Stellantis (NYSE: STLA) posted today results for the first half of 2024 of €85.0 billion of Net revenues (-14% y-o-y) with €5.6 billion in Net profit, (-48% y-o-y). Operating income (*see footnotes in story) of €8.5 billion represented a 10% AOI margin as Adjusted diluted EPS (5) decreased 35% y-o-y. Lower financial performance in the first half of 2024 came from lower volumes and mix, with the challenging volume comparisons due to a combination of inventory reduction initiatives, temporary product production gaps due to a generational portfolio transition, and lower market share particularly in North America. (read AutoInformed on: Stellantis Q1 Revenues, Shipments Drop – Transition or Trend?)

“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,” said Carlos Tavares, CEO. “We have significant work to do, especially in North America, to maximize our long-term potential.”