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Stellantis reported Q1 2024 net revenues of €41.7 billion, down 12% from Q1 2023 due to various factors but offset by firm net pricing. Consolidated shipments were 1,335 thousand units, down 10%, with a focus on new product wave preparation. Global BEV and LEV sales increased, with an ordinary dividend increase of 16%. The company confirmed its FY 2024 guidance and highlighted key achievements, partnerships, and strategic investments. Stellantis remains committed to its Dare Forward 2030 plan and upcoming events include an Investor Day in June.
Stellantis ha riportato entrate nette nel primo trimestre del 2024 di 41,7 miliardi di euro, in calo del 12% rispetto allo stesso periodo del 2023, a causa di vari fattori, compensati però da una solida politica di prezzatura. Le spedizioni consolidate hanno raggiunto le 1.335 migliaia di unità, con un calo del 10%, focalizzate sulla preparazione della nuova ondata di prodotti. Le vendite globali di veicoli BEV e LEV sono aumentate, con un incremento del dividendo ordinario del 16%. L'azienda ha confermato le previsioni per l'intero anno 2024, evidenziando i principali successi, le partnership e gli investimenti strategici. Stellantis rimane impegnata nel suo piano Dare Forward 2030 e gli eventi imminenti includono un Investor Day a giugno.
Stellantis reportó ingresos netos en el primer trimestre de 2024 de 41,7 mil millones de euros, una disminución del 12% comparado con el primer trimestre de 2023 debido a varios factores, aunque contrarrestados por una firme política de precios netos. Los envíos consolidados fueron de 1.335 mil unidades, una baja del 10%, enfocándose en la preparación para la nueva ola de productos. Las ventas globales de vehículos BEV y LEV aumentaron, junto con un incremento del dividendo ordinario del 16%. La compañía confirmó sus proyecciones para el año fiscal 2024 y destacó logros clave, asociaciones e inversiones estratégicas. Stellantis sigue comprometida con su plan Dare Forward 2030 y los eventos próximos incluyen un Día del Inversor en junio.
스텔란티스는 2024년 1분기에 41억 7천만 유로의 순매출을 보고했는데, 이는 2023년 1분기 대비 12% 감소한 수치이지만, 견고한 순 가격 정책에 의해 상쇄되었다. 통합 출하량은 1,335천 대로, 10% 감소했으며, 신제품 출시 준비에 초점을 맞추고 있다. 전 세계 BEV 및 LEV 판매가 증가하였으며, 보통 배당금은 16% 증가하였다. 회사는 2024년 전체 해에 대한 지침을 확인하고 주요 성과, 파트너십 및 전략적 투자를 강조했다. 스텔란티스는 2030년에 달성할 Dare Forward 계획에 전념하고 있으며, 다가오는 이벤트로는 6월에 투자자의 날을 포함한다.
Stellantis a rapporté des revenus nets de 41,7 milliards d'euros pour le premier trimestre 2024, en baisse de 12 % par rapport au premier trimestre 2023 en raison de divers facteurs, mais compensés par une politique de prix nets ferme. Les expéditions consolidées ont atteint 1 335 mille unités, en baisse de 10 %, avec un focus sur la préparation de la nouvelle vague de produits. Les ventes mondiales de véhicules BEV et LEV ont augmenté, avec une augmentation du dividende ordinaire de 16 %. L'entreprise a confirmé ses prévisions pour l'exercice 2024 et a mis en avant ses principaux succès, partenariats et investissements stratégiques. Stellantis reste engagée dans son plan Dare Forward 2030 et les événements à venir incluent une Journée des Investisseurs en juin.
Stellantis berichtete für das erste Quartal 2024 einen Nettoumsatz von 41,7 Milliarden Euro, ein Rückgang um 12% im Vergleich zum ersten Quartal 2023 aufgrund verschiedener Faktoren, jedoch durch eine starke Nettopreispolitik ausgeglichen. Die konsolidierten Lieferungen beliefen sich auf 1.335 Tausend Einheiten, ein Rückgang von 10%, mit einem Fokus auf die Vorbereitung der neuen Produktwelle. Der globale Absatz von BEV und LEV stieg, mit einer ordentlichen Dividendenerhöhung von 16%. Das Unternehmen bestätigte seine Prognose für das Geschäftsjahr 2024 und hob wichtige Erfolge, Partnerschaften und strategische Investitionen hervor. Stellantis bleibt seinem Plan Dare Forward 2030 verpflichtet, und bevorstehende Veranstaltungen umfassen einen Investorentag im Juni.
Positive
Increased global BEV and LEV sales in Q1 2024.
Approval of a 16% increase in ordinary dividend.
Confirmation of FY 2024 guidance with positive industrial free cash flows.
Key achievements such as partnership with California Air Resources Board and employee engagement initiatives.
Strategic investments like the acquisition of CloudMade and investment plan for South America.
Negative
Decrease in net revenues by 12% compared to Q1 2023.
Consolidated shipments down by 10% in Q1 2024.
Q1 2024 challenging year-over-year comparisons due to transitions in next-gen product portfolio.
Macro-economic uncertainties despite reiterating double-digit AOI margin commitment in 2024.
Insights
Stellantis' report indicates a 12% decline in net revenues, which is considerably important for investors to note. This drop stems from lower volume, adverse mix and foreign exchange headwinds. The share buyback program remains on track, which could be seen as a positive signal of management's confidence in the intrinsic value of the company. An increased dividend payout by 16% also demonstrates commitment to shareholder returns. However, investors should be wary of the macroeconomic challenges implied and monitor the success of the new product transitions closely as they are critical to the company's future revenue and earnings recovery.
The commitment to a double-digit Adjusted Operating Income (AOI) Margin and positive industrial free cash flows, despite the current downtrend, signifies a robust internal cost management and operational efficiency. The growth in global electric vehicle (BEV) sales, particularly, reflects a strategic alignment with the industry's shift towards electrification, which could position Stellantis strongly in the long term. Moreover, the partnerships and investments in AI and battery technologies place the company at the forefront of innovation, enhancing its competitive edge.
The decrease in consolidated shipments by 10% is an indicator of Stellantis' inventory strategy, optimizing for the launch of new products in the latter half of the year. This strategic pivot could either lead to streamlined operations and a favorable product mix or pose a risk if the new introductions do not resonate with the market. The firm’s focus on BEVs, increased sales in global markets and in-house production capabilities are forward-thinking, yet it is essential to evaluate consumer reception of the new models to fully gauge the potential impact on Stellantis' market share.
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
"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
What were the net revenues reported by Stellantis for Q1 2024?
Stellantis reported net revenues of €41.7 billion for Q1 2024, reflecting a 12% decrease compared to Q1 2023.
What was the percentage change in consolidated shipments in Q1 2024?
Consolidated shipments for Stellantis in Q1 2024 decreased by 10% compared to the same period in 2023.
What key achievements were highlighted by Stellantis in the press release?
Stellantis highlighted key achievements such as partnerships with California Air Resources Board, employee engagement initiatives, and strategic investments.
What is Stellantis' aim with the Dare Forward 2030 strategic plan?
Stellantis' Dare Forward 2030 plan aims to achieve carbon net zero mobility tech company status by 2038 while creating added value for all stakeholders.
When is Stellantis' Investor Day scheduled for?
Stellantis' Investor Day is scheduled for June 13, 2024.
