TECH - Tesla Rival Stellantis Q1 Revenue Declines 12% Amid Preparations For New Product Wave In Second Half | Benzinga
Tesla rival Stellantis N.V. (NYSE:STLA) announced its first-quarter shipment and revenue report on Tuesday, which showed a 12% decrease in net revenues and a 10% reduction in consolidated shipments, largely due to volume, mix, and foreign exchange challenges.
What Happened:
- The net revenue for the first quarter was 41.7 billion euros ($44.6 billion), falling below a Reuters poll expectation of 42.6 billion euros ($45.6 billion).
- Total new vehicle inventory stood at 1,393 thousand units.
- Consolidated shipments fell by 10% to 1,335 thousand units in Q1.
- Global BEV and LEV sales increased by 8% and 13%, respectively, versus Q1 2023.
- The company plans to launch 25 new models in 2024, of which four were introduced in the first quarter.
What Affected The Revenue?
Stellantis, one of the Detroit Big Three, attributed the decline in net revenue to production adjustments and inventory management strategies in anticipation of a new product wave ...