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Rabat – Stellantis, a multinational car manufacturer present in Morocco, reported a turnover of €41.5 billion in the first quarter (Q1) of 2022, up 12% compared to last year’s €37 billion.
According to Stellantis’ reporting, its shipment volume decreased by 12% in Q1 2022, due to the global shortage in semiconductor chips, an essential micro-electric component for cars.
Over the same period, the company’s inventory of new vehicles, as of March 2022, was set at 807,000 units. The figure remained largely similar to the inventory of December 2021, according to a Stellantis press release.
Commenting on its Q1 financial report, Stellantis CFO Richard Palmer said that the positive revenues reflected the company’s “strong net pricing, favorable vehicle mix, and positive FX translation effects, while shipments were down 12%.”
“Our full-year guidance for double-digit adjusted operating income margins and positive cash flow is confirmed, despite supply and inflationary headwinds, as good product momentum and strategic partnerships continue to pave the way,” he added.
In a press release, the carmaker states that it expects a 3% increase in revenues from its operations in South America and a 5% increase in the turnover from operations in India and the Asia Pacific in 2022.
Regarding its operations in North Africa and the Middle East, China, and North America, the company projects net revenues to remain largely unchanged in 2022.
The company’s turnover from its European operations will fall by -2% over the same period, down from +3% last year, the statement indicates.
Stellantis’ Morocco operations
In 2021, Stellantis inked a partnership agreement with Morocco’s government aiming to boost its manufacturing operations in the country.
Under the agreement, Stellantis will launch a manufacturing venture for fully electric cars, enhance the capabilities of local suppliers, and boost its profits from the local market to €2.5 billion.
The two parties said their ambition is to drive profits to €3 billion by 2025.
The agreement maintains that it will pave the way for the creation of 3,000 white-collar jobs by 2022.
Production operations included in the agreement will take place at the Stellantis plant in Kenitra alongside the Citroen AMI.
Read Also: Morocco, Stellantis Sign Amendment to Reactivate Cooperation in Automotive Industry
