Stellantis on Wednesday reported a 14% YoY revenue growth during the first quarter, as shipments increased due to an improvement in semiconductor supply.
“A better fulfilment of semiconductor orders is slowly but surely improving our capacity to produce vehicles,” Stellantis’ Chief Financial Officer Richard Palmer was quoted as saying by Reuters.
The auto maker was also witnessing an improvement in its logistic situation in Europe.
“We have a strong portfolio in Europe, the logistic situation there is improving,” Palmer said, while adding Stellantis might increase its market share there in 2023.
Stellantis’ net revenue came in at EUR 47.2 billion during the first three months, which exceeded market consensus of EUR 45.5 billion.
The company’s consolidated shipments rose 7% year-on-year to 1.48 million vehicles in the quarter.
The shares of Stellantis NV (STLAM) were last retreating 1.95% (EUR 0.288) to trade at EUR 14.450 in Milan on Wednesday, while extending the loss from the prior session.
The auto maker’s total market cap now stands at EUR 46.461 billion.
The shares of Stellantis NV (STLAM) went down 20.51% in 2022, compared with a 13.31% loss for the benchmark index, FTSE MIB (FTMIB).
The shares have risen 8.94% so far this year.
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