Stellantis Reports Q1 2024 Net Revenues and Shipments Reflecting New Product Transition
April 30 2024 - 2:03AM
Stellantis Reports Q1 2024 Net Revenues and
ShipmentsReflecting 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
"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." Natalie Knight,
CFO |
|
|
Alfa
Romeo Junior |
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 |
|
1,476 |
|
(10)% |
|
Net revenues (€ 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.
AMSTERDAM, April 30, 2024 - 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 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.(4) 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’s key achievements toward the Dare
Forward 2030 strategic plan include:
CARE |
TECH |
VALUE |
- Announced partnership with California Air Resources Board that
avoids 10-12 million metric tons of greenhouse gases in the U.S.
and enhances ongoing commitment to strengthen Stellantis’
electrification offensive by promoting electric vehicle awareness,
expanding charging infrastructure and driving dealer
readiness.
- Redistributed €1.9 billion to employees in 2024, totaling €6
billion since 2021, based on record 2023 Full Year results.
- Conducted third global employee survey in February as part of
the continuous listening approach to improve overall working
experience and well-being. Nearly 162,000 employees responded - a
71% participation rate, an 8-point increase compared to prior
year.
- Engaged young people in career development actions through:
- Battery Workforce Challenge, managed by Argonne National
Laboratory for the U.S. Department of Energy, challenging teams to
design, build, test and integrate an advanced battery pack for Ram
ProMaster EV.
- Drive for Design contest, hosted by the Stellantis North
America design team, invited high school students to create their
dream vehicle for 2040.
- As part of a broader stakeholder engagement plan, Stellantis
CEO Carlos Tavares was joined by four internationally known experts
and students from three universities in France, Morocco and the
U.S. for the second annual Freedom of Mobility Forum to debate “How
will our planet accommodate the mobility needs of eight billion
people?”
|
- Introduced three BEVs: Fiat Topolino, Maserati Grecale Folgore,
Ram ProMaster EV; launch plan maintained.
- Started production of in-house designed and manufactured
electric drive modules at Indiana Transmission (U.S.).
Class-leading power density 250kw units will be installed in
upcoming STLA Large vehicles (Dodge, Jeep, Alfa Romeo, Chrysler,
etc).
- Began cell and module production with battery partner ACC in
Europe. LG Energy Solution and Samsung SDI to follow. Battery
components will be assembled into high-energy density,
Stellantis-designed and manufactured battery packs ranging from 80
to 120 kWh in size.
- Expanded in-house production of hydrogen fuel cell vehicles on
both mid-size and large vans in Hordain (France) and Gliwice
(Poland). Fuel cell van extended lineup and increased in-house,
industrial-scale production cements Pro One standing as undisputed
commercial vehicles leader in Europe.
- Further refining traditional propulsion systems:
- Started production of the all-new 2.2L MultiJet 4.0 clean
diesel engine (Euro 6e and 7 compatible) at Pratola Serra (Italy)
plant.
- Through the eTransmissions Assembly joint venture launched
electrified dual-clutch transmission production in Turin (Italy) to
help power next-generation, Stellantis-brand hybrids.
- Quickly adopting advancements in generative AI in R&D and
customer value-added services. In R&D, deployed AI for
simulation, which significantly enhanced accuracy and speed in the
simulation and testing phases. With new method, Stellantis can
improve aerodynamic assessment by more than 300 times and reduce
cost by >85%; dozens of additional AI systems to come in
2024.
- First OEM to integrate ChatGPT functionality as standard,
starting with deployment of new travel assistant across entire DS
brand range, followed by Peugeot in its iconic i-Cockpit® system,
with plans to extend across the Stellantis portfolio.
- Created the world's first virtual cockpit platform as part of
Stellantis Virtual Engineering Workbench enabling engineering teams
to deliver infotainment tech to customers quicker through faster
development cycles and feedback loops.
- Launched MyTasks, an industry-first tool for fleet managers
enabling real-time communication, task assignment and status
updates with drivers in the field via the vehicle’s infotainment
unit.
- Acquired artificial intelligence framework, machine learning
models, intellectual property rights and patents of CloudMade, a
developer of smart, innovative big data-driven automotive solutions
to support mid-term development of STLA SmartCockpit.
- Stellantis Ventures strategic investments:
- SteerLight: developer of high-performance, low-cost LiDAR
tech, which has the potential to improve advanced driver assistance
systems.
- Tiamat: develops and commercializes sodium-ion battery tech at
a lower cost per kilowatt-hour and free of lithium and cobalt.
|
- Announced record investment plan for South America totaling
€5.6 billion (R$30 billion) from 2025 to 2030 to support the launch
of more than 40 new products during the period as well as the
development of new Bio-Hybrid technologies, innovative
decarbonization technologies across the automotive supply chain,
and strategic new business opportunities.
- Signed two fleet agreements:
- SIXT could buy up to 250,000 vehicles for its rental fleet in
its corporate countries across Europe and North America over the
next three years.
- Ayvens will encourage affiliates to buy up to 500,000 vehicles
for its long-term leasing fleet across Europe over the next three
years.
- At the Shareholders’ Annual General Meeting on April 16, 2024,
€4.7 billion annual dividend approved (€1.55 per share), to be paid
on May 3, 2024.
- On-going execution of €3.0 billion share buyback program.
- On track to deliver total capital returns in 2024 over €7.7
billion, representing an 11% yield as a percentage of Stellantis
market capitalization on January 1, 2024.
|
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
About Stellantis
Stellantis N.V. (NYSE: STLA/ Euronext Milan:
STLAM/ Euronext Paris: STLAP) is one of the world’s leading
automakers aiming to provide clean, safe and affordable freedom of
mobility to all. It’s best known for its unique portfolio of iconic
and innovative brands including Abarth, Alfa Romeo, Chrysler,
Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati,
Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is
executing its Dare Forward 2030, a bold strategic plan that paves
the way to achieve the ambitious target of becoming a carbon net
zero mobility tech company by 2038, with single-digit percentage
compensation of the remaining emissions, while creating added value
for all stakeholders. For more information, visit
www.stellantis.com. Contacts: communications@stellantis.com or
investor.relations@stellantis.com
- EN-20240430_Stellantis-NV-Q1-2024-Press-Release