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

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Stellantis

Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 2L% market share

We are reducing inventories to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions

AMSTERDAM, The Netherlands, May 7, 2024/APO Group/ — 

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 1,3U3 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 (1G% 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.”

RESULTS FROM CONTINUING OPERATIONSFY 2024 GUIDANCE – CONFIRMEDRevenue backdrop: SupportiveAOI Margin(2): Double digit minimum commitment Industrial Free Cash Flows(3): Positive
Q1 2024Q1 2023Change
Combined shipments (000 units)1,3711,538(11)%
Consolidated shipments (000 units)1,3351,47L(10)%
Net revenues (C billion)41.747.2(12)%

All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.

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 L% year-over-year). Global BEV sales were up 8% and North America PHEV sales were up 7U% 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 2L% 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:

CARETECHVALUE
Announced partnership with California Air Resources Board that avoids 10-12 million metric tons of greenhouse gases in theU.S. and enhances ongoing commitment to strengthen Stellantis’ electrification offensive by promoting electric vehicle awareness, expanding charging infrastructure and driving dealer readiness.Redistributed C1.U billion to employees in 2024, totaling CL 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 1L2,000 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, invitedhigh 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 Le 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 C5.L billion (RT30 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 itscorporate 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-termleasing fleet across Europe over the next three years.At the Shareholders’ Annual General Meeting on April 1L, 2024, C4.7 billion annual dividend approved (C1.55 per share), to be paid on May 3, 2024.On-going execution of C3.0 billion share buyback program.On track to deliver total capital returns in 2024 over C7.7 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

SEGMENT PERFORMANCE

NORTH AMERICA

Q1 2024Q1 2023Change    •  Shipments down 20%, due largely to portfolio transitions, including refreshed Ram 1500 and new Dodge Charger, partly offset by growth in Jeep Wagoneer, which more thandoubled(102)       •  Net revenues down 15%, due to lower volumes and negative FX translation effects; partly offset by positive nameplate mix and net pricing from carryover actions and reduced(3,481)          incentive spend
Shipments (000s)40750U
Net revenues (C million)1U,2U122,772
ENLARGED EUROPE
Q1 2024Q1 2023Change    •  Shipments down L%, due to inventory reduction efforts with lower volumes mainly of Peugeot 3008, for which new model will ramp in Q2 2024, Fiat 500 and Opel Mokka, partlyoffset by growth in Jeep Avenger, Fiat Ducato & Panda and Citroën C3(42)        • Net revenues down 13%, due to decreased volumes, higher buyback commitments due to improving rental car business, lower LEV mix and negative net pricing(2,055)

MIDDLE EAST & AFRICA

Q1 2024Q1 2023Change    • Consolidated shipments up 42%, led by ramp up in Algerian market, mostly from Fiat; Citroën shipments also grew substantially, led by C4 X+23        •  Net revenues up 24%, strong underlying and pricing trends partially offset by negative FX translation effects, mainly from Turkish lira, and lower mix+35+521
Combined shipments(000s)(1)154131
Consolidated shipments(000s)(1)11883
Net revenues (C million)2,L872,1LL
SOUTH AMERICA
Q1 2024Q1 2023Change    •  Shipments down 7%, mostly from lower Fiat and Peugeot volumes, despite strong growth of Ram volumes(14)        •  Net revenues down 2%, pricing increases and growth in parts & services revenues due to acquisitions, more than offset by devaluation in FX translation effects from the Argentinepeso and lower volumes(57)
Shipments (000s)1771U1
Net revenues (C million)3,4LL3,523

CHINA AND INDIA & ASIA PACIFIC

Q1 2024Q1 2023Change    • Consolidated shipments down 4L%, mainly driven by Peugeot, Jeep, Citroën and RAM due to challenging market and economic conditions and increasing competition(27)        •  Net revenues down 4L%, driven by decreased shipments due to challenging market and economic conditions and negative FX translation effects(13)(45L)
Combined shipments(000s)(1)1542
Consolidated shipments(000s)(1)1528
Net revenues (C million)525U81
MASERATI
Q1 2024Q1 2023Change    •  Shipments down L1%, mostly due to Grecale and Levante volumes in North America, as well as the impact of inventory reduction initiatives(5.1)       •  Net revenues down 55%, mix improvements more than offset by lower volumes and(378)            negative FX translation effects
Shipments (000s)3.38.4
Net revenues (C million)313LU1

