Provided updates on:

• Multi-energy powertrain approach and STLA platform
• Leapmotor JV in China

Answering questions on the possibility of expanding ICE and hybrid options on its STLA platform at its recent Q1 2024 Results and Shipments call, Stellantis CFO Natalie Knight said the automaker was “very open” on how it could “best address the consumer need.”

The query was posed in light of the EV transition happening “slightly slower than many people expected”. 

This year Stellantis has 25 product launches planned, with 18 of those carrying EV options. “The majority of our products are either ICE vehicles or intended to utilise [the] multi-energy platforms we have,” Ms Knight said.

She emphasised that those launches were not focused on “just expanding” BEV-only products into other offerings.

“It’s definitely something where we think about it quite holistically,” Ms Knight said. “I don’t want to ignore the fact that we want to stay closer to the consumer and if we see there’s an opportunity, and those models where we’ve introduced as ‘a BEV first’, we might look - is that an opportunity [for ICE]?”

“We also can look at […] the opportunities in terms of models that we have out in the market and wanting to extend their life period if we see continued demand.”

Keeping agile in a changing market

Stellantis reported net revenues of €41.7 billion in the first quarter, down 12% compared to Q1 2023.

Its focus for Q1 2024 is selling down prior generation products in preparation for the launch of its next-gen products on its new STLA platform, expected to ramp-up in the second half of this year.

A key strength the automaker has, Ms Knight said, is its multi-energy platforms for all its products in development and the “agility to move between them.”

Not every product will come immediately with ICE versions, with the 2025 Jeep Wagoneer S offered as electric-only when brought to market.

“We are confident in our ability of navigating the complex landscape of electrification,” she said.

She added that for other vehicles, the timing between electric models and their ICE counterparts will be close, such as the Citroën e-C3 and Peugeot 3008, with ICE version to follow in H2 2024.

“Our goal is to put ourselves in a position where we can show the market we know where things are moving and we’re committed to the EV market, but on the other hand we have the flexibility to go and grow where the consumer demand is.”

Leapmotor moving rapidly

Last October, Stellantis invested €1.5 billion ($1.6 billion) for a 21% share in China’s Leapmotor, with a subsequent JV Leapmotor International being formed, where the Europe-based automaker holds a 51% share.

Asked on the progress of Leapmotor International, Ms Knight said: “Things are moving quite rapidly – we have had very positive progress.”

The first sales and revenue details are expected to come through in H2 2024.

“It’s not going to be hugely material for us as a group,” she continued. “But you will hear us talk about that as those things come to market: first is Europe, but we are seeing a lot of interest from the Middle East and Africa, and South Africa to get moving on these products because they’re very cost competitive in their markets.

“We see more opportunity there than we initially envisioned when we announced the JV.”