Stellantis revenue jumps 14 per cent as it outlines plan for more electric cars
Stellantis, the owner of Peugeot and Fiat, saw net revenue climb to €47.2bn (£41.6bn), up 14 per cent compared to the first quarter of last year, the firm said today.
The increase was partly driven by a 22 per cent increase in electric vehicle sales globally.
In Europe, orders were up six per cent, which the firm said was driven by the success of the Alfa Romeo Tonale and Peugeot 408, as well as increased demand for its electric vehicles such as the Fiat New 500 and Peugeot e-208.
The firm is now looking to expand its electric vehicle range.
“We will add nine new battery electric vehicles to our product offering this year, continuing our drive to deliver clean, safe and affordable mobility for all,” Richard Palmer, the company’s chief financial officer, said.
Commenting on the company’s first quarter results, Palmer said Stellantis was “off to a solid start” this year and was “maintaining the momentum from an excellent 2022.”
He believed the firm remained “well-positioned to continue delivering strong financial performance throughout the year.”
The revenue boost comes as the global chip shortage, which has plagued carmakers since the pandemic, begins to ease, with JP Morgan analysts last month stating that it was “all but over.”
Stellantis said that its new vehicle inventory had reached 1,302 thousand units as of 31 March, reflecting a “return to normal inventory levels.”