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Stellantis announced results for H1 2024, including €85.0 billion of Net revenues, down 14% y-o-y, and €5.6 billion in Net profit, down 48% y-o-y.
Lower financial performance in the first half of 2024 has been attributed to lower volumes and mix. Lower volumes would be the result of inventory reduction initiatives, temporary product production gaps due to a generational portfolio transition, and lower market share particularly in North America.
Carlos Tavares, CEO, said: “The Company’s performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues.
“While corrective actions were needed and are being taken to address these issues, we also have initiated an exciting product blitz, with no fewer than 20 new vehicles launching this year, and with that brings bigger opportunities when we execute well.
“We have significant work to do, especially in North America, to maximize our long-term potential. I want to thank every employee for their teamwork and commitment during this very consequential chapter of our story.”
Stellantis has sustained market share leadership in Europe. It is number one in plug-in hybrid vehicles sales and number 2 in LEV sales.
Stellantis has planned at least 20 new product launches in 2024.