Stellantis has reported disappointing financial results for 2024, marking a year of significant downturns amid a period of transition following the departure of former CEO Carlos Tavares on December 1, 2024. The company’s net revenues amounted to €156.9 billion, reflecting a 17% decline from the €189.54 billion recorded in 2023. Even more concerning is the steep drop in net profit, which plummeted by 70% to €5.5 billion, down from €18.62 billion the previous year.
Industrial cash flow also faced serious challenges, recording a negative balance of €6 billion. Stellantis attributes this decline to “the reduction in profit and the temporary impact of working capital due to production adjustments.” Additionally, vehicle deliveries fell by 12% year-over-year.
The most striking financial indicator is the dramatic 84% decrease in operating income, which fell to €3.687 billion in 2024. Adjusted operating income, which accounts for restructuring costs, asset impairments, and tax expenses, dropped by 64%, reaching €8.648 billion.
Maserati’s troubles reflect broader challenges
The luxury brand Maserati also experienced a tough year, with revenues dropping by 55.5% to €1.04 billion. Global vehicle deliveries for Maserati stood at just 11,300 units, a stark 57.5% decline compared to the 26,600 vehicles sold in 2023.
Despite these setbacks, Stellantis maintains that it has achieved important strategic milestones. The company is in the process of appointing a new CEO, with the selection expected to conclude by mid-2025. Industry insiders suggest that an announcement could be made as early as April 15, coinciding with the annual shareholders’ meeting.
John Elkann, the interim head of the Executive Committee, acknowledged the challenges but emphasized the company’s progress in launching its next-generation products. Key developments include the introduction of vehicles built on the new STLA multi-energy platforms and the global expansion of the Smart Car platform, with models like the Citroën C3/Ë-C3 and Fiat Grande Panda hitting the European market.
Declining deliveries across key markets
Stellantis’ global vehicle deliveries reached 5.526 million units in 2024, a 12.4% decline compared to 6.311 million in 2023. The North American market saw the steepest drop, with a 25% decline to 1.432 million units. In the Enlarged Europe region, deliveries fell by 8% to 2.576 million units.
Other regional markets also faced downturns:
- Middle East and Africa: 534,000 vehicles delivered (-5%)
- South America: 912,000 vehicles delivered (+4%)
- European Union: 1.742 million vehicles delivered (-7.2%)
Adding to concerns, early 2025 has shown no signs of recovery, with January sales in the European Union down by a further 17.9%.
The Italian Question
The disappointing 2024 financial results have intensified concerns about Stellantis’ manufacturing footprint in Italy. The fate of key production plants in Cassino, Melfi, Mirafiori, Pomigliano d’Arco, and Atessa remains a pressing issue, as stakeholders call for new high-volume models to sustain operations.
From 2021 to May 2024, Stellantis allocated over €980 million to support its workforce through layoffs and restructuring, with more than €700 million covered by the Italian government. However, Jean Philippe Imparato, Stellantis’ head of European operations, reassured Italian officials that all plants would remain operational. He also confirmed that from 2026 onward, production capacity will increase due to new models.
The company has committed to its “Piano Italia” strategy, ensuring each factory has a production roadmap extending to 2032. Stellantis is set to invest €2 billion in its Italian plants in 2025, alongside €6 billion in procurement from local suppliers.
