Jeep, Dodge maker Stellantis posts 70% drop in full-year profit

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Jeep, Dodge maker Stellantis posts 70% drop in full-year profit

Stellantis worker at work inside of the new Hybrid and PHEV Vehicles Stellantis Group eDCT Assembly Plant on April 10, 2024 in Turin, Italy.

Stefano Guidi | Getty Images News | Getty Images

Auto giant Stellantis on Wednesday reported a sharp drop in full-year earnings as the company scrambles to take measures to improve its performance and profitability.

The mutlinational conglomerate, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, posted full-year 2024 net profit of 5.5 billion euros ($5.77 billion), down 70% from

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across full-year 2023.

Analysts had expected full-year 2024 net profit to come in at 6.4 billion euros, according to an LSEG-compiled consensus.

Shares of the Milan-listed company are up over 7% year-to-date.

The results come as the company continues its search for a new chief executive following the abrupt departure of Carlos Tavares late last year.

Stellantis

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it expects to name a successor during the first half of this year, with Chairman John Elkann leading an interim executive committee until the position is filled.

The carmaker, like many of its peers, has been hit hard by a series of challenges in recent months, including North American performance issues, a global decline in demand for new cars and difficulties in the world’s largest auto market of China.

Stellantis issued a profit warning in September, warning of lower-than-expected sales “across most regions” in the second half of 2024.

It said at the time that the firm’s adjusted operating income margin was expected to come in between 5.5% to 7% for the full-year 2024 *******, down from a prior “double digit”

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