Stellantis sees Q1 2024 drop in revenue, but EV sales were up


Stellantis Q1 2024 revenue fell 12%, but global EV sales were up, and it’s optimistic about growth and profitability in H2 2024.

The auto giant saw net revenues of €41.7 billion, down 12% compared to Q1 2023. Stellantis attributed the drop primarily to the new product portfolio transition and the reduction of inventories to reinforce strong relative pricing ahead of product launches in key regions. (Stellantis only reported net revenues.)

But Stellantis is feeling confident about the rest of 2024, and it’s plowing ahead with its BEV launch plans. Global BEV and light EV sales increased by 8% and 13%, respectively, year-over-year, and North American PHEV sales were up 79% year-over-year. The company reports that the Jeep Wrangler, the Jeep Grand Cherokee, and the Dodge Hornet were the top three most sold PHEVs in the US.

CFO Natalie Knight said that in Q1 2024, Stellantis introduced four out of 25 new models – including 18 BEV nameplates – in its full-year launch plan. It introduced three BEVs in the quarter – the Fiat Topolino, the Maserati Grecale Folgore, and the Ram ProMaster EV. Knight said that “sets the stage for materially improved growth and profitability in the second half of the year.”

The automaker started production of in-house designed and manufactured electric drive modules at its plant in Indiana during Q1. Power density 250 kW units will be installed in upcoming large vehicles such as Dodge, Jeep, Alfa Romeo, and Chrysler.

In other good news for the automaker today, a strike that started last week at three of its European plants is now off – production will restart at the beginning of May.

Stellantis designs, manufactures, and sells 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall.

Read more: Mercedes-Benz’s Q1 2024 report shows revenues are down, but its share of EV sales is growing

If you’re an electric vehicle owner, charge up your car at home with rooftop solar panels. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing on solar, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –ad*

FTC: We use income earning auto affiliate links. More.

2024 Kia EV9 (Source: Kia) CarsDirect is busy hunting down the best Memorial Day EV…

We’ve got another day of Memorial Day sales – this time giving you quality e-bikes…

Volvo CE and Penta revealed two new mobile charging solutions for North American construction fleets…