Stellantis, the multinational automobile conglomerate that owns popular car brands such as Citroen, Peugeot, and Fiat – has announced its financial results for the first quarter of 2023. The results have been very positive, with the company reporting a 14% year-over-year increase in net revenues to €47.2 billion.
There are four key highlights worth looking at in Stellantis' Q1 2023 financial results – starting with the company's net revenues, which have increased by 14% compared to the first quarter of 2022. The increase is mainly due to higher shipments and strong net pricing.
Secondly, the company's consolidated shipments have gone up by 7% to 1,476 thousand units, primarily due to an improvement in semiconductor order fulfilment compared to Q1 2022.
Thirdly, the total new vehicle inventory at the end of March 2023 was 1,302 thousand units, reflecting a return to normal inventory levels.
Lastly, Stellantis' global Battery Electric Vehicle (BEV) sales have increased by 22% versus Q1 2022. This is a significant achievement for the company, which has an ongoing global focus in the BEV market and plans to launch nine new models in 2023. When we spoke with senior personnel at the Citroen Ami launch in Paris at the start of the decade, it seemed clear that Stellantis would be looking to offer a 100% electrified range by 2025. It now seems likely that each series will have an EV variant by 2025, but that the UK Government's hard deadline of 2030 will be a more likely end-point to Stellantis' production of petrol/diesel cars.
On the environmental and social policy side of things, Stellantis has chosen this moment to highlight its commitment to global gender equality by adopting the United Nations Women’s Empowerment Principles. The company has also signed a binding term sheet with Vulcan to develop new geothermal projects aimed at decarbonizing the energy mix of the Rüsselsheim industrial site in Germany. The company has also maintained a quick pace in the electrification transformation and expanded its software development and engineering network.
Stellantis is focused on the execution of the three pillars outlined in the Dare Forward 2030 strategic plan: Care, Tech, and Value. The company is taking various actions to support growth in the Middle East & Africa region, including launching the FIAT brand in Algeria and signing a framework agreement with South African authorities to develop a manufacturing facility.
CEO Richard Palmer said, “Stellantis is off to a solid start in 2023, maintaining the momentum from an excellent 2022 and posting robust shipments and net revenues in all segments. Our global footprint and diverse product portfolio mean we are well-positioned to continue delivering strong financial performance throughout the year.”
Stellantis is one of the world's leading automakers and a mobility provider, aspiring to become the greatest sustainable mobility tech company while creating added value for all stakeholders as well as the communities in which it operates. The company's storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services.
One thing is for certain: When all of the Stellantis brands have moved across to 100% electric vehicles, there will be a huge amount of choice form Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram and Vauxhall.
With a chunk of that €47 billion sitting in the bank, we hope they decide to take a chance on a production run for the iconic Oli.