Stellantis (NYSE:STLA) shares gained in today’s trading after the automaker reported impressive sales growth across Europe in the first quarter of 2024. In fact, it saw a 5.4% year-over-year increase within the EU29 region, which boosted its market share to 19.2%. In key countries like France, Italy, Germany, Spain, and the UK, Stellantis not only maintained but also significantly increased its market leadership, thanks in part to popular models like the FIAT Panda and Citroen C3.
Furthermore, the company’s Pro One Commercial Vehicles unit saw an 11.1% volume increase. Impressively, the unit leads the market with a 30% share across nearly all European countries.
In addition, Electric vehicle (EV) sales saw notable growth, as it achieved a 4.5% year-over-year increase and captured a 14.4% market share in the EU29 region during the first quarter. This growth was particularly pronounced in France, where BEV volumes surged by 54%, securing a 35.7% market share.
Is STLA a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on STLA stock based on 14 Buys, five Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After a 66% rally in its share price over the past year, the average STLA price target of $30.53 per share implies 12.04% upside potential.
