- Operating Profit Margin: Dropped to 5.5%, and it is expected to remain in the mid-single digits through 2025.
- Market Share: Lost five points in both North America and Europe.
- Adjusted Operating Income: Fell to $9 billion.
- Revenue Decline: Decreased by 17% to $165 billion, with shipments down 12%.
- Net Profit: Plummeted by 70% to $5.8 billion.
UAW members in the U.S. will receive $3,780 in profit-sharing, which stands in stark contrast to the significantly higher earnings of employees at GM and Ford.
Elkann emphasized the company's commitment to profitable growth and outlined key strategies for recovery:
- Production Cuts: To address excessive inventories and gaps in the product lineup.
- Restructuring: Adjusting organizational frameworks to enhance performance.
- Enhanced Marketing and Regional Empowerment: To better align with customer demands and regulatory needs.
Key models set to strengthen the lineup include:
- Dodge Charger
- Ram 1500 Ramcharger EV
- Heavy-duty Ram pickups
- 2025 Jeep Wagoneer S (Electric)
- Hybrid Jeep Cherokee
The search for a new CEO is ongoing, with a focus on candidates who possess strong leadership skills and a deep understanding of contemporary automotive challenges. Elkann remains optimistic about appointing a new CEO by mid-2024, believing this leadership change will help the company unlock its full potential.
Stellantis's challenges in 2024 underscore the necessity for strategic adjustments and leadership changes in order to reclaim its market position and ensure sustainable growth moving forward. With a renewed focus on product strength and operational efficiency, the automaker aims to turn the tide in the coming years.
