Stellantis worker at work inside of the new Hybrid and PHEV Vehicles Stellantis Group eDCT Assembly Plant on April 10, 2024 in Turin, Italy.
Stefano Guidi | Getty Images News | Getty Images
Crisis-stricken auto giant Stellantis on Wednesday said it sees return to revenue growth this year after a steep drop in 2024 earnings.
The mutlinational conglomerate, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, posted full-year 2024 net profit of 5.5 billion euros ($5.77 billion), down 70% from 18.6 billion euros across full-year 2023.
Analysts had expected full-year 2024 net profit to come in at 6.4 billion euros, according to an LSEG-compiled consensus.
Stellantis said it expects to return to profitable growth and positive cash generation in 2025, reflecting the early stage of a commercial recovery and elevated industry uncertainties.
The results come as the company continues its search for a new chief executive following the abrupt departure of Carlos Tavares late last year.
Stellantis said it expects to name a successor during the first half of this year, with Chairman John Elkann leading an interim executive committee until the position is filled.
Other earnings highlights:
- Net revenues came in at 156.9 billion euros, down 17% from the previous year
- Adjusted operating income margin of 5.5%, at the lower end of the firm’s updated financial guidance
“While 2024 was a year of stark contrasts for the Company, with results falling short of our potential, we achieved important strategic milestones,” Elkann said in a statement accompanying the results.
“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,” he added.
Elkann said the company was “firmly focused” on both gaining market share and improving financial performance through 2025.
Shares of the Milan-listed company fell 4% on Wednesday morning.
The carmaker, like many of its peers, has been hit hard by a series of challenges in recent months, including North American performance issues, a global decline in demand for new cars and difficulties in the world’s largest auto market of China.
Stellantis issued a profit warning in September, warning of lower-than-expected sales “across most regions” in the second half of 2024.