Profits at Stellantis fell a staggering 70 percent in 2024. You don’t have to be a financial wizard to know that’s a very hard hit. Translated into cash, it’s a net profit of 5.5 billion euros, or $5.7 billion in US currency. By the time you factor in expenses and all the things that eat into those profits, Stellantis ultimately lost $133 million in 2024. Ouch.
That’s not how Stellantis expected 2024 to go, obviously. Big losses in the US, the company’s most profitable sector, were driven by inventory woes of vehicles that were too expensive for their target market. At the same time, Ram and Dodge underwent transitions to new or updated models that were slow to arrive, creating a gap at a very inopportune time. Ram CEO Tim Kuniskis flat-out admitted to Motor1 that the company dropped the ball on getting lower-priced Ram 1500s to market.
Photo by: Motor1.com
Meanwhile at Dodge, the new Charger launched first as the electric-only Daytona model, and when it eventually went on sale, reception was lukewarm at best. The combustion model running the Hurricane inline-six engine has been fast-tracked for launch, but it’s still not slated to arrive until later this year.
The turbulent year ultimately saw former Stellantis CEO Carlos Tavares abruptly resign after allegedly being at odds with the entire Stellantis board. Since then, an interim executive committee led by Stellantis Chairman John Elkann has made some sweeping changes, notably in the US market. More control has been given to CEOs of individual brands, and there’s renewed optimism from the Fiat Chrysler Automobiles (FCA) side of Stellantis.
Photo by: InsideEVs
Stellantis as a whole, however, still has a long way to go. The company’s full-year financial report forecasts an adjusted operating margin in just the mid-single digits. And if all goes according to plan, Stellantis should start making money again in the second half of the year. Of course, this is all before accounting for EV tax credits, tariffs, or policies in Washington DC that could upset things. Still, Elkann is cautiously optimistic.
“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. 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.”
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