Reconciliations

Net revenues from external customers to Net revenues

2024                 (C million)NOPTH 6MEPIC6ENL6PGED EUPOPEMIDDLE E6ST & 6łPIC6SOUTH 6MEPIC6CHIN6 6ND INDI6 & 6SI6 P6CIłICM6SEP6TIOTHEP(*)STELL6NTIS
Net revenues from external customers1U,2U013,U852,L873,47L5243121,423?1,GU7
Net revenues from transactions with other segments1LL—(10)11(5U)—
Nsť rsvsnuss1U,2U11?,0512,G373,?GG5253131,3G??1,GU7

(*) Other activities, unallocated items and eliminations

2023                (C million)NOPTH 6MEPIC6ENL6PGED EUPOPEMIDDLE E6ST & 6łPIC6SOUTH 6MEPIC6CHIN6 6ND INDI6 & 6SI6 P6CIłICM6SEP6TIOTHEP(*)STELL6NTIS
Net revenues from external customers22,7721L,0872,1LL3,547U7ULU2UU2?7,235
Net revenues from transactions with other segments—1U—(24)2(1)4—
Nsť rsvsnuss22,7721G,10G2,1GG3,523U31GU1UUG?7,235

(*) Other activities, unallocated items and eliminations

Distributed by APO Group on behalf of Stellantis.

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HELI Aims for #1 Position in Middle East and Africa with New Forklift Models and Strategic Investments

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November 24, 2024

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HELI

Company Expands Regional Footprint, Hosts 40 Regional Partners at Exclusive Distributors’ Conference in Dubai

DUBAI, United Arab Emirates, November 22, 2024/APO Group/ — 

HELI (www.HELIChina.net), China’s leading forklift manufacturer and a global player in the material handling industry, has unveiled three new forklift models at the opening of its UAE distributor Hala’s state-of-the-art showroom and workshop in Dubai Industrial City.

This launch marks another significant step in HELI’s ongoing expansion in the Middle East and Africa (MEA) region, as the company continues its drive to become the leading forklift brand across the region.

HELI’s mission, Lifting the Future, is driven by a vision to become a global leader, and a singular aim to be ranked among the world’s Top 5 forklift manufacturers. Founded in 1958, HELI has consistently delivered innovative, intelligent logistics solutions, establishing itself as a global first-class integrator of industrial vehicles and intelligent logistics systems. With a people-oriented approach and a commitment to repaying society through high-quality products, HELI’s brand proposition—Empower the World—reflects the company’s dedication to empowering industries worldwide.

Ranked among the top ten forklift manufacturers globally since 2006, HELI’s streamlined strategies in capital, industrial, and innovation chains have fueled rapid growth. Today, HELI’s products are sold in over 150 countries, and in the MEA region, the company has already secured the leading position in 15 African countries, with an expanding presence in the Middle East. With continued investment in new product launches and strategic partnerships, HELI is on track to achieve its ambitious goal of becoming the leading forklift brand across the region.

The new HELI G Series 2.0-ton lithium battery forklift, specifically engineered for the beverage industry, was also introduced at the event. Building on the proven reliability and advanced technology of HELI’s G Series, this model incorporates several innovative features tailored to the unique demands of beverage logistics. These include a flexible adjustable cab height for enhanced operator visibility and safety, an intelligent steering system that prevents sharp turns for smoother operations, and an active safety protection system that decelerates or brakes when personnel approach danger zones, reducing workplace risks. Designed with beverage industry needs in mind, it includes features like single/double pallet forks and a 360-degree vision optimization system for better maneuverability.

The G3 Series forklifts, available in 2-3.5 Ton and 5-10 Ton models, offer key shared advantages that enhance efficiency, safety, and performance. Both models are energy-efficient, with the 2-3.5 Ton version reducing consumption by 15% and the 5-10 Ton featuring a low-noise system. They incorporate advanced safety features, such as pedestrian detection, AI-powered collision warnings, and an optional reversing camera, ensuring a safer work environment. Designed for high performance and reliability, both models require minimal maintenance and are built to handle demanding industrial tasks. The 2-3.5 Ton version offers an enhanced load capacity up to 4.5 meters, while the 5-10 Ton excels in climbing performance. Additionally, ergonomic features like reduced steering effort and low-noise operation improve operator comfort and productivity.

With the increasing focus on electrification, we are providing customers with clean energy alternatives that align with global sustainability goals

Together, the G3 Series forklifts deliver a reliable, cost-effective solution for businesses seeking safety, efficiency, and durability in their material handling equipment.

