Stellantis Releases Its Financial Results For H1 2024
Company Still Reported A Net Profit Of $6.2 Billion, Down 48% Compared To 2023...
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Stellantis has announced its financial results for the first half of 2024. Despite a challenging economic environment, the company reported a net profit of €5.6 billion ($6.2 billion) and an adjusted operating income (AOI) margin of 10%. However, the results reflect significant declines compared to the first half of 2023, with net revenues down 14% to €85.0 billion ($94.1 billion) and net profit down 48%.
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Key Financial Figures –
- Net Revenues: €85.0 billion ($94.1 billion), down 14% from H1 2023
- Net Profit: €5.6 billion ($6.2 billion), down 48% from H1 2023
- Adjusted Operating Income (AOI): €8.5 billion ($9.4 billion), down €5.7 billion ($6.3 billion) from H1 2023
- AOI Margin: 10%
- Industrial Free Cash Flows: Near zero at -€0.4 billion (-$0.4 billion)
Factors Influencing Performance –
Stellantis explained that the decline in financial performance was primarily due to lower sales volumes and an unfavorable mix of products sold. Currency exchange challenges and restructuring costs exacerbated this. The most significant impact was felt in North America, where Stellantis faced market share losses and inventory issues.
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CEO’s Response –
Stellantis CEO Carlos Tavares acknowledged the disappointing performance, citing both industry-wide challenges and internal operational issues. He stated, “The company’s performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues. While corrective actions were needed and are being taken to address these issues, we also have initiated an exciting product blitz, with no fewer than 20 new vehicles launching this year, and with that brings bigger opportunities when we execute well. We have significant work to do, especially in North America, to maximize our long-term potential. I want to thank every employee for their teamwork and commitment during this very consequential chapter of our story.”
Product Launches and Technological Advances –
The company’s 2024 product blitz includes the launch of several high-profile models:
- Peugeot 3008 and 5008: Built on the new STLA Medium platform, these models offer electric versions with up to 680 km (423 miles) range.
- Lancia Ypsilon: A premium hatchback marking the brand’s new era.
- Maserati Grecale Folgore: Maserati’s first fully electric SUV.
- Ram 1500: Featuring the new twin-turbocharged Hurricane engine, the most powerful 6-cylinder engine in its segment.
- Citroën Basalt: A new SUV coupé launching in India and South America.
- Stellantis Pro One Vans: Renewed van lineup from Citroën, FIAT, Opel, Peugeot, and Vauxhall.
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In addition to these launches, Stellantis is advancing its technological capabilities. Eight new vehicles will be launched on the STLA Large platform by 2026, including the Dodge Charger Daytona and Jeep® Wagoneer S. The company is also developing advanced battery technologies and AI-powered platforms like STLA Brain, STLA SmartCockpit, and STLA AutoDrive.
Future Outlook –
Stellantis is optimistic about the second half of 2024 and beyond. The company expects the impacts of its product portfolio gaps to have peaked, with significant performance improvements anticipated in North America, Europe, and the Maserati brand. Launching the Leapmotor International joint venture and introducing new electric vehicles (EVs) are also expected to drive future growth.
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