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Stellantis (NYSE: STLA)* said today that full year 2024 results were net revenues of €156.9 billion, down 17% compared to 2023. Net profit was €5.5 billion, down 70%. Adjusted operating income of €8.6 billion fell 64%. Industrial free cash flows were negative €6 billion reflecting the decline in income and temporary enlarged working capital impact due to production cuts. However, despite the almost total car wreck, the dividend to common shareholders is proposed at €0.68 per share, representing a 5% yield, pending shareholder approval.
“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,” said John Elkann, Chairman, a large shareholder and the scion of the Fiat family.** Continue reading
Musk and Bezos Freeloading on Taxpayer Subsidies
Elon Musk, who is leading efforts to cut spending he alleges is wasteful, has himself benefited from more than $38 billion in government funding, according to a just-published exposé in the Washington Post. The Washington Post used Good Jobs First’s Subsidy Tracker to help tell the story of just how much companies controlled by Musk have received, according to a release today from the respected Good Jobs First (GJF) organization.*
“Over the years, Musk and his businesses have received at least $38 billion in government contracts, loans, subsidies and tax credits, often at critical moments, a Washington Post analysis has found, helping seed the growth that has made him the world’s richest person… Continue reading →