- Stellantis N V
- 26 February 2025 12:03:07
Source: Sharecast
The owner of Fiat, Peugeot, Vauxhall and Jeep saw net revenues slide 17% in 2024, to €156.9bn, while net profits tumbled 70% to €5.5bn. Adjusted operating income was down 64% at €8.6bn, and the AOI margin narrowed to 5.5% from 12.8% a year previously.
The second half performance weighed especially heavily, with net revenues sliding 21% and losses coming in at €127m. A year earlier, second half net profits were €7.7bn.
Annual industrial free cash flows - Stellantis’s key cash flow metric - slumped 147% to €6.05bn loss.
In its two biggest markets, North America and enlarged Europe, shipments were 25% and 8% lower respectively.
The US was hit by reduced production as well as discontinued models, while in Europe, there was a reduction in dealer stock from the first half. The bloc has suffered from production losses due to the delayed launch of vehicles using its Smart Car platform.
John Elkann, chair, said: "While 2024 was a year of stark contrasts from the company, with results falling short of our potential, we achieved important strategic milestones.
"We are firmly focused on gaining market share and improving financial performance as 2025 progresses."
As at 1115 GMT, shares in Stellantis were down nearly 5%.
In December, chief executive Carlos Tavares quit with immediate effect, just two months after the firm warned on profits.
Tavares, a leading figure in the global car industry, had held the role since 2021. At the time, the board said "different views had emerged" in recent weeks, leading to the board and chief executive deciding to part ways.
Stellantis said on Wednesday that the process of appointing Tavares’s replacement was "well underway" and would be concluded within the first half.
The Amsterdam-based company is also forecasting "positive" net revenue growth for 2025, along with mid-single digits AOI margin and positive industrial free cash flow.
Russ Mould, investment director at AJ Bell, said: "Stellantis was stuck in reverse gear once again. Since the abrupt departure of Tavares, the company has lacked a permanent hand on the wheel and it badly needs to fill this position.
"The latest numbers are ugly, with margins at the bottom of guidance given when warning on profits last year, and earnings almost entirely wiped out in the second half of the year.
"Stellantis, like the rest of the industry, is facing a difficult transition with the pace of electric adoption uncertain. Whoever comes in will have to steer a course through difficult market conditions."