1113 GMT - Stellantis needs to think about deep cuts in the global production network as shipments continue to decline, Citi analysts write. The bank believes Stellantis is slowly mending its relationships with global stakeholders, but underlying shipments have remained weak and these are a prerequisite for stabilizing the company, it adds. First-quarter shipments fell by 117,000 units, or 9%, to 1.22 million cars. This is around 60,000 units below Citi estimates, led by a 20% drop in North America and 8% in Europe. First-quarter 2021 sales were at 1.6 million and first-quarter 2019 at 1.9 million units. "Apart from weak U.S. sales and pricing adjustments, U.S. import tariffs on RAM pickup truck production in Mexico remain the key overhang." Shares rise 4.5%. (dominic.chopping@wsj.com)
(END) Dow Jones Newswires
April 14, 2025 07:14 ET (11:14 GMT)
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