Stellantis Reports €5.6 Billion Net Profit, €8.5 Billion AOI, 10% AOI Margin in H1 2024

The net revenues amounted to €85.0 billion, showing a 14% decrease compared to H1 2023, mainly due to the decline in volume and mix.

The net profit was €5.6 billion, down by 48% compared to H1 2023, primarily due to lower volume and mix, headwinds from foreign exchange, and restructuring costs. Adjusted operating income stood at €8.5 billion, down by €5.7 billion compared to H1 2023, mainly due to decreases in North America. The AOI margin was 10%, reflecting direct materials, workforce, and logistics cost reductions that helped mitigate the revenue decline.

Management is taking decisive actions to address operational challenges, including North American share and inventory performance. Industrial free cash flows were near zero (-€0.4 billion), impacted by lower AOI, negative working capital development, and higher investment spend, with expectations for improvement in the second half to support positive full-year Industrial free cash flow. Total inventory decreased by 3% to 1,408 thousand units over the first six months of 2024. More than 20 launches are planned in 2024, including a refreshed Ram 1500, European van range, and the Peugeot 3008, the first on the new STLA family of platforms.

All necessary approvals have been received to launch the Leapmotor International JV, with initial deliveries in Enlarged Europe expected near the end of Q3 2024, followed by South America, Middle East & Africa, and India & Asia Pacific.

A total of €6.7 billion in capital was returned in the first half, partly due to the accelerated execution of the €3.0 billion 2024 share buyback program, with a commitment to return at least €7.7 billion before the end of 2024.

The Company's performance in the first half of 2024 did not meet our expectations due to a challenging industry context and operational issues. We are taking corrective actions to address these issues and have launched an exciting product blitz, with at least 20 new vehicles set to launch this year, presenting significant opportunities if executed well. There is substantial work ahead, particularly in North America, to maximize our long-term potential. I would like to express my gratitude to every employee for their teamwork and commitment during this significant chapter of our story. - Carlos Tavares, CEO.

All reported data is unaudited. Reference should be made to the section “Safe Harbor Statement” included elsewhere within this document.

Stellantis N.V. disclosed its financial results for the first half of 2024, reporting €85.0 billion in Net revenues, a 14% decrease year-over-year, and €5.6 billion in Net profit, a 48% decline year-over-year. The company achieved an AOI of €8.5 billion, representing a 10% AOI margin, while Adjusted diluted EPS decreased by 35% year-over-year.

The decline in financial performance during the first half of 2024 was primarily attributed to lower volumes and mix. This was exacerbated by challenges in volume comparison resulting from inventory reduction initiatives, temporary product production gaps due to a generational portfolio transition, and decreased market share, particularly in North America. Stellantis is focused on successfully launching a range of new products in the near future, with expectations of improved performance in the second half of 2024 and full-year 2025, driven by management actions to enhance performance in North America, Enlarged Europe, and Maserati.

On the commercial front, Stellantis maintained its leadership in commercial vehicles, securing 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 top position in plug-in hybrid vehicle sales and ranks second in LEV sales. The Leapmotor International joint venture, leveraging Leapmotor's cost competitiveness and advancements in powertrains and connectivity, is set to introduce its first tech-centric electric vehicles, the C10 SUV and T03 car. The initial launch will take place in Enlarged Europe, followed by South America, Middle East & Africa, and India & Asia Pacific by the end of 2024.

2024 Product Blitz Underway

The Company plans no fewer than 20 new product launches in 2024, including 10 that have started production already in the first half of the year:

• Peugeot 3008 and 5008 – Based on the BEV-native multi-energy STLA Medium platform with a range of up to 680Km, these models feature the brand new Panoramic i-Cockpit. ChatGPT will become standard across the entire Peugeot lineup, following DS brand’s lead earlier this year. In June, nearly 30% of 3008 orders were for the battery electric version. Peugeot also localized production of the 2008 in South America.

• New Lancia Ypsilon – Lancia introduced the first car of its new era in the premium hatchback B-segment, the New Lancia Ypsilon. The brand has a 10-year strategic plan to propel it forward with innovative and timeless Italian elegance.

• Maserati Grecale Folgore – Maserati launched the Grecale Folgore, the Trident’s first-ever SUV powered by a full-electric powertrain with 820 Nm of torque and a top speed of 220 Km/h.

• Ram 1500 – Ram launched the new 1500 on the heels of a positive accolade as the No. 1 industry brand in J.D. Power Initial Quality Study — the only truck-exclusive brand ever to do so. The Ram 1500 features the new Hurricane Twin-turbo family, the most powerful 6-cylinder engine in the segment with up to 540 horsepower and 469 lb-ft of torque.

• Citroën Basalt – The Citroën Basalt, a new SUV coupé, is launching in India and South America. Orders for the new Citroën C3 are strong with 72% of customers opting for the all-new ë-C3, a competitively priced B-segment EV produced in Europe.

• Stellantis Pro One Vans – The renewed Pro One van lineup from Citroën, FIAT Professional, Opel, Peugeot and Vauxhall is on the road with 12 models across all segments. Stellantis Pro One is No. 1 in Enlarged Europe, South America and Middle East & Africa in the first half. 

In recognition of their storied legacies in Italy and Germany, FIAT and Opel celebrated their 125-year anniversaries. FIAT revealed its comeback to the global mainstream market with the Grande Panda, starting from less than €25,000 for the full EV and will also be available in a hybrid version.

Technology Push

• Eight new vehicles are set to launch on the STLA Large platform between 2024-2026, led by the Dodge Charger Daytona, Jeep® Wagoneer S and Jeep Recon. This new BEV-native multi-energy platform is highly flexible and optimized for various electric drive modules, offering customers the benefits of instant torque from EV propulsion and a range of up to 800 Km/500 miles in BEV models.

• Through 2026, the Smart Car platform will serve as the base for 13 models across three regions. The platform combines advanced technology with affordability to make EVs available for everyone. In Europe, the FIAT and Opel brands will follow the Citroën C3 and C3 Aircross launches.

• Stellantis is employing a dual-chemistry approach and exploring innovative battery cell and pack technologies. The Company recently announced a five-year collaboration with CEA, a leading research institution, to design next-gen battery cells for EVs.

• Stellantis’ electrified dual-clutch transmission (eDCT) tech has been popular in Europe, helping lead to a 53% sales growth year-over-year in EU30 hybrid vehicle sales. Thirty hybrid models are planned for this year, with six more by 2026, offering a great driving experience and lower CO2 emissions at more affordable prices than fully electric and plug-in hybrids. Stellantis is the sales leader for low-emission vehicles, which includes battery electric, fuel cell and plug-in hybrid, in the EU30 for A and B segments and light commercial vehicles.

• AI-powered platforms - STLA Brain, STLA SmartCockpit and STLA AutoDrive - are central to Stellantis’ tech advancements and are expected to be tech ready for integration by the end of 2024 with product deployment in 2025. 

• Stellantis is transforming the mobility experience with a steady stream of high-margin revenue from software and connected services, which has more than doubled since the Company's inception in 2021. Features include:
• e-ROUTES, the first route-planning smartphone app integrated with real-time vehicle data, specifically designed for electric vehicles;
• ChatGPT enhanced virtual assistant, offered standard for new and existing vehicles available in 20 European countries by the end of 2024;
• AppMarket, the central hub for connectivity available over the air in nearly half of 2021-23 MY Jeep and Ram vehicles in North America;
• Connect Fleet by Free2Move, providing fleet managers with status visibility, geofence boundary setting and real-time geolocation; and,
• MyTasks, an advanced tool to streamline fleet operations, improving coordination to enable better productivity.