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Stellantis’ profits suffer in first half of 2024 as vehicle sales plummet


French-Italian-American automotive giant Stellantis announced its first half 2024 earnings, reporting a net profit of €5.6bn, a 48% decrease from the previous year. Despite a drop in revenue and operating income, the company highlighted cost-saving measures and inventory reductions that supported a 10% margin. CEO Carlos Tavares acknowledged operational challenges but expressed optimism for the future, citing a plan to launch 20 new products in 2024.

The company reassured investors that it is addressing issues such as inventory performance and North American market share. Total inventory decreased by 3% in the first half of the year, with €6.7bn returned in capital primarily driven by a share buyback program. The disappointing financial performance was attributed to falling volumes, product mix changes, and production disruptions.

Stellantis is focusing on revitalizing its product portfolio, with 20 new launches planned for 2024, including the Peugeot 3008 and 5008 with innovative features, a new Lancia Ypsilon, and the Maserati Grecale Folgore. The company also affirmed its financial guidance for the year, anticipating positive industrial free cash flow and a double-digit adjusted operating income margin despite economic uncertainty.

With a commitment to addressing operational challenges and a robust product pipeline, Stellantis is optimistic about its long-term potential. The company’s strategic approach, including cost-saving measures and new product launches, aims to drive growth and enhance its position in the competitive automotive industry.

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Photo credit www.euronews.com

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