07/05/2021

7 May 2021
7 May 2021, Comments Comments Off on Stellantis reports strong Q1 2021 net revenues of €34.3 billion
Stellantis reports strong Q1 2021 net revenues of €34.3 billion

In its first quarter since the merger of FCA and the PSA Group, Stellantis has reported strong Q1 2021 net revenues of €34.3 billion, or €37.0 billion on a pro forma basis, up 14 percent with growth in all regions. It recorded consolidated shipments of 1,477 thousand units, or 1,567 thousand units on a pro forma basis, up 11 percent and claims market leadership in Europe with market share improved by 150 bps to 23.6 percent, and South America, with market share up 530 bps to 22.2 percent.

“In our first quarter since the Merger, Stellantis posted strong Q1 2021 revenues with the diverse brand portfolio driving increased volumes, positive pricing and improved product mix, despite the headwinds from the global semiconductor crisis,” said Richard Palmer, Stellantis CFO.

The increase in consolidated shipments reflected strong consumer demand and retail mix, as well as the impact of COVID-related temporary production suspensions in Q1 2020, partially offset by Q1 2021 production losses due to semiconductor shortages, representing a loss of ~11 percent of planned production, or ~190 thousand units, in the quarter.

Limited visibility of the full year semiconductor shortage impact, but expected that Q2 2021 will be worse than Q1 2021, with some improvement in H2 2021.

Stellantis Q1 2021 Net revenues of €37.0 billion on a pro forma basis, compared to €32.4 billion in Q1 2020 on a pro forma basis, primarily due to higher overall volumes, positive net pricing, improved market mix, mainly in North America and enlarged Europe, as well as favorable vehicle mix, partially offset by negative foreign exchange translation effects.

The launch of all-new Opel Mokka began in March 2021 to European consumers, representing a return to the market after being discontinued in 2019. An all-new Grand Wagoneer/Wagoneer and next generation Jeep Grand Cherokee production launches remain on track for late Q2 2021 and Q3 2021, respectively. All-new Grand Cherokee L (3-row) production commenced, with commercial launch in late Q2 2021.

Total inventory of 1,234 thousand unit sat the end of March 2021, including independent dealers inventory, compared to 1,256 thousand units at the end of December 2020. Dealer inventories were down in all regions from year-end, primarily due to the semiconductor shortage.

The 2021 Industry Outlook for the Group’s key regions unchanged, with North America +8 percent, South America +20 percent and Enlarged Europe +10 percent. Middle East & Africa +15 percent, up from 3 percent previously, India & Asia Pacific +10 percent, up from 3 percent previously, and China +5 percent, unchanged.