Stellantis posts a good first quarter

In its first quarter, Stellantis achieved a 23.6% market share in Europe (enough to beat entrenched leader Volkswagen, which includes Audi, Skoda, Seat, and smaller brands) and an 11.5% retail share in the United States; the company also has a market share of 22.2% in South America as a whole.

The company shipped out 1,526,000 cars and trucks in the first quarter of 2021. Net revenues rose by 14% from the prior companies’ first quarter of 2020, to €37 billion (up from €32.4 billion). The gain was largely due to better volume and vehicle mixes.

Stellantis financials - earnings - dollars

“Enlarged Europe” is now the largest driver of both sales and profits, with 823,000 shipments in Q1, versus 451,000 in North America; net revenues in Europe barely edged out those in North America, though, €16.0 billion to €15.9 billion.

South America saw 189,000 shipments and €2.1 billion in net revenue; the Middle East and Africa, including joint ventures, accounted for 100,000 shipments and €1.3 billion in net revenue. Volume increased quite a bit, due entirely to the Peugeot side of the business. In Asia/Pacific, shipments rose by 45% to 50,000, including joint ventures, due to higher sales of the Jeep Wrangler, and compact Peugeots—and also comparisons to a COVID-strapped Q1 2020. Net revenues rose to just about €1 billion.

Finally, Maserati saw a 74% gain in sales, to around 5,400 cars, with China increasing most; profits were around €400 million.

Looking forward, Stellantis expects to lose around 190,000 vehicles from production due to the semiconductor shortage, across the world, in one quarter. The situation appears to be worsening through the second quarter, but “some improvement” is expected after June.

Dealer and company inventories plummeted from 1.8 million on March 31, 2020 to 1.2 million on March 31, 2021, due to a combination of COVID-19 restrictions lifting and the semiconductor shortage.



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