July 25, 2024
First Half 2024 Results
With Important Product-Led Transition Year Underway, Stellantis Delivers €5.6 Billion Net Profit, €8.5 Billion AOI(1) and 10% AOI Margin(2) in the First Half of 2024
Net revenues of €85.0 billion, down 14% compared to H1 2023, primarily due to the decline in volume and mix
Net profit of €5.6 billion, down 48% compared to H1 2023, primarily due to lower volume and mix, headwinds from foreign exchange and restructuring costs
Adjusted operating income(1) of €8.5 billion, down €5.7 billion compared to H1 2023, primarily due to decreases in North America
AOI margin(2) of 10%, reflecting direct materials, workforce and logistics cost reductions which helped to mitigate the revenue decline
Management taking decisive actions to address operational challenges, including North American share and inventory performance
Industrial free cash flows(3) near zero (-€0.4 billion), impacted by lower AOI(1), as well as negative working capital development and higher investment spend, both expected to evolve favorably in the second half, supporting positive full-year Industrial free cash flow
Total inventory reduced by 3% to 1,408 thousand units over the first six months of 2024
More than 20 launches planned in 2024, including a refreshed Ram 1500, European van range and the Peugeot 3008, the first on the new STLA family of platforms. Received all necessary approvals to launch the Leapmotor International JV, with initial deliveries in Enlarged Europe near the end of Q3 2024, followed by South America, Middle East & Africa and India & Asia Pacific
Returned €6.7 billion in capital in the first half, reflecting in part the accelerated execution of the €3.0 billion 2024 share buyback program, and remain committed to return at least €7.7 billion before the end of 2024
“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.”
Carlos Tavares, CEO