Stellantis Reports Q1 2024 Net Revenues and Shipments Reflecting New Product Transition

Stellantis N.V. has reported first quarter 2024 Net revenues and shipments reflecting production actions and inventory management strategies to prepare for the upcoming new product wave.

  • 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

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.

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 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