Stellantis' Electric Vehicle Sales Jump 22% in First Quarter

Stellantis, the world's fifth-largest automaker, reported a 14% increase in first-quarter net revenues on Wednesday. The company, formed in 2021 from the merger of Fiat Chrysler Automobiles and PSA Group, attributed the growth to an easing of semiconductor supply chain pressures. Stellantis' consolidated shipments increased 7 percent from the first quarter of 2022 to 1.48 million vehicles. The company's new vehicle inventory came in at 1,302 units as of the end of March, which reflected a return to "more normal levels" after a multi-year period of constrained supply. Global battery and electric vehicle (BEV) sales jumped 22 percent from the first quarter of 2022. Stellantis plans to launch nine new BEVs this year in a bid to establish a portfolio of 47 by the end of 2024. The company expects revenues of 170 billion euros ($188 billion) and adjusted operating profit of 11 billion euros ($12.3 billion) for the full year.