Stellantis, revenues down, profits collapse by 70%

2024 was a difficult year for Stellantis. As Chairman John Elkann says, "it was not a year to be proud of." Net revenues amounted to 156.9 billion euros, 17% less than in 2023, with deliveries down 12% globally. Net profit collapsed, falling 70% to 5.5 billion euros, but will still allow shareholders to receive a dividend of 0.68 euros per ordinary share (1.55 euros last year). Within the group, Maserati, Stellantis' only luxury brand, is suffering particularly, recording a 55.5% drop in revenues to 1.04 billion euros from 2.335 billion in 2023, with 11,300 vehicles delivered globally, 57.5% less than the previous year. The stock also fell sharply, closing the day down 4% on the Milan stock exchange. Stellantis, however, looks ahead with confidence, "it is firmly intent on gaining market share and improving financial performance during 2025", comments Elkann.

"Our priorities - he explains - are growth, execution and profitability, we want profits to grow and then also turn into cash. In the last 90 days we have focused on the launch of new products, for example the Grande Panda in Europe, and we have focused on regaining the trust of stakeholders and customers. We have also worked with unions and government representatives because to grow we must work together". The company estimates positive growth in net revenues, a positive single-digit operating income margin and positive industrial cash flow. Ten models are coming within the year. Elkann, who took over the reins of the interim executive committee after the departure of Carlos Tavares, confirms that the group's new CEO will arrive by mid-year. "We have excellent candidates, both internal and external, and the ongoing discussions are encouraging about the prospect of finding a suitable CEO. We are looking for a leader who understands finance and technology and who knows how to work in a united way with shareholders and stakeholders," explains the president of Stellantis who recalls Tavares' contribution to the growth of the group.

Elkann also talks about the EU regulations on cars that he defines as "tough and contradictory": "We are talking to evaluate what will happen before and after 2035" says the president of Stellantis who does not commit himself on the effects of possible American duties since there are no certainties, but assures that the company is ready. "In the first 100 hours of the new administration we announced large investments in the United States" he recalls. Stellantis' accounts are causing concern. "The data are dramatic. It is suicide imposed by Brussels in the name of the electric car" comments the deputy prime minister and minister of Transport Matteo Salvini. The unions are once again insisting on the need for a meeting with Prime Minister Giorgia Meloni. "Stellantis pays dividends - observes Michele De Palma, general secretary of Fiom - while Italian workers have been on redundancy for more than ten years because there are no investments in research, development and production. The choices made over the years by CEO Tavares and shared by the Stellantis owners have been a failure and we as workers and the country are paying the price". The number one of Fim, Ferdinando Uliano reiterates "the opposition to the closure of plants or unilateral job cuts. We think that we need to invest more - he underlines - to relaunch the plants, new models and with them jobs". Rocco Palombella, general secretary of Uilm, asks Stellantis to "launch as soon as possible a competitive range of cars that are not only electric but also hybrid".