Stellantis N.V. (0QXR.IL)
- Reuters
Weak demand, shift to new models hit Europe's top automakers
European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high. The news hit the automakers' stocks. Mercedes shares were down 3.9%, Stellantis 2.2% and Volkswagen 1.9%.
- Reuters
WRAPUP 1-Shift to new models, weak demand hit Europe's automakers
Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models and faced weaker consumer demand for new cars as interest rates remain high. The news hit the automakers' stocks. In early trading Mercedes shares were down 3.6%, Stellantis nearly 1.5% and Volkswagen 2.1%.
- Reuters
UPDATE 1-Stellantis Q1 revenues fall 12%, forecasts stronger second-half
Stellantis said on Tuesday its revenue fell 12% in the first quarter, but the Franco-Italian car maker was confident new models would support its growth and profitability in the second half of the year. Lower volumes, an unfavourable product mix and foreign exchange dynamics weighed on the result, although they were partially offset by a "firm" pricing power, Stellantis said in a statement. Consolidated shipments were down 10% in the quarter to 1.335 million units.
