MILAN (AP) — The Stellantis automotive company created out of the merger of Fiat Chrysler Automobiles and PSA Peugeot reported Wednesday a 14% increase in first-quarter revenues, despite a drop in production due to the semiconductor shortage.
Stellantis revenues for the first three months of 2021 were 36.9 billion euros, compared with 32.4 billion euros ($44.42 billion) in the first three quarters of last year. The merger became formal on Jan. 17, 2021, creating the world’s fourth-largest carmaker, and the figures take into account the individual performances of Fiat Chrysler and PSA Peugeot in the preceding periods.
Lost production due to the global chip shortage for the period was 190,000 vehicles, Stellantis Chief Financial Officer Richard Palmer said. Eight of the company’s 44 plants are currently affected, leading to reductions in shifts or vehicle lines. Palmer said the impact was likely higher in the second quarter but “is still very