Stellantis reported its global sales and revenues for the first quarter of 2022 this morning. Net revenues were up to €41.5 billion (1 € = US $1.05 = $1.35 CDN), up by 12% from the first quarter of 2021. The company credited higher net sales prices (reduced incentives), more profitable vehicle mix, and better exchange rates; these more than offset production losses due to semiconductor shortages. Stock owners received a dividend of €1.04 per share in April.
Market share in North America rose by 30 basis points to 11.7% (from 11.4%); South American share rose to 23.6% from 22.1%. In “enlarged Europe,” market share fell by 190 basis points, from 20.9% to 19.0%. Globally, battery-electric (BEV) sales rose by 55% to 60,000.
The company reiterated its decision to build a large-scale lithium-ion battery factory in Canada, with a 45 GWh annual capacity; to build another at the Termoli, Italy plant; and to raise cell capacity in Europe to 120 GWh by 2030.
By region. In North America, unit sales rose by 6% and net revenues shot up by 30%; the sales increase was credited to new or revised Jeeps, offset by a drop in Cherokees. In Europe, unit sales plunged by 24% due to supply issues, though the Opel Mokka, DS4, Fiat Scudo, and Fiat New 500 all had gains. Net revenues fell by just 9%, as more favorable pricing and vehicle mix countered lower shipments. In South America, volume dropped by 8%, despite higher sales of the Fiat Pulse, Jeep Compass, Peugeot 208, and Fiat Cronos, again due to supply issues; net revenues, though, exploded by 40%, thanks to the vehicle mix and pricing, but also to changes in the value of Brazilian currency. Stellantis has a 23.6% market share in South America.
While Stellantis has an 11.2% share in the Middle East and Africa, nearly as high as in North America, sales in that region are lower; only around 93,000 vehicles were sold in the region. Chinese and Asia-Pacific sales are both quite low at 25,000 and 24,000, respectively, giving Stellantis a 0.5% and 0.7% market share.
As for Maserati, volume fell by 20%, largely affecting the Ghibli and China; net revenue, though, only fell by 5%.
Dealer inventories continue to be quite low. On March 31, 2021, Stellantis had 1.23 million cars in inventory, including those at dealerships; on the same day in 2022, that number was 807,000. In North America, dealer inventory did rise by 14,000 vehicles from December 31, 2021; in Europe and South America, dealer inventories fell.
For 2022, the company sees volumes as being fairly stable, with some growth in South America and Asia-Pacific, and some losses in Europe. Adjusted operating income margin should be in the double digits, with positive free cash flow.
David Zatz started what was to become the world’s biggest, most comprehensive Mopar site in 1994 as he pursued a career in organizational research and change. After a chemo-induced break, during which he wrote car books covering Vipers, minivans, and Jeeps, he returned with Patrick Rall to create StellPower.com for daily news, and to set up MoTales for mo’ tales.
David Zatz has around 30 years of experience in covering Chrysler/Mopar news and history, and most recently wrote Century of Chrysler, a 100-year retrospective on the Chrysler marque.
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