Stellantis says semiconductor shortage to affect production more heavily in Q2
MILAN (Reuters) - Stellantis, the world's fourth largest carmaker, said on Wednesday it expects the global shortage of semiconductors to affect production this quarter more heavily than in the first three months of the year.
The group, which was formed at the beginning of this year thorough the merger of Italian American Fiat Chrysler and France's PSA, said its first quarter revenues rose 14% to 37 billion euros ($44.5 billion) on a pro-forma basis.
That compares with analyst expectations of 34.9 billion euros, according to a Reuters poll.
Stellantis said in a statement production losses due to the semiconductor shortages amounted to around 11% of planned production in the first three months of this year, or around 190,000 units out of 1.567 million quarterly shipments on a pro-forma basis.
It added it had "limited visibility" over the impact of the semiconductor shortage on its full-year results, but expected that the second quarter would be worse than the first three months, with some improvements in the second half.
($1 = 0.8322 euros)
(Reporting by Giulio Piovaccari; additional reporting by Gilles Guillaume; editing by Agnieszka Flak)
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