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.)
How about the 2024 Jeep Gladiator, is anyone going to give us an update about that? All of these midsize trucks are getting updates and the Gladiator is just left setting there to go stale. When is the Gladiator getting the 2.0, 2.0 4XE, or at least the 3.6 Etorque? It’s more than likely losing the 3.0 Ecodiesel, but no one has mentioned a single word about the Gladiator. Also, it would be a welcome edition for the Gladiator to get all the enhancements the Wrangler got, especially for the Willys. The Gladiator has gone so stale, I’m seeing rebates and discounts on them that I’ve never seen before. It leads me to believe that the Gladiator was merely an experiment and/or a hold over until Ram gets a Dakota replacement, which is probably going to be in the year 2050.