Stellantis reports Q3 2024 revenue decline

Stellantis has reported a challenging third quarter for 2024, with net revenues totalling €33.0 billion, a 27% decline compared to the same period in 2023. The company attributed this drop primarily to lower shipments, unfavourable pricing and product mix, and foreign exchange impacts.

The automotive giant’s consolidated shipments fell by 20% year-over-year to 1,148 thousand units, reflecting a reduction of 279 thousand units. The decrease is tied to Stellantis’ strategic shifts, which include planned inventory reductions in North America and a global product transition that involves upgrading and consolidating vehicle platforms for enhanced multi-energy flexibility.

These changes come as the company positions itself for long-term growth through new vehicle launches and a streamlined, electrification-ready lineup.

Despite the quarterly dip, Stellantis confirmed it will maintain its full-year financial guidance, updated on September 30, 2024, suggesting that this transitional period aligns with broader strategic goals.

Stellantis CFO, Doug Ostermann, said: “While Q3 2024 performance is below our potential, I’m pleased with our progress addressing operational issues, in particular US inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilisation of US market share.”

He added, “In Europe, stringent quality requirements delayed the start of certain high-volume products, but with progress resolving challenges we will soon benefit from the significantly expanded reach our generational new product wave brings to 2025 and beyond.”

New product launches and inventory adjustments

Stellantis is executing a “product blitz” of approximately 20 new models expected by the end of 2024. Three significant launches in Q3 included the Alfa Romeo Junior, a compact car for the European B-segment; the all-electric Citroën ë-C3, available in two range options; and the Citroën Basalt, an affordable SUV targeting markets in India and South America.

Further enhancing its market offerings, Stellantis is set to introduce a series of highly anticipated all-electric models in the US, such as the Dodge Charger Daytona and Jeep® Wagoneer S, along with an all-new Ram 1500 REV and the Ramcharger EV pickup, as the company seeks to tap into rising demand for EVs in North America.

Inventory management remains a priority, with Stellantis reporting a 129,000-unit reduction in total inventory since the start of the year, reaching 1,330 thousand units by September 30. Notably, the US dealer inventory level was reduced by over 80 thousand units from June to October, with the company targeting a further 100 thousand-unit reduction by the end of November.

Strong market reception and global expansion

The new product wave is already showing promise, with orders for the Citroën C3 exceeding 50,000 units and the Peugeot 3008 garnering approximately 75,000 orders. In Europe, Stellantis is strengthening its position with Leapmotor International, a joint venture aimed at delivering advanced BEV technology through a network of over 200 dealers, offering models like the C10 and T03 to cater to diverse customer needs.

Commitment to electrification and technological advancements

Stellantis is ramping up its technological innovation, aiming to offer 40 BEV models in Europe by year’s end. Utilizing its versatile STLA platform family, Stellantis is delivering multi-energy powertrains capable of supporting gasoline, hybrid, and all-electric vehicles, as seen in the Peugeot E-3008 and E-5008, which boast a range of up to 700 km (WLTP combined cycle).

The company has also forged a partnership with the French Alternative Energies and Atomic Energy Commission (CEA) to accelerate battery technology advancements, focusing on high-performance, eco-friendly cells. Stellantis is exploring the integration of solid-state batteries, with plans to test Factorial’s battery cells in a Dodge Charger Daytona demonstration fleet by 2026.

Expanding the commercial vehicle business

Stellantis’ commercial vehicle sector, managed by Stellantis Pro One, remains a key revenue driver, accounting for roughly one-third of the company’s total net revenues. Stellantis currently holds a leading 29% market share in the EU30 commercial vehicle market and continues to strengthen its leadership position in the BEV sector with a 32.8% share.