Stellantis published second-half and full-year 2024 profits on Wednesday, underscoring a challenging year for the owner of Jeep, Ram, Chrysler, Dodge, and Fiat, which is presently looking for a new CEO following Carlos Tavares’ exit.
Stellantis reported a financial loss of $133 million (127 million euros), down more than 102% from the previous year’s second half, when the carmaker claimed a net profit of $8.1 billion (7.7 billion euros). Stellantis typically provides entire profits twice a year. Still, on a webcast Wednesday morning, Chief Financial Officer Doug Ostermann said that, based on feedback, the company will transition to quarterly reporting at the beginning of 2026. For the year, the manufacturer posted a net profit of $5.8 billion (5.5 billion euros), a 70% decrease from 2023.
The company’s net revenues of $75.5 billion (71.9 billion euros) fell more than 21% from $95.7 billion (91.2 billion euros) in the second half of 2023. Stellantis’ full-year revenues of $156.9 billion (164.7 billion euros) fell more than 17% from $199 billion (189.5 billion euros) in 2023. The stock declined 35.27% in the first half of 2024, to $13.05 on December 31, 2024, down from $20.16 at the halfway point. That’s down more than 43% from where it started the year, at $23.11 on January 2, 2024.
The firm battled with extensive stocks in 2024. Still, it claimed its overall stockpiles on December 31 were down, “including a 20% drop in U.S. dealer stock to 304 thousand units, surpassing the previously communicated target of 330 thousand units.” In North America, the firm reported shipments were down 25%, “primarily due to decreased manufacturing in support of the U.S inventory reduction actions, as well as from discontinued models of Dodge Charger and Challenger, Chrysler 300, and Jeep Cherokee and Renegade.” US sales breakdown by brand: Jeep at 587,725, down 9% from 642,924; Ram at 439,039, down 19% from 539,476; Chrysler at 124,683, down 7% from 133,729; Dodge at 141,730, down 29% from 199,458; Fiat at 1,528, up 154% from 605; and Alfa Romeo at 8,865, down 19% from 10,898.
