Stellantis sees Q1 2024 drop in revenue, but EV sales were up

Stellantis Q1 2024 revenue fell 12%, but global EV sales were up, and it’s optimistic about growth and profitability in H2 2024.

The auto giant saw net revenues of €41.7 billion, down 12% compared to Q1 2023. Stellantis attributed the drop primarily to the new product portfolio transition and the reduction of inventories to reinforce strong relative pricing ahead of product launches in key regions. (Stellantis only reported net revenues.)

But Stellantis is feeling confident about the rest of 2024, and it’s plowing ahead with its BEV launch plans. Global BEV and light EV sales increased by 8% and 13%, respectively, year-over-year, and North American PHEV sales were up 79% year-over-year. The company reports that the Jeep Wrangler, the Jeep Grand Cherokee, and the Dodge Hornet were the top three most sold PHEVs in the US.

CFO Natalie Knight said that in Q1 2024, Stellantis introduced four out of 25 new models – including 18 BEV nameplates – in its full-year launch plan. It introduced three BEVs in the quarter – the Fiat Topolino, the Maserati Grecale Folgore, and the Ram ProMaster EV. Knight said that “sets the stage for materially improved growth and profitability in the second half of the year.”

The automaker started production of in-house designed and manufactured electric drive modules at its plant in Indiana during Q1. Power density 250 kW units will be installed in upcoming large vehicles such as Dodge, Jeep, Alfa Romeo, and Chrysler.

In other good news for the automaker today, a strike that started last week at three of its European plants is now off – production will restart at the beginning of May.

Stellantis designs, manufactures, and sells 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall.

Read more: Mercedes-Benz’s Q1 2024 report shows revenues are down, but its share of EV sales is growing

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