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HomeAutomobileJeep, Dodge maker Stellantis posts first-quarter income bounce as chip provide eases

Jeep, Dodge maker Stellantis posts first-quarter income bounce as chip provide eases

Attendees view autos on the Jeep sales space throughout opening day of the 2023 New York Worldwide Auto Present (NYIAS) in New York, on Wednesday, April 7, 2023.

Stephanie Keith | Bloomberg | Getty Photos

Carmaker Stellantis on Wednesday posted a 14% annual rise in first-quarter internet revenues as an easing of semiconductor provide chain pressures boosted shipments.

The Dutch-headquartered firm, shaped in 2021 from the merger of Italian-American conglomerate Fiat Chrysler group and France’s PSA Group, recorded first-quarter internet revenues of 47.2 billion euros ($52 billion).

The producer of Jeep, Dodge, Peugeot and different manufacturers mentioned consolidated shipments elevated 7% from the primary quarter of 2022 to 1.48 million, on account of “enchancment in semiconductor order fulfilment.”

“Our international footprint and various product portfolio means we’re well-positioned to proceed delivering sturdy monetary efficiency all year long,” Chief Monetary Officer Richard Palmer mentioned in an announcement.

The corporate additionally initiated a 1.5 billion euro share buyback, with the primary 500 million euro tranche anticipated to finish in June, and confirmed an strange dividend of 1.34 euros per share might be paid to shareholders on Thursday.

Stellantis’ new automobile stock got here in at 1,302 models as of the tip of March, which the corporate mentioned mirrored a return to “extra regular ranges after a multi-year interval of materially constrained provide, due principally to unfilled semiconductor orders.”

Affordability will be driving factor for EV market growth, says Stellantis CEO

The worldwide automobile trade suffered in 2022 from a shortage of semiconductors, or chips, after years of provide chain disruptions that had a knock-on impact on the worldwide economic system. Nevertheless, these pressures have eased in current months.

World battery and electrical automobile (BEV) gross sales jumped 22% from the primary quarter of 2022, with Stellantis planning to launch 9 new BEVs this 12 months in a bid to ascertain a portfolio of 47 by the tip of 2024.

The sturdy begin enabled Stellantis to substantiate its full-year steering for 2023 after posting record full-year results in 2022.

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