- The Dutch-based company reported net revenue in the first quarter of 47.2 billion euros ($52 billion).
- Consolidated shipments increased 7% from the first quarter of 2022 to 1.48 million as a result of “improved semiconductor order fulfillment.”
Attendees view vehicles at the Jeep booth during opening day of the 2023 New York International Auto Show (NYIAS) in New York, on Wednesday, April 7, 2023.
Stephanie Keith | bloomberg | Getty Images
Automaker Stellantis on Wednesday reported a 14% annual increase in first-quarter net revenue, as easing semiconductor supply chain pressures boosted shipments.
The Netherlands-based company, which was formed in 2021 from the merger of Italian-American Fiat Chrysler Group and French PSA Group, reported net revenue for the first quarter of 47.2 billion euros ($52 billion).
The maker of Jeep, Dodge, Peugeot and other brands said consolidated shipments increased 7% from the first quarter of 2022 to 1.48 million as a result of “improving semiconductor order fulfillment.”
“Our global footprint and diversified product portfolio mean we are well positioned to continue to deliver strong financial performance throughout the year,” Chief Financial Officer Richard Palmer said in a statement.
The company has also proceeded with a €1.5 billion share buyback, with the first tranche of €500 million expected to be completed in June, and confirmed that an ordinary dividend of €1.34 per share will be paid to shareholders on Thursday.
New Stellantis vehicle inventory reached 1,302 units as of the end of March, which the company said reflects a return to “more normal levels after a multi-year period of materially limited supply, primarily due to unpackaged semiconductor orders.”
In 2022, the global auto industry suffered from a scarcity of semiconductors, or chips, after years of supply chain disruptions that had a negative impact on the global economy. However, those pressures have eased in recent months.
Global sales of battery and electric vehicles (BEV) jumped 22% from the first quarter of 2022, as Stellantis plans to launch nine new BEVs this year in a bid to build a portfolio of 47 vehicles by the end of 2024.
The strong start enabled Stellantis to confirm its full-year guidance for 2023 after posting record full-year results in 2022.