Stellantis reported a net loss of $133 million for the second half of 2024, a dramatic decline from the $8.1 billion profit posted in the same period a year prior. The automaker, which owns Jeep, Ram, Chrysler, Dodge and Fiat, cited high inventories, declining shipments and discontinued models among the challenges that impacted its financial performance.
For the full year, Stellantis recorded a net profit of $5.8 billion, a 70% drop from 2023. The company's second-half revenue fell 21% year-over-year to $75.5 billion, while full-year revenue declined more than 17% to $156.9 billion. Stock value also suffered, falling 35% in the second half to $13.05 per share as of Dec. 31, down from $20.16 at midyear.
"2024 was a year of stark contrasts for the company, with results falling short of our potential," Stellantis Chairman John Elkann said in a statement. However, he emphasized the company’s strategic investments, including new multi-energy platforms and a partnership with Chinese automaker Leapmotor. "We are firmly focused on gaining market share and improving financial performance as 2025 progresses," he added.
Stellantis' North American shipments were down 25%, largely due to production cuts aimed at reducing inventory. The company reported a 20% decrease in U.S. dealer stock to 304,000 units, surpassing its previous target of 330,000 units. The decline was also influenced by the discontinuation of several models, including the Dodge Charger, Dodge Challenger, Chrysler 300, Jeep Cherokee and Jeep Renegade.
Brand-specific U.S. sales figures reflected these challenges. Jeep sales fell 9% to 587,725 units, while Ram sales dropped 19% to 439,039 units. Dodge saw the steepest decline, with a 29% drop to 141,730 units. Chrysler sales were down 7%, and Alfa Romeo declined 19%. The one bright spot was Fiat, which saw sales surge 154% to 1,528 units.
Looking ahead, Stellantis plans to transition to quarterly earnings reports in 2026, a change CFO Doug Ostermann said was based on investor feedback. As the company searches for a new CEO following the departure of Carlos Tavares, it faces the challenge of regaining profitability while adapting to an evolving automotive market.
