Stellantis disclosed a 12% revenue decline to $44.7 billion for the first quarter of 2024 compared to the previous year.
Stellantis attributed the dip to the costs of developing next-generation hybrid and electric vehicles. Vehicle shipments also saw a 10% decrease, with approximately 1.3 million units delivered during the same period. North America, a crucial market for Stellantis, experienced a 15% revenue downturn to $20.7 billion, coupled with a 20% decline in shipments totaling 407,000 vehicles. This decline is partly explained by the company’s focus on introducing new models like the refreshed Ram 1500 and the all-new electric Dodge Charger.
While Stellantis faced a tougher Q1 in the U.S. market, many other automakers reported gains during the same period. Ford saw its North American sales rise 7%, while General Motors witnessed only marginal declines in demand.
Stellantis’ Chief Financial Officer Natalie Knight acknowledged the challenges faced during Q1, noting that the brand’s earnings were impacted by transitions in the product portfolio. However, Knight expressed optimism, highlighting improvements in commercial dynamics and plans to launch 25 new models this year, including 18 electric vehicles. These efforts are expected to drive growth and profitability in the latter part of 2024.
