Stellantis N.V. has reported its financial results for the first half of 2024, announcing net revenues of €85.0 billion, down 14% year-over-year (y-o-y), and a net profit of €5.6 billion, down 48% y-o-y. The company achieved an Adjusted Operating Income (AOI) of €8.5 billion, representing a 10% AOI margin, with adjusted diluted EPS decreasing by 35% y-o-y.
The reduced financial performance was primarily due to lower volumes and mix, driven by inventory reduction initiatives, temporary production gaps during a generational portfolio transition, and a decline in market share, particularly in North America. Despite these challenges, Stellantis is focusing on launching a series of significant new products. The company anticipates that the impact of the product portfolio’s coverage gaps has peaked and expects performance improvements in North America, Enlarged Europe, and Maserati in the latter half of 2024 and into 2025.
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Commercial Achievements and Product Launches
Stellantis maintained its leadership in the commercial vehicle sector, achieving the top market share in the Middle East & Africa for the first time and sustaining market share leadership in Europe and South America. In the U.S., Stellantis holds the number one position in plug-in hybrid vehicle sales and the second position in low-emission vehicle (LEV) sales. The Leapmotor International joint venture is set to introduce its tech-centric electric vehicles, the C10 SUV and T03 car, initially in Enlarged Europe, followed by other regions by the end of 2024.
The company has planned 20 new product launches in 2024, with 10 already in production during the first half of the year. Notable launches include:
- Peugeot 3008 and 5008: Based on the BEV-native STLA Medium platform, these models feature the Panoramic i-Cockpit and have seen nearly 30% of 3008 orders for the battery-electric version.
- New Lancia Ypsilon: The first car of its new era in the premium hatchback B-segment.
- Maserati Grecale Folgore: Maserati’s first full-electric SUV.
- Ram 1500: Featuring the Hurricane Twin-turbo engine, acclaimed in the J.D. Power Initial Quality Study.
- Citroën Basalt: A new SUV coupé launching in India and South America.
- Stellantis Pro One Vans: A renewed van lineup across multiple brands.
Technological Advancements and Strategic Initiatives
Stellantis is set to launch eight new vehicles on the STLA Large platform between 2024-2026. The platform offers various electric drive modules and a range of up to 800 Km in BEV models. The Smart Car platform will also serve as the base for 13 models by 2026, focusing on affordability and advanced technology.
The company has partnered with CEA for next-gen battery cell design and is expanding its electrified dual-clutch transmission (eDCT) technology, which has contributed to a 53% sales growth in hybrid vehicles in Europe. Stellantis plans 30 hybrid models this year, with six more by 2026.
Stellantis’ AI-powered platforms—STLA Brain, STLA SmartCockpit, and STLA AutoDrive—will be tech-ready by the end of 2024 with product deployment in 2025. The company is also enhancing its software and connected services, with significant features like e-ROUTES, a ChatGPT-enhanced virtual assistant, and Connect Fleet by Free2Move.
Guidance and Outlook
Stellantis reiterates its financial guidance for a double-digit AOI margin in 2024 and positive industrial free cash flow, despite macroeconomic uncertainties. The company will hold a live webcast and conference call on July 25, 2024, to present its H1 2024 results.
About Stellantis
Stellantis N.V. is a leading global automaker known for its diverse portfolio of brands, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move, and Leasys. The company aims to become a carbon net-zero mobility tech company by 2038 under its Dare Forward 2030 strategic plan.
For more information, visit Stellantis.
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