Stellantis sales jump as chip drought eases

STORY: Sales jumped 14% over the first quarter at Stellantis.

That’s the maker of car brands including Peugeot, Citroen, Jeep and Fiat.

On Wednesday (May 3) it said net revenue hit $52 billion over the January-to-March period.

That was comfortably ahead of expectations.

The firm cited an improvement in the supply of computer chips.

Stellantis said it also benefited from stronger pricing.

That saw its revenue gain outpace the rise in shipments, which were up 7% to almost 1.5 million vehicles.

The company doesn’t give a profit figure for the first quarter.

Logistics are now the big problem, with Stellantis struggling to deliver vehicles.

That saw its inventory jump to 1.3 million units.

Chief Financial Officer Richard Palmer said the company faced “challenges” getting cars to customers.

Those worries saw Stellantis shares drop around 2% in early trade.

Now the firm is hoping for a boost from sales of electric cars.

Its EV shipments rose by more than a fifth over the first quarter, and nine new electric models are set to hit the market this year.