Automotive group reports earnings of 5.6 billion euros in the first half of the year; revenue falls 14% in the period
A Stellantis posted a profit of 5.6 billion euros (US$6.1 billion) in the first half of 2024. The result represents a drop of 48% compared to the same period last year. According to the company, the drop was driven by a decrease in sales volume and costs with restructuring of some operations.
The assembler of brands Peugeot, Fiat, Jeep, Citroën and others, also recorded a 14% drop in revenue in the period. In the first half of 2024, revenue was 85 billion euros (US$ 92.3 billion). In 2023, the company collected 98.4 billion euros (US$ 106.8 billion) Read more full of the results (PDF – 1 MB, in English).
Stellantis’ adjusted operating profit also fell by 40 percent to €8.46 billion ($9.2 billion) from €14.1 billion ($15.3 billion) last year.
According to the automaker, the results recorded in the first half of the year were below expectations. The company expects to correct the course by launching 20 models by the end of the year.
“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 Stellantis CEO Carlos Tavares.
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