Amsterdam-based Stellantis N.V., which has its North American headquarters in Auburn Hills, today reported its 2024 net revenue of $163.8 billion was down 17 percent and net profit of $5.77 billion was down 70 percent from last year.
The world’s third-largest automaker pointed to consolidated shipment volumes decreasing 12 percent due to temporary gaps in product offerings, as well as now-complete inventory reduction initiatives, to the lower numbers.
Total inventories on Dec. 31, 2024 were 18 percent or 268,000 units lower year-over-year, including a 20 percent drop in U.S. dealer stock to 304,000 units, surpassing previously communicated target of 330,000 units.
Despite the poor financial report, Stellantis Chairman John Elkann, who took over the post in December 2024 when Carlos Tavares resigned, chooses to focus on the future.
“While 2024 was a year of stark contrasts for the company, with results falling short of our potential, we achieved important strategic milestones,” Elkann says. “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.
“We are firmly focused on gaining market share and improving financial performance as 2025 progresses.”
Among the initiatives Stellantis says it’s implementing include:
- Completing inventory management initiatives, including surpassing U.S. dealer stock reduction objectives.
- Prioritizing critical launches to better meet evolving customer needs, especially in the U.S.
- Making better use of available flexibilities under CO2 regulations to mitigate risks, while continuing to reduce emissions.
- Working together with our dealer bodies in the U.S. and Europe to accelerate the return to growth.
- Strengthening communication with suppliers to facilitate collaboration and problem-solving.
- Elevating engagement with governments and regulators on key industry issues.
- Empowering the regions to increase speed of decision-making and execution.
The automaker also is counting on 10 new product launches in 2025 to boost sales, revenue, and profitability.
