Stellantis Records 14% increase In Q1 Revenue Boosted By Higher Shipments

Stellantis NV STLA reported first-quarter FY23 revenue growth of 14% year-on-year to €47.2 billion.
The revenue growth was boosted by higher shipments as semiconductor supply improved.
Consolidated shipments of 1,476 thousand units increased 7% Y/Y.
Revenue in North America and Enlarged Europe rose 10% Y/Y, and Middle East & Africa jumped 55%.
Global battery electric vehicle (BEV) sales increased 22% year-over-year.
Also Read: Stellantis Plans Buyouts To Hourly, Salaried Workers To Cut Costs
The company aims to launch 9 additional BEVs in 2023 and the total BEV offerings is expected to reach 47 by the end of 2024.
A dividend of €1.34 per share was approved at the annual general meeting to be paid to shareholders on May 4, 2023.
Stellantis has initiated a €1.5 billion stock buyback, and the first €500 million tranche is expected to be completed in June 2023.
Price Action: STLA shares are trading lower by 1.78% at $16.04 in premarket on the last check Wednesday.
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