STLA had a good quarter, promises new 2023-2024 vehicles

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.

Jeep and Stellantis leaders: Carlos Tavares, Christian Meunier, Jim Morrison

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:

RegionVolumeNet RevenueNotes
North America509,000
(up 6%)
€22.8 billion
(up 10%)
Net prices were favorable
(up 6%)
€16.1 billion
(up 10%)
Net prices were favorable; new Tonale, 408
(up 24%)
€2.2 billion
(up 55%)
Including joint ventures; Jeep fell, PSA brands rose, especially in Turkey
South America191,000
(up 10%)
€3.5 billion
(up 20%)
New Fiat Fastback
(up 4%)
€1.0 billion
(up 5%)
Including joint ventures; C3, Berlingo, and Ram 1500 rose, Grand Cherokee and Compass fell
(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.)

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