Stellantis, the world's third-largest carmaker by sales, said today its revenue rose 14% in the first quarter on higher shipments, lifted by an improvement in semiconductor supply, and stronger pricing power.
But inventories at Stellantis rose in the January-March period as logistic problems, which hit Europe in particular last year, were still being resolved by the owner of brands including Fiat, Peugeot, Chrysler and Dodge.
Jefferies analysts said in a note that while revenues were improving, the inventory situation was to be monitored.
Total group vehicle inventories were around 1.3 million units at end-March, up around 230,000 form end-2022.
Chief Financial Officer Richard Palmer, who will leave Stellantis at the end of June to be replaced by Natalie Knight, said in a media call that the company was not concerned about the absolute level of inventories.
"In Europe we have some challenges transforming company's stock into dealer stock and therefore getting orders fulfilled with customers, which is still a challenge for our market share," Palmer said.
In the first quarter, Stellantis' net revenue rose to €47.2 billion, topping analyst expectations of €45.5 billion in a Reuters poll, while consolidated shipments were up 7% to around 1.48 million units.
"A better fulfilment of semiconductor orders is slowly but surely improving our capacity to produce vehicles," Palmer said.
Stellantis, which today also confirmed its forecast for a double-digit margin on adjusted operating profit and for positive industrial free cash flow this year, only provides revenue and shipment data for the first quarter.
Sales of battery electric vehicles (BEV) rose 22% in the first quarter, Stellantis said, adding it would add nine new BEV models this year.
