SHERIDAN, WYOMING – November 16, 2024 – Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP), a global automotive leader, today announced its third-quarter 2024 results, demonstrating a strategic focus on navigating a transitional period marked by product upgrades and inventory reduction initiatives. The company reported lower net revenues while also reaffirming its full-year guidance.
Q3 2024 Financial Highlights
Stellantis reported net revenues of €33.0 billion for the third quarter, a 27% decrease compared to the same period in 2023. This decline is primarily attributed to lower shipments, unfavorable sales mix, and the impact of pricing and foreign exchange.
Despite the revenue decrease, Stellantis Chief Financial Officer Doug Ostermann expressed confidence in the company's progress.
"While Q3 2024 performance is below our potential, I'm pleased with our progress addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilization of U.S. market share. In Europe, stringent quality requirements delayed the start of certain high-volume products, but with progress resolving challenges we will soon benefit from the significantly expanded reach our generational new product wave brings to 2025 and beyond."
Product Transition and Inventory Management
Stellantis' third-quarter results reflect a deliberate strategy to optimize its product portfolio and inventory levels. Consolidated shipments for the quarter were 1,148 thousand units, down 20% year-over-year. This decrease was driven by planned production adjustments, particularly in North America, to reduce dealer inventory.
The company also noted that temporary gaps in its product lineup, partly due to the ongoing transition to new multi-energy offerings, impacted shipment volumes. Delays in launching products based on the Smart Car platform, such as the Citroën C3, further contributed to the decline.
Positive Reception for New Products
Despite these challenges, Stellantis highlighted the strong reception for its newly launched products, including the Citroën C3 and Peugeot 3008, which have garnered substantial orders. The company remains committed to its product blitz, with approximately 20 new models slated for launch in 2024.
Focus on Sustainability and Innovation
Stellantis continues to prioritize sustainability and innovation, as evidenced by its Dare Forward 2030 strategic plan. The plan includes ambitious targets for carbon neutrality and the expansion of its electric vehicle portfolio.
Reaffirming Full-Year Guidance
Despite the transitional challenges in the third quarter, Stellantis reiterated its full-year 2024 financial guidance. The company remains focused on executing its strategic plan and delivering long-term value to its stakeholders.
About Stellantis
Stellantis N.V. is one of the world's leading automakers, offering a diverse portfolio of iconic brands, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep, Lancia, Maserati, Opel, Peugeot, Ram, and Vauxhall. The company is committed to providing innovative and sustainable mobility solutions for customers worldwide.