“These new models reflect HELI’s commitment to addressing the growing demand for sustainable and efficient material handling solutions in the region. With the increasing focus on electrification, we are providing customers with clean energy alternatives that align with global sustainability goals and empowering our partners to achieve #1 status in their respective markets,” said Guan Lei, General Manager of HELI Middle East FZCO.

During the showroom opening, Mathew Abraham, Managing Director of Hala, HELI’s UAE distributor, emphasized the potential of the partnership, noting, “With HELI’s world-class technology and our deep understanding of the regional market, we are well-positioned to offer comprehensive solutions, ensuring the highest standards of after-sales support and sustainability.”

HELI’s growth in the region is underscored by its ongoing investment in infrastructure. The company is currently leasing between 6,000 and 8,000 square meters of space in the Middle East to expand its service capabilities and provide quicker, localized support. These efforts are aligned with HELI’s strategic goals and reinforce its position as a key player in the material handling and logistics sectors.

At a closed-door distributors conference held this week, 40 partners from across the region gathered to discuss HELI’s product innovations and regional growth strategies. The conference highlighted the company’s vision for the future and its strong partnerships with regional distributors. The theme of the conference, “Together We Thrive, Limits We Defy,” reflected the shared ambition to work harder with determination, pushing past boundaries and striving for excellence.

Recent industry data from the World Industrial Truck Statistics (WITS) shows HELI’s growing presence in the UAE, where it is now the second-largest forklift brand. This growth, coupled with a rising shift toward electrification, further positions HELI as a leader in the MEA region. The company’s success in Africa, where it holds the #1 position in 15 countries, demonstrates the strength of its offering and its ability to meet local market needs.

Chen Xianyou, Vice General Manager of Anhui HELI Co., Ltd, emphasized, “Our continued investment in the MEA region is a testament to our long-term vision. We are focused on achieving sustainable growth, backed by our strong after-sales service network, and building lasting relationships with our regional partners.”

With its leadership position in China for 33 consecutive years and a growing footprint in the Middle East and Africa, HELI is poised to become a globally recognized brand in the material handling industry.

Distributed by APO Group on behalf of HELI.

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West Africa Deal Summit 2024 calls for regional collaboration to unlock catalytic capital, rewards outstanding organisations

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November 24, 2024

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West Africa Deal Summit

The summit closed with an invitation to the Africa Impact Summit 2025 scheduled for June 11-12, 2025, in Accra, Ghana

LAGOS, Nigeria, November 22, 2024/APO Group/ — 

The 2024 West Africa Deal Summit (WADS) (www.WestAfricaDealSummit.org) concluded on Wednesday, with a call for more regional collaboration to mobilise catalytic capital to address West Africa’s unique socioeconomic challenges. The two-day event attended by over 400 investors, entrepreneurs, government representatives, and thought leaders, focused on building innovative financing mechanisms. 

The summit themed “Actions to Deepen Catalytic Capital in West Africa” organised by the Impact Investors Foundation, Impact Investing Ghana alongside impact investing taskforces in Burkina Faso, Senegal and Cote d’Ivoire highlighted several other priority actions in a joint statement issued at the event’s close. 

One of the highlights of the summit was the launch of two transformative reports – Catalytic Capital in Nigeria (https://apo-opa.co/3ZiaMGL) and Context Mapping and Market Landscape for Catalytic Capital in Nigeria (https://apo-opa.co/3CCKEO7),  that identified organisations deploying catalytic capital in Nigeria; spotlighted the types of investments they make and their impact; and mapped the spectrum of capital used in Nigeria. 

Catalytic capital, strong governance, regional collaboration, and innovative financing mechanisms are essential for leveraging West Africa’s potential

At the end of the two-day summit, the Impact Investors Foundation in partnership with LEAP Africa also celebrated trailblazing organisations for their meaningful contributions to environmental and social causes. Alitheia Capital Management bagged the Impact Investor of the Year 2024, FAMASI Limited was conferred with the Social Enterprise of the Year 2024 while Centre for Legal Support and Inmates Rehabilitation (CELSIR) bagged the Innocent Chukwuma Award for Social Impact, 2024.  In the Social Innovators Programme Award categories by LEAP Africa, FarmSpeak Technology and Power Wheels Electricals received the Outstanding Fellow Award; the Seyi Bickersteth Award for Financial Accountability 2024 recipient was Read To Learn Foundation while Natal Cares bagged the Innocent Chukwuma Award for Youth and Gender Empowerment 2024. 

