Thu. Jul 25th, 2024

US: Stellantis sales dip in Q1, Ford outperforms market

By triji Apr 4, 2024
News

During the first quarter, sales of the automotive manufacturer FCA US (Stellantis) decreased by 10%, while sales of the company’s competitor Ford increased at a rate that was higher than the average growth that was anticipated for the entire American market.

From January to March, FCA sold 332,540 vehicles, which represents a 10% decrease from the previous year’s sales. Cox Automotive anticipated a decrease of 9.1% compared to the previous year. It is also a dismal performance when compared to the 5.6% growth that these experts anticipated for overall sales in the United States, which should have occurred as a result of a tranquil labor market and a more fluid supply chain.

Jason Stoicevich, Director of Sales in the United States, was quoted as saying, “2024 will be a transformative year for the group and for our customers, and our priorities and commitments remain to deliver first-class products across Stellantis’ diverse portfolio.” This statement was released in a press release. In particular, the brands Ram (-26%), which specializes in pick-ups and vans, and Dodge (-16%) suffered the most. Jeep, on the other hand, managed to secure a slight increase of 2%, and Chrysler fared considerably better (+9%).

The FCA reports that the 2025 model of the Ram 1500 is currently being delivered to dealerships, and the new all-electric Fiat 500e is also making its way into the market. It is anticipated that the Wagoneer S, which will be the first fully electric Jeep to be offered in the United States, will be ready for purchase during the second quarter. By the end of the year 2024, the organization intends to introduce eight electric vehicles to the market in the country. In terms of plug-in hybrids (PHEV), which are automobiles that are fitted with a combustion engine and a small electric motor, the company recorded an increase in sales of 82%.

Following Ram (95,308), Dodge (42,948), Chrysler (34,806), Alfa Romeo (2,285), and Fiat (154), Jeep was the brand that sold the most vehicles during the first quarter, with 157,039 units sold. Following the merger that took place in January 2021 between the French manufacturers Peugeot-Citroën (PSA) and the Italian-American Fiat Chrysler (FCA), Stellantis emerged as a result of this event.

On the other hand, the manufacturer Ford, which includes both the Ford and Lincoln brands, reported on Wednesday that it had increased its sales by 6.8% during the first quarter, reaching a total of 508,083 vehicles. Although this is more than what was anticipated for the market, it is lower than what Cox anticipated for the group (+7.9%).

It highlights the fact that the increasing desire for hybrid pick-up and SUV models, which is to the detriment of combustion engines, has enabled it to establish a quarterly record for this type of engine, which is a 42% increase to 38,421 vehicles. It is anticipated that this rise will continue, particularly as a result of the introduction of hybrid versions of the company’s signature pickup truck, the F-150, which has been the best-selling vehicle in the country for nearly half a century. The sales of all-electric vehicles “started the year with a bang,” with the number of instances reaching 20,223 and an increase of 86%. In this particular market, Ford asserts that it is in second place, behind the specialized Tesla.

When compared to the same period in the previous year, Stellantis’ sales in the United States dropped by 10% during the first three months of 2024. The Ram brand, which is owned by the firm, was responsible for a significant portion of this decline.

In spite of the fact that the results were made public on Wednesday, a day later than anticipated, there was no explanation provided for the delay.

The fall comes after the automaker experienced a year of decline in 2023 in the significant market of the United States, and it comes at a time when automakers in general are struggling to deal with the impact that high interest rates have on the ability to borrow money. For Stellantis, which is preparing to introduce eight electric vehicles in the United States this year, a more complicated sales climate for electric vehicles could have ramifications for those launches.

For the quarter, Stellantis recorded sales in the United States of 332,540, which is a decrease from the 368,327 sales reported for the first three months of 2023.

It should come as no surprise that the numbers are a measure of how successfully Stellantis’ automobiles are finding buyers. However, what they might indicate about the direction the company is headed in and how it compares to other companies in its industry is perhaps more relevant. During the previous year, Stellantis was an anomaly, since its revenues decreased while those of other companies soared. In addition, the firm, which continues to operate the historic Chrysler brands, dropped behind Hyundai of South Korea in terms of sales in the United States for the year as it saw a loss of market share.

It is comparable in terms of percentage to the reduction that was observed in the first quarter of 2023, when the corporation recorded a 9% decline in comparison to the first three months of 2022. The decline in the first quarter data is consistent with this drop. Stellantis did report healthy earnings that were higher than those of competitors, in addition to high vehicle transaction prices, despite the sales picture that existed in the previous year. Furthermore, it has taken measures to reorganize its executive ranks in North America as well as at its Jeep and Ram brands, which are considered to be of significant importance. Executives have recently indicated that they are interested in increasing sales.

However, the Jeep and Chrysler brands stand out as the most successful. There was a huge difference between the results of the first quarter of the previous year (which were down 20%) and the results of this quarter for Jeep, which witnessed a gain. Listed below is how the brands fared:

As if it were not surprising, the corporation chose to concentrate on the positive rather than the negative and forecasted that there will be positive developments in the near future. “2024 will be a transformative year for the company and our consumers,” said Jason Stoicevich, the head of sales for Stellantis in the United States, in a statement. “Our focus and commitment remain on delivering best-in-class products across Stellantis’ diverse portfolio,” Stoicevich said. In addition to highlighting the forthcoming debut of the electric Jeep Wagoneer S, he highlighted the solid sales of plug-in hybrid electric vehicles, which had increased by 82% year-over-year. With regard to Ram, a press statement stated that the brand-new 2025 Ram 1500 is now being delivered to dealerships. This appears to be laying the groundwork for an anticipated increase in sales in subsequent quarters.

We will have a better understanding of how the company performed on a worldwide scale during the first three months of the year when Stellantis reports its first-quarter shipments and sales on April 30. This will allow us to better understand how the company performed.

According to reports from the Free Press, Ford announced on Wednesday that its sales in the United States are up an industry-leading 6.8% for the first quarter, with hybrids experiencing a 42% increase. The company’s total sales for the quarter were 508,083. GM reported a decrease in U.S. sales of 1.5% to 594,233 vehicles during the first quarter compared to the same time over the previous year. The company cited reduced fleet deliveries as the reason for this decline.

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