MILAN, April 30 (Reuters) - Stellantis said on Tuesday its revenue fell 12% in the first quarter of the year on lower volumes, unfavourable product mix and foreign exchange dynamics, partially balanced by "firm" pricing power.
Stellantis shares slumped over 6% in premarket trading.
CFO Natalie Knight said shipments and revenues were impacted by the transition to the group's new product portfolio, based on new platforms, and that Stellantis was reducing inventories "to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions".
Net revenues amounted to 41.7 billion euros ($44.6 billion)in the January-March period, short of analyst expectations of 42.6 billion euros, according to a Reuters poll.
Consolidated shipments were down 10% in the quarter to 1.335 million units, Stellantis said in a statement.
Knight said the group was confident a plan for 25 new model launches during 2024, including for 18 fully-electric (EV), would help Stellantis improve its growth and profitability in the second half of the year".
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