Stellantis saw a fairly hefty decline in 2024 sales and profits, but still made a good profit. The company sent out 5.4 million vehicles (down 12% from 2023), earning €157 billion in net revenue (down 17%). The AOI margin was 5.5%, down from 12.8% in 2023, as incentives skyrocketed and warranty costs rose. The company reported lower research and development costs. Adjusted operating income was €8.65 billion. Along the way, Stellantis bought back shares, dropping the number of shares by 11% from 2022 to the end of 2024, though the stock price has fallen considerably. Investors will get a dividend of €0.68 per share.
To strengthen itself for 2025, Stellantis cut production and inventory, lowered list prices on five 2025 Jeeps by around 5%, and unveiled more-affordable models in Europe. Inventory fell from 1.5 million to 1.2 million vehicles, globally, comparing December 31, 2023 to December 31, 2024.
For 2025, the company predicts revenue growth and positive industrial free cash flow, with margins in the mid-single-digits—not the two-digit margins the company enjoyed and promised in 2023, which led to problems in 2024.
Where is North America in all this? Market share fell from 9.4% to just 7.8%, with total sales dropping from 1.78 million to 1.53 million. That put North America behind Europe (EU+EFTA+UK), even though share dropped there as well, from 17.5% to 16.4%.
The next highest sales region was South America, where the company dropped from 23.5% to 22.9%, albeit while gaining in sales (just not as much as the rest of the market). Maserati, incidentally, dropped from around 27,000 to around 15,000 global sales. Stellantis barely exists in Asia, including China, Australia and India, selling 112,000 vehicles in the combined regions; it does better in the Middle East and Africa, selling 538,000 vehicles—a drop from 2023.
In the second half, Stellantis lost €1.8 billion in North America as it slashed prices on excess inventory, allegedly taking tens of thousands of dollars off some cars for some periods of time. However, the profits of the first half were more than enough to compensate for the full year.
ADJUSTED OPERATING INCOME
- North America: €2.7 billion
- Europe: €2.4 billion
- South America: €2.3 billion
- Middle East+Africa: €1.9 billion
- Asia: Loss of €58 million
- Maserati: Loss of €260 million
In profits, Stellantis’ best region was, surprisingly, North America, even though net revenues were down by 27% to €63.5 billion and the margin collapsed from 15.4% to 4.2%. Europe’s net revenues were €59.0 billion, with a 4.1% margin, while South America generated €15.9 billion with a stunning 14.3% margin. In the Middle East and Africa, the company did reasonably well, albeit less well than in 2024, with €10.1 billion in net revenues and a massive 19% margin. In Asia, Stellantis brought in €2 billion in net revenues.
David Zatz started what was to become the world’s biggest, most comprehensive Mopar site in 1994 as he pursued a career in organizational research and change. After a chemo-induced break, during which he wrote car books covering Vipers, minivans, and Jeeps, he returned with Patrick Rall to create StellPower.com for daily news, and to set up MoTales for mo’ tales.
David Zatz has around 30 years of experience in covering Chrysler/Mopar news and history, and most recently wrote Century of Chrysler, a 100-year retrospective on the Chrysler marque.
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