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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 segments1U(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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Namibian President Dr. Netumbo Nandi-Ndaitwah to Open Namibia International Energy Conference 2025

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Netumbo Nandi-Ndaitwah

The Namibia International Energy Conference 2025, under the patronage of the Ministry of Industries, Mines and Energy, will be officially opened by President Dr. Netumbo Nandi-Ndaitwah, marking a historic milestone in Namibia’s journey to becoming a global energy hub

WINDHOEK, Namibia, April 15, 2025/APO Group/ –The Namibia International Energy Conference (NIEC) is proud to announce that the President of the Republic of Namibia, Her Excellency Dr. Netumbo Nandi-Ndaitwah, will officially open the 2025 edition of the conference.

“We are deeply honoured that Her Excellency, the President of the Republic of Namibia, will officially open this year’s conference. Her participation marks a historic milestone for NIEC and reaffirms the government’s commitment to harnessing Namibia’s energy potential for shared prosperity. It also reflects the kind of forward-looking leadership that is essential to positioning Namibia as an emerging leader in the global energy landscape.” said Ndapwilapo Selma Shimutwikeni, Founder & CEO of RichAfrica Consultancy and Convenor of NIEC.

President Nandi-Ndaitwah is a committed advocate for ensuring that Namibia derives maximum value from its natural resources through value addition and sustainable development, with a focus on uplifting the Namibian people and strengthening local capacity.

We are deeply honoured that Her Excellency, the President of the Republic of Namibia, will officially open this year’s conference

As Namibia lays the foundations to become an energy hub, NIEC 2025 will explore the key building blocks needed to realize this vision. These include enabling investment, strengthening institutions, advancing infrastructure and environmental stewardship, promoting local content and reinforcing good governance. Energy is increasingly recognized as a catalyst for inclusive and sustainable development – unlocking industrialization, economic diversification, job creation and long-term prosperity.

Now in its 7th edition, NIEC 2025 will be held under the theme, “Leading the Way: Becoming an Energy Hub with In-Country Value,” and is scheduled to take place from 23-25 April 2025 at the Windhoek Country Club Resort, Windhoek, Namibia.

Since its inception in 2012 under the theme, “A Road to Discovery and Beyond,” the conference has evolved into a premier platform for high-level dialogue, thought leadership and strategic engagement. It has played a crucial role in shaping discourse around Namibia’s emerging oil and gas industry and its broader energy sector.

The event draws a global audience, including OPEC representatives, senior executives from international oil companies, prominent service providers, investors and industry experts. It has also welcomed numerous government leaders from across Africa, including ministers of energy, as well as Namibia’s own public and private sector leaders.

NIEC 2025 will feature a strategic program of panels, dialogues and expert-led sessions designed to unpack the conference theme and spotlight key issues and opportunities that will define the future of the energy industry. The 2025 edition is expected to welcome over 1,000 delegates from across the globe, reinforcing its position as the country’s premier energy platform.

The conference is held under the patronage of the Ministry of Industries, Mines and Energy of the Republic of Namibia and is curated and convened by RichAfrica Consultancy, with the African Energy Chamber as a strategic partner.

Distributed by APO Group on behalf of African Energy Chamber

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Ministry of Health and KAOUN International launch GITEX FUTURE HEALTH AFRICA in Morocco

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GITEX FUTURE HEALTH AFRICA

GITEX FUTURE HEALTH AFRICA/Morocco will drive unprecedented impact across Africa, leveraging breakthroughs in technology and AI to enhance quality and access to healthcare

MARRAKECH, Morocco, April 15, 2025/APO Group/ –During the third annual edition of GITEX AFRICA Morocco (www.GITEXAfrica.com), the continent’s largest tech and startup show, His Excellency Mr. Amine Tehraoui, Morocco’s Minister of Health and Social Protection announced the launch of GITEX FUTURE HEALTH AFRICA/Morocco – in partnership with KAOUN International, organiser of GITEX in Africa and globally.

The much anticipated and pivotal event for the healthcare economy was officially launched with the signing of the partnership agreement, and will be held under the authority of Morocco’s Minister of Health and Social Protection, hosted in partnership with Mohammed VI Foundation for Sciences and Health (FM6SS), and organised by KOAUN International, the organiser of GITEX in Africa and globally.

To be hosted in Casablanca from 21-23 April 2026, GITEX FUTURE HEALTH AFRICA/Morocco, featuring GITEX DIGI_HEALTH, is set to lead the transformation impetus of Morocco and Africa to combat challenges in healthcare information, delivery, access and efficiency, capitalising on the emergence of AI and digital technologies.

The event will prioritise public-private partnerships which are particularly instrumental in this digital mission to advance the industry productively and efficiently

H.E. Mr. Amine Tehraoui, Minister of Health and Social Protection, stated: “GITEX FUTURE HEALTH AFRICA/Morocco embodies the Kingdom’s unwavering commitment to health as a fundamental and universal human right, enshrined in our national vision for health system reform. As digital innovation, data intelligence, and health tech increasingly shape the future of care delivery across Africa, this platform reinforces Morocco’s position as a regional hub for collaboration, talent, and investment. Through international partnerships, strategic innovation, and shared expertise, we have a unique opportunity to co-build inclusive, resilient, and people-centered healthcare systems for the continent and beyond.”

For its part, the Mohammed VI Foundation for Sciences and Health emphasized its strategic vision: “As a major player in the fields of health, training, and scientific research, the Mohammed VI Foundation for Sciences and Health is committed, alongside the Ministry of Health and Social Protection and KAOUN International, to making Morocco a continental hub for healthtech. By contributing its medical and academic expertise through the development of digital health and medical technologies in Morocco and Africa, we aim to help shape the healthcare ecosystem of tomorrow.”

