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.)
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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