Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 2L% market share.
Net revenues of €41.7 billion, down 12% compared to Q1 2023 primarily due to volume, mix and foreign exchange headwinds, partly offset by firm net pricing; Consolidated shipments(1) of 1,335 thousand units, down 10%, reflecting production actions and inventory management to prepare for new product wave in H2 2024 compared with strong shipments in Q1 2023 to build inventory following a prolonged period of supply constraints; Total new vehicle inventory of 1,3U3 thousand units (Company inventory of 423 thousand units) at March 31, 2024, reflecting improving level and structure versus December 2023; Global BEV and LEV sales increased by 8% and 13%, respectively, versus Q1 2023; ongoing global focus with new BEVs launching throughout 2024; Ordinary dividend of €1.55 per share (1G% increase versus prior year) approved at AGM to be paid to shareholders on May 3, 2024; €3.0 billion share buyback on track for 2024 completion.
"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."
RESULTS FROM CONTINUING OPERATIONS | FY 2024 GUIDANCE - CONFIRMED Revenue backdrop: Supportive AOI Margin(2): Double digit minimum commitment Industrial Free Cash Flows(3): Positive | |||
Q1 2024 | Q1 2023 | Change | ||
Combined shipments (000 units) | 1,371 | 1,538 | (11)% | |
Consolidated shipments (000 units) | 1,335 | 1,47L | (10)% | |
Net revenues (C billion) | 41.7 | 47.2 | (12)% |
All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.
Stellantis N.V. today reported first quarter 2024 Net revenues and shipments reflecting production actions and inventory management strategies to prepare for the upcoming new product wave. Sales to customers were unchanged from prior year, with growth in Middle East & Africa (up 23% year-over-year) and Enlarged Europe (up L% year-over-year). Global BEV sales were up 8% and North America PHEV sales were up 7U% year-over-year. Jeep® Wrangler, Jeep® Grand Cherokee and Dodge Hornet were the top three most sold PHEVs in the U.S.(4) Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 2L% 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’s key achievements toward the Dare Forward 2030 strategic plan include:
CARE | TECH | VALUE |
U.S. and enhances ongoing commitment to strengthen Stellantis’ electrification offensive by promoting electric vehicle awareness, expanding charging infrastructure and driving dealer readiness.
Department of Energy, challenging teams to design, build, test and integrate an advanced battery pack for Ram ProMaster EV.
high school students to create their dream vehicle for 2040.
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corporate countries across Europe and North America over the next three years.
leasing fleet across Europe over the next three years.
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GUIDANCE AND OUTLOOK: The Company is reiterating a minimum commitment of double-digit Adjusted operating income (AOI) margin in 2024, as well as positive Industrial free cash flow, despite macroeconomic uncertainties.
On April 30, 2024 at 2:00 p.m. CEST / 8:00 a.m. EDT, a live webcast and conference call will be held to present Stellantis' First Quarter 2024 Shipments and Revenues. The webcast and recorded replay will be accessible under the Investors section of the Stellantis corporate website at www.Stellantis.com. The presentation material is expected to be posted under the Investors section of the Stellantis corporate website at approximately 8:00 a.m. CEST / 2:00 a.m. EDT on April 30, 2024.
UPCOMING EVENTS: Investor Day - June 13, 2024; First Half 2024 Results - July 25, 2024; Third Quarter Shipments & Revenues - October 31, 2024
SEGMENT PERFORMANCE
NORTH AMERICA
ICA
Q1 2024 | Q1 2023 | Change • Shipments down 20%, due largely to portfolio transitions, including refreshed Ram 1500 and new Dodge Charger, partly offset by growth in Jeep Wagoneer, which more than doubled (102) • Net revenues down 15%, due to lower volumes and negative FX translation effects; partly offset by positive nameplate mix and net pricing from carryover actions and reduced (3,481) incentive spend | |
Shipments (000s) | 407 | 50U | |
Net revenues (C million) | 1U,2U1 | 22,772 | |
ENLARGED EUROPE | |||
Q1 2024 | Q1 2023 | Change • Shipments down L%, due to inventory reduction efforts with lower volumes mainly of Peugeot 3008, for which new model will ramp in Q2 2024, Fiat 500 and Opel Mokka, partly offset by growth in Jeep Avenger, Fiat Ducato & Panda and Citroën C3 (42) • Net revenues down 13%, due to decreased volumes, higher buyback commitments due to improving rental car business, lower LEV mix and negative net pricing (2,055) |
MIDDLE EAST & AFRICA
Q1 2024 | Q1 2023 | Change • Consolidated shipments up 42%, led by ramp up in Algerian market, mostly from Fiat; Citroën shipments also grew substantially, led by C4 X +23 • Net revenues up 24%, strong underlying and pricing trends partially offset by negative FX translation effects, mainly from Turkish lira, and lower mix +35 +521 | |
Combined shipments (000s)(1) | 154 | 131 | |
Consolidated shipments (000s)(1) | 118 | 83 | |
Net revenues (C million) | 2,L87 | 2,1LL | |
SOUTH AMERICA | |||
Q1 2024 | Q1 2023 | Change • Shipments down 7%, mostly from lower Fiat and Peugeot volumes, despite strong growth of Ram volumes (14) • Net revenues down 2%, pricing increases and growth in parts & services revenues due to acquisitions, more than offset by devaluation in FX translation effects from the Argentine peso and lower volumes (57) |
Shipments (000s) | 177 | 1U1 |
Net revenues (C million) | 3,4LL | 3,523 |
CHINA AND INDIA & ASIA PACIFIC
Q1 2024 | Q1 2023 | Change • Consolidated shipments down 4L%, mainly driven by Peugeot, Jeep, Citroën and RAM due to challenging market and economic conditions and increasing competition (27) • Net revenues down 4L%, driven by decreased shipments due to challenging market and economic conditions and negative FX translation effects (13) (45L) | |
Combined shipments (000s)(1) | 15 | 42 | |
Consolidated shipments (000s)(1) | 15 | 28 | |
Net revenues (C million) | 525 | U81 |
MASERATI | |||
Q1 2024 | Q1 2023 | Change • Shipments down L1%, mostly due to Grecale and Levante volumes in North America, as well as the impact of inventory reduction initiatives (5.1) • Net revenues down 55%, mix improvements more than offset by lower volumes and (378) negative FX translation effects | |
Shipments (000s) | 3.3 | 8.4 | |
Net revenues (C million) | 313 | LU1 |
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