The profits of car giant Stellantis fell by 70% last year due to declining sales, particularly in the critical North American market.
The firm, – whose 14-brand portfolio includes Alfa Romeo, Citroën, Jeep, Maserati, Peugeot and Vauxhall – posted a net profit of €5.5 billion (£4.5bn), a 70% drop from an €18.62bn (£15.45bn) profit in 2023.
Stellantis’s net revenues fell by 17% to €156.9bn (£130bn). The firm cited reduced production in the North American market due to a planned inventory reduction, and delays in the launch of new vehicles for the European market that use its new Smart Car platform. That architecture is employed by new vehicles such as the Citroën ë-C3, Vauxhall Frontera and Fiat Grande Panda.
The North American market was particularly tough for Stellantis, with vehicle shipments slumping 25% from 1,903,000 to 1,432,000 and revenues in that region falling 27% as a result. By contrast, the total of 2,576,000 cars Stellantis shipped in Europe was only 8% down on 2023. One particular region where the firm did have success was South America, where sales grew 4% to 912,000.
Stellantis chairman John Elkann described 2024 as “a year of stark contrasts for the company, with results falling short of our potential” but he claimed the firm had “achieved important strategic milestones”.
Elkann cited the launch of new multi-energy vehicle platforms, the start of in-house EV battery production and the new joint venture with Leapmotor to launch affordable EVs in Europe. As a result, the firm expects to return to "profitable growth" in 2025.
Stellantis is currently without a CEO after Carlos Tavares was abruptly ousted late last year and the firm said the hunt for his successor is “well under way” and should be completed in the first half of this year.
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