Stellantis announced on April 30 its financial results for the first quarter of 2024, reporting sales of EUR 41.7 billion, down 12% from the same period last year. The company said that volume declines, model mix, and foreign exchange factors were responsible for the decline, which was partially offset by strong actual transaction prices.
Q1 shipments fell 10% YoY to 1.335 million units due to production adjustments and tighter inventory controls. The decline in Q1 shipments was partly due to accelerated shipments in Q1 2023 to build up inventories after supply constraints in the comparable period, and partly due to preparations for the introduction of new models in the second half of 2024.
By region, sales in North America were down 20.0%, Enlarged Europe down 6.4%, Middle East & Africa up 42.2%, South America up 7.3%, and China, India & Asia down 46.4%. In North America, the main market, sales were down due to the transitional period before the introduction of the Ram 1500, a refreshed full-size pickup truck, and the Charger EV, a new full-size EV sedan.
In Europe, shipments totaled 615,000 units, i.e. a decrease of 6.4% YoY from 657,000 units, primarily due to inventory reduction efforts, notably affecting Peugeot 3008, Fiat 500, and Opel Mokka. However, growth is seen in Jeep Avenger, Fiat Ducato & Panda, and Citroën C3.
Global electric vehicle (EV) sales were up 8% year over year, while plug-in hybrid vehicle (PHV) sales in North America jumped 79%.