By David Sachs

Stellantis on Wednesday confirmed its 2023 guidance after reporting a rise in revenue on more shipments and higher net pricing for the first quarter.

The Netherlands-based maker of Jeep, Dodge, Peugeot and other brands recorded 47.2 billion euros ($51.92 billion) in sales, up 14% over the first quarter of 2022.

Stellantis said consolidated shipments rose 7.4% to 1.48 million, mostly due to easing in the semiconductor supply chain. Battery-electric vehicle sales rose 22% compared to the first quarter of 2022, Stellantis said.

"So far I think we've seen pricing holding relatively stable compared to the back end of 2022," Chief Financial Officer Richard Palmer said on a call with reporters. "We still have a relatively strong order portfolio in Europe and our main challenge continues to be fulfillment of those orders. I think we're making good progress on resolving those issues, but it's ongoing."

The auto maker, formed by the combination of Fiat Chrysler and Peugeot maker PSA Group, maintained its annual outlook for an adjusted operating income margin of double digits this year and positive industrial free cash flows.

Mr. Palmer said the company is being relatively prudent on its outlook for demand, given risks from macroeconomic uncertainty.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

May 03, 2023 02:16 ET (06:16 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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