Stellantis has announced a decline in sales for the third quarter of 2024. The automotive group explains that the cause is a transition phase characterized by product lineup renewal and inventory reduction. The group nevertheless confirms its financial forecasts for 2024, which were previously updated on September 30. Specifically, net revenues contracted by 27% compared to the same period in 2023, mainly due to an unfavorable product mix and the impact of prices and exchange rates. Sales volumes in the three months ending September 30 stood at 1,148,000 units, marking a 20% decrease year-over-year. These results are disappointing, to say the least, but that’s not all.
Stellantis: revenues plunged 27% in third quarter 2024
Stellantis Chief Financial Officer Doug Ostermann stated: “Although the third quarter 2024 results were below our potential, we are satisfied with the progress made in resolving operational issues, particularly regarding inventory in the U.S. market. These have been reduced, and we are on track to achieve our year-end objectives. In Europe, strict quality requirements have delayed the launch of some products, but the new generation of products will have a major impact in 2025 and beyond.”
The group plans to launch approximately 20 new models in 2024. This offensive will introduce the first vehicles based on the STLA platforms, which can accommodate various powertrains, including full electric, hybrid, and gasoline. Regarding the United States, several launches are imminent: the new Dodge Charger Daytona, the world’s first electric muscle car; the Jeep Wagoneer S, the brand’s first fully electric model; the new electric Ram 1500 REV; and the Ram 1500 Ramcharger, an electric pickup with a range extender.
For Europe, Stellantis is preparing to distribute vehicles from Leapmotor, a Chinese automotive manufacturer with which it has created a joint venture. Specifically, they will launch the D-segment SUV C10, with a range of 420 km, and the T03 city car, with a range of 265 km and a very accessible price below 20,000 euros. The automotive group is also investing heavily in the electric transition, and starting from 2026, the new Dodge Charger Daytona will be equipped with solid-state batteries.
In short, the situation for the automotive group is becoming increasingly complicated, and with the arrival of new models, they hope to recover the market share lost in 2024. We can only wait to see if the new launches will manage to turn around Stellantis’s fortunes.