Stellantis has announced full-year 2024 financial results which were in line with previous guidance but highlighted the consequences of excessive inventory in the US. Earlier this year it said it had reduced US vehicle inventory by more than 100,000 units by the end of 2024.
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This target was reached late last year as part of the company’s efforts to revitalise its North American operations following the unexpected departure of former CEO Carlos Tavares. The company is still searching for a replacement. Currently, Stellantis is being overseen by an interim executive committee headed by board chairman John Elkann until a new CEO is appointed.
Stellantis net revenues in 2024 were posted at €156.9 billion, down 17% compared to 2023, with consolidated shipment volumes decreasing 12% due to ‘temporary gaps in product offerings, as well as now-complete inventory reduction initiatives’, the company said.
Net profit was €5.5 billion, down 70% on 2023. Adjusted operating income was €8.6 billion down 64% on 2023.
Stellantis chairman John Elkann said: “While 2024 was a year of stark contrasts for the company, with results falling short of our potential, we achieved important strategic milestones.
“Notably, we began the rollout of new multi-energy platforms and products, which continues in 2025, started production of EV batteries through our JVs, and launched the Leapmotor International partnership.
“Stellantis’ dedicated and talented people are driving forward with energy and determination, engaging with key stakeholders and moving decision-making closer to our customers. We are firmly focused on gaining market share and improving financial performance as 2025 progresses.”
Stellantis said shipments in North America were down 25% (1.43m), due to reduced production in support of the US inventory reduction actions, as well as from discontinued models of Dodge Charger and Challenger, Chrysler 300, and Jeep Cherokee and Renegade.
In Europe, shipments were down 8% (2.5m), driven by reduction in dealer stock as well as ‘production losses due to delayed launch of vehicles utilising the Smart Car platform’.