The IIF and Nigeria Office for Philanthropy and Impact Investing (NPO) also jointly awarded the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu with the Policy Champion for Philanthropy and Impact Investing award for his role in championing Nigeria’s first-ever legislation on impact investing and philanthropy. 

Etemore Glover, CEO of the Impact Investors Foundation, highlighted the collective commitment of summit participants to accelerating efforts in building national and regional ecosystems that drive resilience and sustainable growth. 

“We, the impact investing community, commit to building national and regional ecosystems that foster sustainable growth and resilience. Catalytic capital, strong governance, regional collaboration, and innovative financing mechanisms are essential for leveraging West Africa’s potential,” she said. 

The joint statement was issued by Mirabelle Moreaux, Board Vice Chair, Impact Investing Ghana (IIGh); Etemore Glover, CEO, Impact Investors Foundation; Amma Lartey, CEO, Impact Investing Ghana; Yacouba Ouedraogo (PhD), Member, Burkina Faso Impact Investing Taskforce and Co-founder, Africa Impact Investing Partnerships Centre and Bowel Diop, Member, Senegal Impact Investing Taskforce. 

Key initiatives outlined in the joint statement include strengthening regional collaboration and Knowledge Exchange; Mobilising Local Capital; Encouraging Innovation and Collaboration for Systemic Change; Strengthening Good Governance and Capacity-Building for MSMEs; and promoting Data-Driven Design and Execution. The summit closed with an invitation to the Africa Impact Summit 2025 (https://apo-opa.co/3OleFV3) scheduled for June 11-12, 2025, in Accra, Ghana. 

Distributed by APO Group on behalf of West Africa Deal Summit.

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How 5G Transforms Life: A Foreigner’s Journey Through East China’s Digital Revolution

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November 24, 2024

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World Internet Conference Summit

HANGZHOU, CHINA – Media OutReach Newswire – 22 November 2024 – As the 2024 World Internet Conference Summit opened in Wuzhen, Zhejiang province on November 20, showcasing China’s latest achievements in artificial intelligence and digital technology, a foreigner who has called China home for 15 years witnessed firsthand how one particular technology – 5G – is revolutionizing everyday life in this eastern province.

Yegor Shyshov, who has lived through China’s digital transformation, found himself amazed by the practical applications of 5G technology beyond mere phone services. From smart manufacturing to autonomous vehicles and remote healthcare, his journey through Zhejiang province revealed how the technology showcased at Wuzhen is already improving lives in neighboring cities.

“These applications are not just exhibition pieces – they’re already changing how people work and live,” said Shyshov, as he toured various 5G-enabled facilities across the province.

In Zhejiang’s Yiwu city, blankets are being weaved in bulk by Truelove, one of China’s leading blanket makers, under the custody of 5G-empowered AI system.

“The inspection for broken threads used to be the toughest job,” Zhang Xiaomao, a chief engineer at Truelove’s smart manufacturing sector, told Shyshov. “In cooperation with China Mobile, we rolled out the 5G+AI visual quality monitoring system, after 18 months of testing.”

The system is able to monitor the threads while they are being weaved, Zhang said, adding that it could stop a warp knitting machine when a broken thread is detected, ensuring accurate quality control.

“There are 24 cameras installed on a warp knitting machine, in short, we have installed ‘electronic eyes’ on our machine, which can realize real-time monitoring of 8,000 threads,” he said.

Upon detection of broken threads, the system automatically halts production, reducing defects by 90% while processing 40 million images daily. The efficiency gains are remarkable: one worker can now manage 12 machines, triple the previous capacity of four.

While the 5G buildout brought revolution in industries, it can be better felt in people’s daily life, as phone service has long become a modern necessity. However, 5G is ready to make big changes in areas beyond that little plate of screen.

Some self-driving mini shuttle buses are currently on its trial operation around the Jinyi Lake in Jinyi New District, Jinhua city.

Shyshov went to take one of the buses — the 5.8-meter-long vehicle has eight passenger seats and can travel at a speed of 20 km/h. It is installed with five LIDAR (Light Detection And Ranging) and five cameras, which enable it to give way to pedestrians if detected, and bring itself to halt upon reaching designated stops.

While the vehicle drives itself, a safety staff sits at the driver’s cab to ensure safe operations. These vehicles are currently on trial service for now, providing transport between seven stops along a 6.5-kilometer-long loop within a limited area

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