Stellantis has recorded a sharp decline in financial results in the first half of 2024. Revenues and main income items have undergone a double-digit decreaseinfluenced by several factors including reduced sales volumes, a less favorable product and price mix, an unfavorable currency environment and restructuring costs.
Chief Executive Carlos Tavares admitted that the company’s performance was below expectationsreflecting the difficulties of the sector and some internal operational issues. Tavares highlighted the initiation of corrective actions and a product offensive, with the planned launch of 20 new models during the year.
Financial details
The half-yearly income statement shows net revenues of 85.02 billion euros, in 14% decrease compared to the same period of the previous yearOperating profit fell 40% to $8.5 billion, with the margin falling from 14.4% to 10%. Profits fell 48% to $5.65 billion.
The financial statement shows a cash burn, with negative industrial activity flows of 392 milliona sharp worsening compared to the positive figure of 8.65 billion of the previous year.
Regional Performances
In Nord Americavolumes fell 18%, with revenues down 16% and operating profit down 46%. In Europadeliveries fell by 6%, with revenues down 14% and operating profit down 45%. Negative results were also recorded in South America and in the region consisting of China, India and Asia-Pacific.
The Maserati recorded a particularly negative performancewith sharply declining deliveries, declining revenues and an operating loss of 82 million.
Source: www.tomshw.it
