The first quarter of 2023 was good for Stellantis, but not great; while net revenues were up 14% over Q1 2022, with a 7% increase in sales and high net prices, market share fell in North America and Europe. This was somewhat offset by small gains in South America and Africa/Middle East. Globally, low-emissions vehicles sales rose by 25%, driven by the Jeep 4xe series. BEVs were up by 22% year-over-year.
Net revenues were up by 14%, at €47 billion (€1 is currently $1.10). North America is the main driver of profit, but Europe provides around 150,000 more volume sales. The story by region is:
| Region | Volume | Net Revenue | Notes |
|---|---|---|---|
| North America | 509,000 (up 6%) | €22.8 billion (up 10%) | Net prices were favorable |
| Europe | 657,000 (up 6%) | €16.1 billion (up 10%) | Net prices were favorable; new Tonale, 408 |
| Africa+ME | 131,000 (up 24%) | €2.2 billion (up 55%) | Including joint ventures; Jeep fell, PSA brands rose, especially in Turkey |
| South America | 191,000 (up 10%) | €3.5 billion (up 20%) | New Fiat Fastback |
| Asia | 42,000 (up 4%) | €1.0 billion (up 5%) | Including joint ventures; C3, Berlingo, and Ram 1500 rose, Grand Cherokee and Compass fell |
| (Maserati) | 8,400 (up 95%) | €700 mil. (up 65%) | New Grecale, GranTurismo; sales more than doubled in North America, EU |
(Maserati is considered its own region.)
Inventories have returned to a more normal number, 1.3 million, between the Q1 2021 and Q1 2020 numbers.
The company promised eight battery-electrics in North America by the end of 2024. Wagoneer S and Ram 1500 REV are both confirmed for 2024 with an electric ProMaster confirmed for late this year.
GM and Ford reported their earnings yesterday; both declared hefty profits.
(Europe is defined in these materials as the EU27 plus Iceland, Norway, Switzerland, and the UK, but excludes Malta.)