AMSTERDAM (dpa-AFX) - Stellantis N.V. (STLA), a Dutch automotive company, on Tuesday recorded a decline in revenue for the first-quarter, citing volume, mix, and foreign exchange headwinds.
The company said: 'We are reducing inventories to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions. During Q1 2024, we have introduced four new models out of our full-year launch plan of 25 models, including 18 BEV nameplates, which we believe sets the stage for materially improved growth and profitability in the second half of the year.'
For the three-month period, the company registered revenue of 41.7 billion euros, lesser than 47.2 million euros, reported for the same period last year.
Consolidated shipments slipped to 1,335 thousand units from previous year's 1,476 thousand units, reflecting production actions and inventory management to prepare for new product wave in the second-half compared with strong shipments in the first-quarter of 2023 to build inventory following a prolonged period of supply constraints.
Combined shipments stood at 1,371 thousand units as against previous year's 1,538 thousand units.
Looking ahead, the automaker is reiterating a minimum commitment of double-digit adjusted operating income margin for 2024.
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