Automaker Stellantis on Thursday reported first-quarter revenue up 12% year-on-year on the back of price increases and a strong performance by Jeep in North America, despite a drop in sales.
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The group resulting from the merger of Peugeot-Citroën and Fiat-Chrysler recorded a turnover of 41.5 billion euros in the first three months of the year, according to a press release.
The group withstood the paralysis of the automotive market "
thanks to solid net pricing, a favorable vehicle mix and positive currency effects
", welcomed the group's financial director, Richard Palmer, in a press release.
Stellantis, however, recorded a 12% drop in sales over one year, to nearly 1.4 million vehicles in the quarter.
This overall drop in sales is mainly due to "
not received semiconductor orders
", a phenomenon that has disturbed the automotive industry since the spring of 2021.
The group, number 2 in Europe, saw its market share fall to 20% in the EU, with sales down 24% over one year and poor scores for Peugeot, Fiat and Jeep.
However, it successfully launched new SUVs in North America, such as the Jeep Grand Cherokee L and Wagoneer/Grand Wagoneer, recording a 30% increase in sales for +6% of vehicles delivered in the region.
Microchip supplies are expected to improve in the second half of the year, but they “
depend on the situation of each supplier and remain quite unpredictable
“warned Richard Palmer during a conference call with journalists.
Stellantis had completed its first year of existence with a net profit of 14.3 billion euros in 2021, despite falling production of 1.6 million cars due to the shortage of electronic chips.
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The group maintains its ambitious “
double-digit
” operating margin target for the year 2022. However, it has lowered its estimates for the European market, which should fall by 2% over the year with the shortage of chips.
The group is little exposed to the economic consequences of the war in Ukraine, with a single factory in Russia, specified Richard Palmer.
The U.S. market, meanwhile, is expected to remain stable, versus previously forecast growth of 3%, according to Stellantis.
The group plans to double its turnover by 2030, aiming for 200 billion euros by 2024, with "
double-digit current operating margins throughout the decade
", the group said in early March.