global market leadership by 2027. In EU30 BEV sales, Pro One also takes the top spot with 33% market share, the company noted.


The company reiterated its commitment to “double-digit Adjusted operating income (AOI) margin in 2024, as well as positive Industrial free cash flow, despite macroeconomic uncertainties.”

This commitment includes continuing its €3 billion, or $3.2 billion, share buyback program, paying out a €4.7 billion ($5 billion) dividend, and deliver capital returns of more than €7.7 billion, or $8.3 billion, in 2024.


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