Stellantis announced on Tuesday that turnover fell by 12% in the first quarter of 2024, to €41.7 billion, compared to the same period last year, mainly due to a 10% drop in sales.
The automotive group delivered 1.335 million vehicles in the period under review (down 10%), but the decline in turnover was also influenced by the exchange rate effect and by “inventory management to prepare for the new wave of products in the second half of 2024, compared to the high deliveries in the first quarter of 2023 to create inventory after a prolonged period of supply constraints,” as Stellantis reveals in a statement.
The automaker launched four new models during the first quarter of the plan that foresees the launch of 25 models in 2024, including 18 100% electric models.
“Although comparisons of deliveries and net revenues for the first quarter of 2024 compared to last year were difficult due to transitions in our next-generation product portfolio manufactured on new platforms, we are showing clear improvements in key business dynamics, with sales to customers exceeding deliveries. We are reducing inventories to strengthen our strong pricing before the launches of new products or mid-cycle during this year in key regions,” said group CFO Natalie Knight.
Stellantis also noted that electric vehicle sales increased by 8% in the first quarter, while the marketing of low-emission vehicles recorded a 13% year-on-year increase.
Furthermore, the market share in its two main markets, Europe and North America, remained stable, as did the net price of its products. In South America, the group continues to be the market leader with a 23.4% share, as stated in the press release.
