Jeep, Dodge-maker Stellantis reviews 48% drop in first-half revenue

Auto large Stellantis on Thursday reported a steep drop in first-half internet revenue, citing decreased volumes, short-term manufacturing gaps and decrease market share in North America.

The corporate, which owns family names together with Jeep, Dodge, Fiat, Chrysler and Peugeot, reported first-half internet revenue of 5.6 billion euros ($6.07 billion), down 48% from the identical interval of 2023.

Stellantis’ adjusted working revenue for the primary six months of 2024 got here in at 8.5 billion euros, down 5.7 billion euros on the yr, primarily on account of decreases in North America.

“The Firm’s efficiency within the first half of 2024 fell in need of our expectations, reflecting each a difficult trade context in addition to our personal operational points,” Stellantis CEO Carlos Tavares stated Thursday.

“Whereas corrective actions had been wanted and are being taken to deal with these points, we even have initiated an thrilling product blitz, with no fewer than 20 new automobiles launching this yr, and with that brings larger alternatives after we execute effectively,” he added in a press release, noting, “We now have important work to do, particularly in North America, to maximise our long-term potential.”

Stellantis’ outcomes come sizzling on the heels of second-quarter earnings from U.S. automakers General Motors and Ford Motor.

GM on Tuesday raised several key financial targets after comfortably beating Wall Avenue’s earnings expectations, whereas Ford on Wednesday reported a dip in adjusted revenue, disappointing traders.

For its half, Stellantis posted first-half internet revenues of 85 billion euros, down 14% in comparison with the identical interval a yr earlier.

Of the 20 new product launches deliberate for 2024, Stellantis stated 10 had already began manufacturing within the first six months of the yr.