MILAN — Stellantis said sales rose in the first quarter, supported by strong pricing and a strong vehicle mix, and also by favorable exchange rate effects.
Net revenues increased 12 percent to 41.5 billion euros ($44.1 billion) in the January-March period, the automaker said in a statement on Thursday.
“Our full-year guidance for double-digit adjusted operating income margins and positive cash-flow is confirmed, despite supply and inflationary headwinds, as good product momentum and strategic partnerships continue to pave the way,” Chief Financial Officer Richard Palmer said in the statement.
Vehicle shipments, however, fell by 12 percent in the quarter, mainly because of the impact of unfilled semiconductor orders.
Shipments fell 24 percent in the Enlarged Europe region to 622,000, as the backlog of unfilled orders was “significantly increased,” Stellantis said. Revenue in the region was down by 9 percent to 14.6 billion euros.
Shipments were up 6 percent in North America to 480,000 vehicles, with net revenue up 30 percent to 20.7 billion euros.
At luxury-car brand Maserati, shipments were down 20 percent to 4,300 and revenues were down 5 percent to 400 million euros.