In the first half of 2024, Stellantis’ global sales volume fell as the company moved to newer products, with a gap between the end of old vehicles and the start of new ones. The company also blamed its lower volume on “lower market share, particularly in North America,” which is an inarguable but useless point as low sales and low market share tend to go together.
The company stated that it felt that the impact of coverage gaps has peaked and expects much higher performance in North America and Europe as well as at Maserati for the rest of 2024 and for 2025.
One euro is around $1.08 today.
Stellantis had the highest market share in commercial vehicles in the Middle East/Africa region for the first time, while keeping its top commercial vehicles spot in Europe and South America. In the United States, Stellantis remained the top seller of plugin hybrids.
Leapmotor, the Chinese EV company which Stellantis has bought into, has been approved to sell cars in Europe. Other product launches in the rest of the year will include:
- Ram 1500, with up to 540 hp
- Lancia Ypsilon, the first new Lancia that wasn’t a rebadged Chrysler in quite some time
- Peugeot 3008 and 5008, on the STLA Medium platform with BEV range up to 680 km
- Maserati Grecale Folgore, an electric SUV with 820 Nm of torque
- Citroën Basalt, an “SUV coupé”
- Stellantis vans (12 models across five brands)
The company claimed 20 launches and that list has 18; the other two are likely the Charger and Wagoneer S, pushing Recon to 2025.
Overall, Stellantis brought in €85 billion in net revenue, €5.6 billion in net profit, and €4.9 billion in cash flows from operations. The adjusted operating income margin was 10%, down from 14.4% in the first half of 2023. Net revenues were down 14% and profit is down 48%—around half of the same half last year.
North America is still the profit driver, surprising many who saw huge inventories and massive incentives to clear some models from inventory. Shipments were down by 18% to 838,000, but net revenues were still €38 billion, far more than any other region including Europe (€30 billion). The margin in North America was 11.4%, much higher than Europe’s 7% but below the Middle East/Africa’s 21% and South America’s 16%.
Due to various unusual costs, including restructuring and supporting the workforce as plants were rebuilt, adjusted operating income for North America was just €4.4 billion, which was still more than double the next best region, Europe, which saw €2.1 billion in adjusted operating income; restructuring and related costs were far higher in Europe. In the first half of 2023, though, adjusted operating income in North America was €8 billion—still more than double that of Europe.
Maserati continues to lose money with adjusted operating income and margin both negative, though net revenues were €631 million. In India/Asia-Pacific, including China, the margin was 5% with just 32,000 vehicles sold and €1 billion in net revenue.
Despite a report mainly filled with good news, Stellantis stock fell precipitously with the release of the news, from $20.10 to $18.05 now.
David Zatz started what was to become the world’s biggest, most comprehensive Mopar site in 1994 as he pursued a career in organizational research and change. After a chemo-induced break, during which he wrote car books covering Vipers, minivans, and Jeeps, he returned with Patrick Rall to create StellPower.com for daily news, and to set up MoTales for mo’ tales.
David Zatz has around 30 years of experience in covering Chrysler/Mopar news and history, and most recently wrote Century of Chrysler, a 100-year retrospective on the Chrysler marque.
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