With Important Product-Led Transition Year Underway, Stellantis Delivers €5.6 Billion Net Profit, €8.5 Billion AOI(1) and 10% AOI Margin(2) in the First Half of 2024
- Net revenues of €85.0 billion, down 14% compared to H1 2023, primarily due to the decline in volume and mix
- Net profit of €5.6 billion, down 48% compared to H1 2023, primarily due to lower volume and mix, headwinds from foreign exchange and restructuring costs
- Adjusted operating income(1) of €8.5 billion, down €5.7 billion compared to H1 2023, primarily due to decreases in North America
- AOI margin(2) of 10%, reflecting direct materials, workforce and logistics cost reductions which helped to mitigate the revenue decline
- Management taking decisive actions to address operational challenges, including North American share and inventory performance
- Industrial free cash flows(3) near zero (-€0.4 billion), impacted by lower AOI(1), as well as negative working capital development and higher investment spend, both expected to evolve favorably in the second half, supporting positive full-year Industrial free cash flow
- Total inventory reduced by 3% to 1,408 thousand units over the first six months of 2024
- More than 20 launches planned in 2024, including a refreshed Ram 1500, European van range and the Peugeot 3008, the first on the new STLA family of platforms. Received all necessary approvals to launch the Leapmotor International JV, with initial deliveries in Enlarged Europe near the end of Q3 2024, followed by South America, Middle East & Africa and India & Asia Pacific
- Returned €6.7 billion in capital in the first half, reflecting in part the accelerated execution of the €3.0 billion 2024 share buyback program, and remain committed to return at least €7.7 billion before the end of 2024
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