Morocco has emerged as a pioneer in digital health initiatives and advancing expeditiously towards an integrated health information system, fostering the adoption of innovative medical technologies to build a resilient healthcare infrastructure and system. The African healthcare market is estimated to be worth US$259 billion and expected to become the second biggest market after the US by 2030.

Trixie LohMirmand, CEO of KAOUN International, organiser of GITEX globally, commented: “There is urgency from governments and healthcare institutions worldwide – and especially in Africa – to modernise and digitise their healthcare services to increase reach, reduce healthcare costs and deliver better patient outcomes. GITEX FUTURE HEALTH AFRICA/Morocco will highlight the role and growing influence of AI and new digital solutions to improve data-driven decision making and reduce health inequities. The event will prioritise public-private partnerships which are particularly instrumental in this digital mission to advance the industry productively and efficiently.”

The three-day event will open with an agenda shaping leadership summit tackling powerful themes – accelerating cutting-edge solutions set to transform access, outcomes and health equity. Targeting decision-making executives from hospitals and healthcare institutions, health ministers and government leaders, CIOs, CTOs, innovators and disruptors, and public health policymakers – topics during the summit will explore health infrastructure, expanded access to healthcare, investment and research, data security and national records integration, health and data analytics, and AI-powered diagnostics.

An exhibition will bring together top researchers, practitioners, innovators, and experts from the global healthcare industry – representing Africa’s most important gathering of medical & lab equipment, imaging & diagnostics, IT systems & solutions, healthcare infrastructure, healthcare transformation, smart hospitals, healthcare management, and digital health management systems in Africa.

Distributed by APO Group on behalf of GITEX Africa

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Critical Minerals Africa Group (CMAG) Appoints APO Group Founder, Nicolas Pompigne-Mognard, to Advisory Board

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Critical Minerals

CMAG gives Africa and the companies operating within the African critical minerals ecosystem a voice in discussions about supply chains and shaping policy

JOHANNESBURG, South Africa, April 15, 2025/APO Group/ –APO Group (www.APO-opa.com), the award-winning pan-African communications consultancy and leading press release distribution service, is pleased to announce that its Founder and Chairman, Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com), has been appointed to the newly formed Advisory Board of the Critical Minerals Africa Group (CMAG).

With its mission being to position Africa as a leader in critical minerals, CMAG (www.CMAGAfrica.com) is dedicated to advancing responsible sourcing and sustainable development of Africa’s critical mineral resources, while ensuring that local economies benefit from the continent’s mineral wealth. With approximately 40% of the world’s essential minerals reserves estimated to be held in Sub-Saharan Africa alone, the region plays a key role in the global energy transition and advanced technologies.

Pompigne-Mognard’s appointment to the Advisory Board follows the announcement of a strategic partnership between APO Group and CMAG aimed at raising the global prominence of Africa’s critical minerals sector. The partnership leverages APO Group’s public relations and strategic communications expertise and CMAG’s industry leadership. Complementing this, Pompigne-Mognard’s ability to connect clients with key stakeholders from governments, private companies, and organisations of all sizes will be invaluable in showcasing Africa’s role in the global essential resources supply chain and elevating the profile of Africa’s critical minerals sector.

In my advisory role, I look forward to supporting all initiatives as CMAG showcases Africa’s critical minerals potential in a responsible and sustainable manner

Nicolas Pompigne-Mognard brings a wealth of experience and expertise to the CMAG Advisory Board. His vast network across industries, governments, and institutions, his deep understanding of Africa’s media and technology landscapes, and his extensive business experience will equip him to work alongside fellow Advisory Board members to shape positive perceptions of Africa’s critical minerals sector amongst global stakeholders and audiences.

A Franco-Gabonese entrepreneur named among the 100 Most Influential Africans in 2023 and 2024, Nicolas Pompigne-Mognard serves on multiple high-profile advisory boards and international committees. These include the Senior Advisory Board of the Canada-Africa Chamber of Business and the Leadership Council of the Africa Tech Festival, as well as the Advisory Boards of the African Energy Chamber, World Football Summit, Africa Hotel Investment Forum (AHIF), Bloomberg New Economy Gateway Africa, Sports Africa Investment Summit, EurAfrican Forum, and All Africa Music Awards (AFRIMA). He is also a strategic advisor to the Chief Executive Officer of the Royal African Society of the United Kingdom, a strategic advisor to the EU-Africa Chamber of Commerce, and a special advisor to the President of Rugby Africa, the governing body of rugby in Africa.

Nicolas’ wholly-owned company, APO Group, is the premier award-winning Pan-African communications consultancy and press release distribution service. It serves more than 300 clients, including global giants such as Canon, Nestlé, Western Union, UNDP, Network International, the African Energy Chamber, Mercy Ships, Marriott, Africa’s Business Heroes, and Liquid Intelligent Technologies.

“Being appointed to the Critical Minerals Africa Group Advisory Board is an immense honour. CMAG is vital in safeguarding Africa’s critical minerals for future generations. In my advisory role, I look forward to supporting all initiatives as CMAG showcases Africa’s critical minerals potential in a responsible and sustainable manner,” said Nicolas Pompigne-Mognard, Founder and Chairman of APO Group.

Other members of the Advisory Board include Natznet Tesfay, Executive Director, Head of Insights and Analytics, S&P Global, and Richard Morgan, Former Head of Government Relations, Anglo-American PLC.

Distributed by APO Group on behalf of APO Group

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