Multi-national automaker Stellantis reported net revenues of $52.1 billion (€47.2 billion), which represents a 14% improvement year-over-year.
The uptick is mainly due to higher shipments and strong net pricing, Stellantis officials said. Total shipments amounted to almost 1.5 million vehicles, up 7% primarily due to improvement in semiconductor order fulfillment versus the same period last year.
In another sign of a return to normalcy, the automaker reported a total new vehicle inventory of 1.3 million units as of March 31, reflecting historically average inventory levels.
The company declared an ordinary dividend of $1.48 (€1.34) per share to be paid to shareholders on May 4. A stock buyback of $1.7 billion (€1.5 billion) was also initiated, with the first $551 million (€500 million) tranche expected to be completed in June 2023.
“Stellantis is off to a solid start in 2023, maintaining the momentum from an excellent 2022 and posting robust shipments and net revenues in all segments,” said Richard Palmer, CFO. “Our global footprint and diverse product portfolio means we are well-positioned to continue delivering strong financial performance throughout the year. We will add nine new battery electric vehicles to our product offering this year, continuing our drive to deliver clean, safe and affordable mobility for all.”
Electrification continues
Stellantis’ global battery electric vehicle (BEV) sales increased 22% year-over-year. The company plans to launch up to nine additional BEVs in 2023, with total BEV vehicle models for sale to reach 47 by the end of 2024.
The electrification offensive in North America is fast approaching, highlighted by the unveil of the all-new, all-electric Ram 1500 Rev at last month’s New York International Auto Show. Ram CEO Mike Koval Jr. confirmed an additional version called the Rev XR will be announced later this year. It will have the long-range extender capability, pushing it to the 500-mile range.
“The all-electric Ram 1500 Rev is a monumental milestone on our continued journey to offer the industry’s best electrified solutions and further fortifies our award-winning line-up,” Koval said.
“We believe in bringing the right range of powertrain solutions to our customers and will continue to redefine the pickup truck segment. Our all-new Ram 1500 Rev pushes past the competition in areas customers care about most including range, towing, payload and charge time.”
The Jeep Avenger, the brand’s first-ever BEV, was named “2023 European Car of the Year” and it was also recognized as “World’s Best Family SUV in 2023” by the Women’s World Car of the Year Awards.
“The new Jeep Avenger represents a key milestone for the brand as it is the first of a portfolio of all-new Jeep BEVs to be introduced in Europe.” said Christian Meunier, Jeep brand CEO.
“It offers Jeep brand capability that is rightsized for the European market and at the Paris Motor Show, we are showcasing why it is a great all-electric Jeep brand alternative to current players in the B-SUV segment.”
Dare Forward 2030
Stellantis is focused on the execution of the three pillars outlined in the Dare Forward 2030 strategic plan:
The first point is called “Care.” Stellantis emphasized its commitment to global gender equality via adoption of the United Nations Women’s Empowerment Principles. In the march toward carbon neutrality, the company signed a binding term sheet with Vulcan to develop new geothermal projects aimed at decarbonizing the energy mix of the Rüsselsheim industrial site in Germany.
In the Tech vertical, Stellantis maintained a quick pace in the electrification transformation. Manufacturing investment announcements were made in Mangualde, Portugal; Eisenach, Germany; Cassino, Italy; and, Kokomo, Indiana.
Continuing to build its network of partnerships to ensure supply of essential battery materials, the Company signed strategic deals with McEwen Copper, Terrafame Ltd. and Element 25. Stellantis also expanded its software development and engineering network to eight hubs with a new operation in Gliwice, Poland.
To act on its corporate values, Stellantis took various actions supporting growth in the Middle East & Africa region, including signing a framework agreement with South African authorities to develop a manufacturing facility, entering into an agreement with Koç Holding to further expand the existing Tofaş joint venture in Turkey, and, in Algeria, launching the Fiat brand which plans to have six carlines in market. In Europe, the implementation of the New Retailer Model will begin from mid-2023 in the pilot countries following an agreement with the European dealer associations.