On Tuesday, Stellantis reported lower-than-consensus sales for the first quarter, while confirming its full-year targets.

This morning, the automaker reported net sales of 41.7 billion euros for the first three months of the year, down 12% year-on-year.

By way of comparison, the consensus was for a figure of around 43.5 billion euros.

In a press release, Stellantis explains that it suffered from lower sales volume, down 10% to 1.33 million units, as well as unfavorable mix and currency effects.

The company nevertheless renewed its commitment to achieving a minimum double-digit operating income from ordinary activities by 2024, as well as positive industrial free cash flow despite the current macroeconomic uncertainties.

Its €3 billion share buyback program is also on track for completion in 2024.

Following this publication, Stellantis shares were down by just over 1% in early trading on Tuesday on the Paris Bourse.

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