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.

CFO Natalie Knight said shipments and revenues were impacted by the transition to the group39;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 midcycle product launches this year in key regions.

Net revenues amounted to 41.7 billion euros 44.6 billionin the JanuaryMarch 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 fullyelectric EV, would help Stellantis improve its growth and profitability in the second half of the year.

1 0.9343 euros

Reporting by Giulio Piovaccari in Milan and Gilles Guillaume in Paris; writing by Giulio Piovaccari, editing by Giulia Segreti

Source Reuters