Stellantis’s first set of quarterly results looked good, but there were warnings of the continuing impact of chip shortages
In its first set of quarterly results, Stellantis has posted first quarter net revenues of EUR34.3bn billion, or EUR37.0bn on a proforma* basis, up 14% – and above analyst expectations.
“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.
Stellantis also said that consolidated shipments were up 11% on a proforma basis to 1,567,000 units, ‘reflecting strong consumer demand and retail mix, as well as the impact of COVID-related temporary production suspensions in Q1 2020’.
However, it also warned that the Q1 gain was partially offset by production losses due to semiconductor shortages, representing a loss of around 11% of planned production, or 190,000 units.
The company warned of ‘limited visibility’ of full year semiconductor shortage impact, ‘but expected that Q2 2021 will be worse than Q1 2021, with some improvement in H2 2021’.
Stellantis said dealer inventories down in all regions from year-end, primarily due to the semiconductor shortage.
Shipments in North America were down 4%, mainly due to Q1 2021 production losses resulting from semiconductor shortages and discontinuation of Dodge Grand Caravan and Journey.
In Europe, Stellantis reported shipments up 11%, mainly due to the impact of new product – including the Peugeot 208 and 2008, Citroën C4 and Opel Mokka – as well as the impact of COVID-related temporary production suspensions in Q1 2020.
*Q1 2021 comparable with Q1 2020 ‘as if the merger occured on 1 January 2020’