Jato Dynamics has released global automotive market data updated to September 30, 2024, although the top positions seem to be already defined. Toyota holds the lead, having sold 7.9 million vehicles, despite the Japanese manufacturer recording a 4% decline. However, Stellantis’ sales are concerning, showing a sharp decline compared to other manufacturers in the ranking.
Stellantis loses ground against competition: 2024 data raises concerns
According to Felipe Munoz, expert analyst at Jato Dynamics, Stellantis is the most concerning case in 2024. The global sales of the automotive group led by Carlos Tavares have recorded a 15% decline year-over-year. Specifically, sales dropped by 15% in Europe and 17% in the United States. According to Munoz, this is particularly worrying since Stellantis isn’t as exposed to the Chinese market as many other manufacturers. These statistics indicate approximately 700,000 fewer registrations compared to 2023. “Seven of its brands desperately need new products to survive,” the expert commented.
Looking at the top positions, it’s notable that the declines are mainly due to the Chinese market. Toyota, which sold 7.9 million vehicles through September 2024, recorded a 10% decline in China. Volkswagen, occupying second place with 6.52 million vehicles sold, also recorded a 10% decline in China. As for the Hyundai group, which holds third place in the ranking, it sold 5.4 million vehicles and recorded a 37% collapse in China.
Following this sales decline, Stellantis has announced a series of layoffs, especially in the United States, and the closure of the Luton facility in the United Kingdom. Although the automotive group has announced it won’t lay off workers or close facilities in Italy, temporary layoffs at Mirafiori will continue until 2025, due to poor sales of the Fiat 500e, which sold just over 400 units in the United States in 2024.