Stellantis' revenue fell 12 percent in the first quarter of 2024 due to lower shipments.
Fiat Chrysler Automobiles (FCA) and the PSA group reached an agreement to merge in a 50-50 partnership in 2020, and the merger took place under the "Stellantis" brand in January 2021.
Stellantis shared its financial data for the first quarter of 2024. The company's revenues fell 12 percent due to lower shipments.
Stellantis chief financial officer Natalie Knight said shipments and revenues were impacted by the group's transition to a new product portfolio based on new platforms.
Knight emphasized that the group will introduce 25 new models, including 18 electric vehicles, in 2024, which will contribute to the company's growth in the second half of the year.
Stellantis said the low sales were mainly due to the Peugeot 3008, Opel Mokka and Fiat 500 models ahead of the new model launch.
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