Auburn Hills-based Stellantis reported its Q1 revenue for 2024 was down 12 percent compared to the previous year due to a lower sales volume as the company prepares for a new product wave in the second half of 2024.
Overall, the company reported consolidated shipments of 1,335,000 units, down 10 percent, reflecting production actions and inventory management “compared with strong shipments in Q1 2023 to build inventory following a prolonged period of supply constraints.”
“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,” says Natalie Knight, CFO of Stellantis.
“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.”
The company also reported global BEV and light electric vehicle sales increased by 8 percent and 13 percent, respectively, versus Q1 2023. It will continue its ongoing global focus with new BEVs launching throughout 2024.
The company says it will pay shareholders an ordinary dividend of $1.66 per share (16 percent increase versus the prior year) on May 3.
Overall, sales to customers were unchanged from the prior year, with growth in Middle East and Africa (up 23 percent year-over-year) and Enlarged Europe (up 6 percent year-over-year). Global BEV sales were up 8 percent and North America PHEV sales were up 79 percent year-over-year. Jeep Wrangler, Jeep Grand Cherokee, and Dodge Hornet were the top three most sold PHEVs in the U.S.
Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East and Africa region in the quarter with 26 percent market share, while maintaining its top 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 percent market share.
The company also reported it redistributed $2 billion to employees in 2024, totaling $6.4 billion since 2021, based on record 2023 Full Year results.
Stellantis conducted its 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 percent participation rate, an 8-point increase compared to the previous year.
During the first quarter, the company started production of in-house designed and manufactured electric drive modules at Indiana Transmission. Its power density of 250kw units will be installed in upcoming STLA Large vehicles (Dodge, Jeep, Alfa Romeo, and Chrysler).
Stellantis also began cell and module production with battery partner ACC in Europe with 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.
It also 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.
In addition, Stellantis says it further refined 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.
Stellantis also 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.
The company stated it is on track to deliver total capital returns in 2024 of more than $8.2 billion, representing an 11 percent yield as a percentage of Stellantis market capitalization on January 1.
