- Net revenues of €33.0 billion, down 27% compared to Q3 2023, primarily due to lower shipments and unfavorable mix as well as pricing and foreign exchange impacts
- Consolidated shipments(1) of 1,148 thousand units, were down 279 thousand, or 20% year-over-year. Q3 2024 included production gaps in several models as a global product transition begins, planned North American inventory reductions, and headwinds from a challenging European market environment
- Product blitz remains on track to deliver approximately 20 new models in 2024. Temporary gaps in our line-up are due in part to the transformational upgrade of the product portfolio, which expands market coverage, consolidates platforms, and delivers unique multi-energy flexibility
- Total inventory of 1,330 thousand units at September 30, 2024 was down 129 thousand units year-to-date. The U.S. dealer inventory level, a focus priority, was reduced by over 80 thousand units at October 30, 2024 from June 30, 2024, and is on track to reach our previously communicated 100 thousand unit reduction target in November 30, 2024
- Reception for new products is strong, including orders for more than 50 thousand units for the all-new Citroën C3, approximately 75 thousand units for the all-new Peugeot 3008, and over 200 dealers in place for the European Leapmotor launch
- The Company’s €3 billion buyback program was completed in October (Including €0.9B in Q3), returning a total of €7.7 billion to shareholders in 2024. Consistent capital policy will support early 2025 dividend calibration and buybacks
- The Company reiterates its 2024 financial guidance, which was updated on September 30, 2024
Stellantis reports lower Q3 2024 Net revenues amid transitional period of product upgrades and inventory reduction actions. The Company reiterates its 2024 financial guidance, which was updated on September 30, 2024. Net revenues declined 27% year-over-year, primarily due to lower shipments and unfavorable mix, as well as pricing and foreign exchange impacts. Consolidated shipments(1) for the three months ending September 30, 2024, were 1,148 thousand units, representing a 20% decline year-over-year.
“While Q3 2024 performance is below our potential, I’m pleased with our progress addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilization of U.S. market share. 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.”
Doug Ostermann, CFO
Product Blitz
The Company plans approximately 20 new product launches in 2024. This next-generation product blitz features the initial offerings from the STLA platform family imbued with superior multi-energy flexibility (hybrid, all-electric, and gasoline powertrains). Three products launched in the third quarter:
- Alfa Romeo Junior – The new compact car brings Alfa Romeo sportiness and best-in-class driving dynamics back into the hotly contested B-segment in the European market and is offered with the widest powertrain line-up to meet all customer requirements. Junior already has more than 10,000 orders.
- Citroën C3 – The all-electric ë-C3 leads the fourth-generation line-up of Citroën’s most popular B-segment car and has more than 25,000 orders since opening. The ë-C3 is priced at €23,300 for the 320km electric range version and €19,900 for the 200km range option coming soon, making electric mobility more accessible. The iconic, all-new C3 with a new Hybrid version has more than 50,000 orders.
- Citroën Basalt – Already launched in India, the Basalt arrived in South America (Brazil) starting at R$89,990, combining interior space and Coupe style as the most affordable SUV on the market.
The upcoming wave of American product launches kicks off soon with the all-electric Dodge Charger Daytona, the all-electric Jeep® Wagoneer S, the all-new, all-electric Ram 1500 REV; and the Ram 1500 Ramcharger range-extended EV pickup.
In Europe, Leapmotor International, a joint venture led by Stellantis in collaboration with Chinese automaker Leapmotor, distributed the first vehicles supported by over 200 dealers. This includes the C10, a D-segment SUV with a 420 km range (WLTP) and the T03, a 5-door A-segment BEV compact car with a 265 km range and priced below €20,000. The partnership offers European buyers access to advanced, high-value BEV technology, bolstered by Stellantis’ organizational and retail expertise, distinguishing Leapmotor International from its competitors.
Stellantis charged into the Paris Motor Show in October with new and upgraded electrified vehicles in the lineup to give customers a wide range of options for clean, safe and affordable mobility:
- The Peugeot E-408 was unveiled, expanding the brand’s lineup of BEVs to 12 vehicles, the most comprehensive of any European mainstream manufacturer. Launched in the first half, the all-new Peugeot 3008 has approximately 75,000 orders, with a 25% BEV mix.
- The debut of the refreshed Citroën C4 and C4 X vehicles – both available in all-electric – along with the all-new C5 Aircross concept, based on STLA Medium, mark the next step in the makeover of the brand’s vehicle lineup. The brand also celebrates four years of the Ami micromobility vehicle, and showed the next generation Ami, which will go on sale in 2025.
- Alfa Romeo staged the world debut of Junior IBRIDA, the compact car with 136-hp, 48-volt Hybrid Variable Geometry Turbo, which complements the ELETTRICA’s 54-kWh battery, available in two power variants, the 156hp and the top-of-the-range, VELOCE, at 240hp with 410km of range. The brand also previewed the Tonale MY2025 with new features and a revamped interior.
- Leapmotor made an impressive entrance at the Paris Motor Show with the global debut of the highly anticipated B10 C-SUV, the first model in its B-series built on the advanced LEAP 3.5 architecture.
Technology Push
Stellantis will offer 40 BEV models in Europe this year, the vast majority built on its innovative, flexible multi-energy platforms. These platforms enable Stellantis to meet evolving customer demands, adapting to local and regional needs. The Peugeot E-3008 and E-5008, based on the STLA Medium platform, offer up to 700km of range in the WLTP combined cycle, making them the best-in-class in their segment. In the U.S., Stellantis announced an investment of over $406 million in three Michigan facilities to support multi-energy technology and manufacturing flexibility, allowing for adaptation to various electrification scenarios.
Stellantis has partnered with the French Alternative Energies and Atomic Energy Commission (CEA) to develop next-generation battery cells. This collaboration aims to create high-performance, longer-lasting cells with a lower carbon footprint, driving future affordability & sustainability in battery electric vehicles. Stellantis also plans to incorporate Factorial’s solid-state batteries into a demonstration fleet of all-new Dodge Charger Daytona vehicles based on the STLA Large platform by 2026, a key step in bringing solid-state battery technology to mass production.
Value Creation
Stellantis Pro One inaugurated its new global commercial vehicles hub at the Mirafiori Automotive Park 2030 in Turin, Italy, enhancing efficiency and decision-making speed. The commercial vehicles business accounts for one-third of Stellantis’ Net revenues. Stellantis Pro One closed the third quarter ranked #1 in the EU30 commercial vehicles market with over 29% market share year-to-date September and a 1% year-over-year volume increase, and maintains segment leadership in BEVs at 32.8%.
