A new Jeep model is parked in the parking lot of a Dodge Chrysler-Jeep Ram dealership on October 3, 2023 in Miami, Florida.
Joe Reddell | Getty Images News | Getty Images
Auto giant Strantis It reported on Thursday that first-half net profit fell sharply due to lower sales, a temporary production gap and a decline in North American market share.
The company, which owns household names such as Jeep, Dodge, Fiat, Chrysler and Peugeot, reported first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period in 2023.
Stellantis’ adjusted operating income for the first six months of 2024 was 8.5 billion euros, a year-on-year decrease of 5.7 billion euros, mainly due to the decrease in North American operations.
Shares of Milan-listed Stellantis fell about 8.8% on Thursday morning.
Stellantis CEO Carlos Tavares said in a statement: “The company’s performance in the first half of 2024 fell short of our expectations, reflecting the challenging industrial environment and our own operational issues. “
He added: “While corrective measures are needed and are being taken to address these issues, we have also launched an exciting product blitz, launching no fewer than 20 new vehicles this year, which if we execute correctly will deliver Greater opportunity.
Stellantis’ results follow the U.S. automaker’s second-quarter earnings General Motors and Ford.
Tuesday general manager A number of key financial targets were proposed Ford on Wednesday handily beat Wall Street’s profit forecasts report Adjusted profits fell, disappointing investors.
For its part, Stellantis reported first-half net income of 85 billion euros, down 14% from the same period last year.
Stellantis said that of the 20 new products it plans to launch in 2024, 10 have already started production in the first six months of this year.
