Stellantis Reported Q1 2024 Net Revenues Of €41.7B Down From €47.2B YoY; Consolidated Shipments Of 1,335 Thousand Units Down 10% YoY

Author: Benzinga Newsdesk | April 30, 2024 02:34am

Stellantis Reports Q1 2024 Net Revenues and Shipments

Reflecting New Product Transition

• 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 1,393 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 (16% 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

Posted In: STLA