Stellantis announced that profits for the first half of 2024 fell by 48% to €5,647 million, compared to the same period in 2023.
In a statement, the automotive group explains that the lower financial performance in the first half of 2024 was mainly driven by a lower volume and mix, adverse exchange rate movements, and restructuring costs.
In the first six months of the year, the group’s net revenues reached €85,017 million, a decrease of 14% compared to last year.
“The company’s performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industrial context and our own operational issues,” said Stellantis CEO Carlos Tavares in the document.
As for the adjusted operating profit of the conglomerate that brings together French, Italian, and North American manufacturers, it fell by 40% year-on-year to €8,463 million, which is attributed to the decline in North America.
Despite these results, the group’s operating margin, which decreased by 440 basis points, remained in double digits at 10.0%.
According to Carlos Tavares, corrective actions are needed, with some already underway to address the group’s challenges, and he also pointed to the launch of 20 models this year.
“We have a lot of work to do, especially in North America, to maximize our long-term potential. I want to thank all employees for their teamwork and dedication during this very important chapter of our history.”, concluded Carlos Tavares.
