“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.”
Natalie Knight, CF
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 6% year-over-year). Global BEV sales were up 8% and North America PHEV sales were up 79% 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 26% 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:
Care
- Announced partnership with California Air Resources Board that avoids 10-12 million metric tons of greenhouse gases in the U.S. and enhances ongoing commitment to strengthen Stellantis’ electrification offensive by promoting electric vehicle awareness, expanding charging infrastructure and driving dealer readiness.
- Redistributed €1.9 billion to employees in 2024, totaling €6 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 162,000 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, invited high 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?”
Tech
- 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 6e 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.
Value
- Announced record investment plan for South America totaling €5.6 billion (R$30 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 its corporate 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-term leasing fleet across Europe over the next three years.
- At the Shareholders’ Annual General Meeting on April 16, 2024, €4.7 billion annual dividend approved (€1.55 per share), to be paid on May 3, 2024.
- On-going execution of €3.0 billion share buyback program.
- On track to deliver total capital returns in 2024 over €7.7 billion, representing an 11% yield as a percentage of Stellantis market capitalization on January 1, 2024.
SOURCE: Stellantis
