PARIS, April 30 — US-European auto giant Stellantis, whose brands include Fiat, Jeep and Peugeot, reported today a sharp drop in first-quarter sales as it prepares to release a lineup of new models.

Net revenues fell 12 per cent to €41.7 billion (RM212 billion) — its second straight quarterly drop — on weaker sales of older models and moves to reduce inventory.

The company, whose 15-brand lineup also includes Chrysler, Dodge and Maserati, said shipments fell 10 per cent to 1.3 million vehicles.

Stellantis chief financial officer Natalie Knight said fourth-quarter sales and shipments "were difficult due to transitions in our next generation product portfolio manufactured on new platforms.”

But, she added, "we are delivering clear improvements in key commercial dynamics with customer sales outpacing shipments.”

The group, created from the 2021 merger of Peugeot-Citroen and Fiat-Chrysler, posted a record net profit of €18.6 billion last year.

But revenues sank 15 per cent in its main market, North America, in the first three months of this year as sales fell for models set to have new models, such as the Ram 1500 pickup truck and Dodge Charger sedan.

Sales fell 13 per cent in Europe, with a drop for the Peugeot 3008 before an electric version is rolled out in the second quarter.

Stellantis plans to release 21 more new or updated models in the coming quarters, with several electric versions led by the Citroen e-C3 and the Ram pickup truck. — AFP