Stellantis reported disappointing first-quarter results in recent days. As analysts had predicted, revenues fell 12% compared to the previous year, and the number of cars and commercial vehicles delivered decreased by 10%. As a result, these figures caused the automaker’s stock price to plummet on the stock market. After Tuesday’s 10% drop, today there is a further decline of 3.8%.
The value of Stellantis shares on the stock market drops following the disappointing first-quarter result
Carlos Tavares, the CEO of Stellantis, did not speak at the event to present the financial data. He only speaks on the occasion of half-year reports. CFO Natalie Knight spoke instead. She took on the role over a year ago, previously held by Richard Palmer, a long-time collaborator of Sergio Marchionne at the former Fiat Chrysler Automobiles.
Stellantis attributed this 12% revenue decline to lower sales volumes and unfavorable exchange rates. Specifically, between January and March of this year, the number of vehicles delivered fell by 10% to 1.335 million. We also reported yesterday on the disappointing results of the Fiat 600e, which sold just over 2,600 units in the first quarter of 2024, mostly in France.
Knight announced that 25 new cars are scheduled for launch in 2024, including 18 electric variants. This should lead to an increase in sales starting in the second half of 2024, so the Group believes it will end the year with positive results and reverse the trend of the first-quarter results.
It remains to be seen whether the stock market decline will stop and whether things will improve in the coming months for the automotive group born in 2021 from the merger of Fiat Chrysler Automobiles and PSA.