Stellantis (STLA) stock slid on Tuesday as the company reported first quarter sales and shipments that fell compared to a year ago, just as a slew of new...
U.S. wages increase by most in a year in the first quarter, feed case for Fed to 'take its time'and shipments that fell compared to a year ago, just as a slew of new vehicles are poised to hit showroom floors later this year.
Stellantis does not provide financial results for Q1 and Q3, only giving investors first-half and full-year results. Though the automaker confirmed its full-year 2024 guidance of double-digit adjusted operating income for the year with Knight claiming it will be in the low teens, Stellantis shares tumbled 10% in midday trade and are up 3% for the year.
On the pricing front, Knight did say Stellantis was “able to take our MSRPs down and incentives down, so we saw net pricing that was very, very stable” in the quarter, and believes the new products will drive “excitement” and sales in the 2nd half of the year. And the company is having success with its PHEV sales, which were up nearly 80% in the quarter, with full EV sales up 8%, though on low volume.
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