Stellantis had a disappointing first quarter, but consumers have fallen in love with plug-in hybrid Jeeps
- Stellantis reported a disappointing first quarter as net revenues dropped 12%.
- The company is expecting a brighter future as they’re gearing up to launch 25 new models.
- The Jeep Wrangler, Grand Cherokee, and Dodge Hornet are the best-selling plug-in hybrids in America.
Stellantis reported their first quarter results and the numbers were rough as net revenues fell 12% to €41.7 ($44.6 / £35.6) billion. That’s a disappointing result and the company chalked up the poor performance to “volume, mix and foreign exchange headwinds.”
Speaking of volume, consolidated shipments dropped 10% due to “production actions and inventory management” measures. The company said these changes were made to prepare for a new wave of products in the second half of the year.
More: GM Boss Earned $27.8 Million Last Year, But Stellantis CEO Led The Way With $39 Million
Stellantis Chief Financial Officer Natalie Knight addressed this as she 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.” Among those new models is the redesigned Dodge Charger, which will arrive late this year.
The results weren’t all bad news as global electric vehicle sales were up 8%. Furthermore, the company revealed North American plug-in hybrid sales jumped 79%.
In fact, the automaker revealed they build the three best-selling PHEVs in America. They’re the Jeep Wrangler, Jeep Grand Cherokee, and Dodge Hornet.
While the news was mixed, investors have a few things to look forward to as the company announced a dividend of €1.55 ($1.66 / £1.32) per share, which is an increase of 16% from a year ago. The company also said their €3.0 ($3.2 / £2.6) billion share buyback is on track to be completed this year.
