Connect with us

Business

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

Published

5 months ago

on

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.

Related Topics:
Continue Reading
Advertisement

Business

Ministers among hundreds of energy-sector leaders to attend AOW event

Published

1 day ago

on

October 4, 2024

By

Sinclair

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors”

CAPE TOWN, South Africa, October 4, 2024/APO Group/ — 

AOW: Investing in African Energy (https://AOWEnergy.com) – Africa’s leading oil, gas and energy event – has confirmed attendance for more than 80 ministers and senior officials, representing African governments, energy departments and regulators at next month’s event.

These influential stakeholders will be among the more than 1 600 senior delegates and industry leaders who will be attending the event to develop policy, share discoveries, secure investment, and shape Africa’s energy future.

The event kicks off with an invitation-only ministerial symposium focused on the theme of “Fostering innovation, attracting investment, and promoting sustainable growth in the oil, gas, and energy sectors.”

Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention

Among the officials and government ministers attending will be energy leaders from South Africa, Nigeria, Namibia, Cote d’Ivoire, Mozambique, DRC, Ghana, Kenya, Madagascar, Eswatini, Uganda, CAR, Guinea Conakry, Guinea Bissau, Ethiopia, The Gambia, Gabon, Malawi, Morocco, Zanzibar, Liberia, Senegal, Congo Brazzaville and Sierra Leone.

In addition, the event will feature high-level delegations from numerous national oil companies, as well as multilateral bodies including the African Union, (AU), African Energy Commission (AFREC), African Petroleum Producers’ Organization (APPO) and the Southern African Power Pool (SAPP).

AOW will see these energy leaders networking with C-suite executives and decision-makers from more than 760 top energy companies at daily networking events, to discuss insights, forge new relationships, and negotiate major energy deals.

“We are so excited to see the calibre of delegates at this year’s AOW event,” says Chief Executive Officer of Sankofa Events, Paul Sinclair. “Given the recent major oil-and-gas discoveries across Africa, the energy transition and major geopolitical events, it is clear that the energy sector needs positive intervention. The high-powered attendance proves AOW is a key platform to enable this intervention.”

Key themes to be discussed at this year’s AOW will be sustainable upstream development; expanding gas value chains; renewables and new energies; adoption of best-in-class technologies; and access to finance.

AOW: Investing in African Energy will culminate in a special anniversary party at Groot Constantia Vineyard to celebrate 30 years of the AOW event.

Distributed by APO Group on behalf of AOW: Investing in African Energy.

Continue Reading

Business

Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

Published

1 day ago

on

October 4, 2024

By

PAPSS

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs

CAIRO, Egypt, October 4, 2024/APO Group/ — 

African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria

According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

Distributed by APO Group on behalf of Afreximbank.

Continue Reading

Business

Sonangol to Lead Decarbonized Oil & Gas (O&G) Development, Says Angolan National Oil Company (NOC) Head

Published

1 day ago

on

October 4, 2024

By

Sonangol

Participating in an on-stage interview at Angola Oil & Gas 2024, Sonangol CEO Sebastião Gaspar Martins emphasized that oil and gas remains a core focus for the national oil company

LUANDA, Angola, October 3, 2024/APO Group/ — 

Angola’s national oil company Sonangol reiterated its commitment to driving sustainable hydrocarbon development during the Angola Oil & Gas (AOG) conference this week. Speaking during an “In-Conversation with” session, Sonangol CEO Sebastião Gaspar Martins stated that the company will not abandon oil and gas, but rather advance decarbonized oil and gas development.

We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas

By investing in upstream oil and gas production while prioritizing low-carbon projects, Sonangol aims to boost national crude output, while diversifying and decarbonizing the industry. The NOC is focusing efforts on non-associated gas development, as well as alternative energy sources such as solar.

“We are looking at opportunities in the gas sector and have identified the right partner to develop non-associated gas. Gas produced from Angola LNG will be used for the production of fertilizer and we are evaluating the utilization of gas in the south of the country, linking gas with steel industries. We also have a blue carbon project, linked to the reduction of carbon through the plantation of mangroves. We have one area in Luanda and have identified four additional areas for this,” stated Gaspar Martins.

Sonangol has undergone transformation in recent years: following the creation of the National Oil, Gas & Biofuels Agency (ANPG) in 2019, Sonangol transferred its role as national concessionaire and regulator. This transformation has aimed to make Sonangol more competitive and strengthen its capacity as an upstream operator. Concurrently, the government is partially privatizing the NOC, with privatization set to be complete in 2026. This process will enhance financial capacity, allowing Sonangol to drive new upstream projects forward.

“The transformation of Sonangol started several years ago, when we passed the regulatory, concessionaire role to the ANPG. At the time, we transferred almost 600 employees to the ANPG. After that, Sonangol underwent a restructuring program where we created five core business units from 36 different entities – starting with exploration and production. We want to go public, but we want to do it properly. So, we are currently going through all the processes to do this,” stated Gaspar Martins.

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Trending