- Stellantis had a dismal 2024 as their net profit fell 70% to $5.8 billion.
- Net revenues dropped 17%, but the company was able to reduce inventories.
- The company is hoping for a brighter 2025 thanks to two new Jeeps including the Cherokee successor.
2024 was a roller coaster for Stellantis as a handful of positive developments were offset by a series of setbacks. Just to rehash a few, CEO Carlos Tavares was effectively ousted while U.S. sales tanked. Alfa Romeo, Chrysler, Dodge, Jeep, and Ram all posted declines and the latter brand was off by more than 100,000 units.
Given those disastrous results, it shouldn’t be surprising to learn Stellantis’ net profit fell 70% last year to €5.5 ($5.8 / £4.5) billion. Net revenues dropped 17% to €156.9 ($164.6 / £129.8) billion, while industrial free cash flows were negative €6 ($6.3 / £5) billion.
More: Stellantis U.S. Sales Collapse 15% In 2024, But One Brand Soared 154%
While it’s hard to find a silver lining with numbers like that, Stellantis was able to slash their overflowing inventories. In America, vehicles in dealer stock dropped 20% to 304,000 units. That’s even more than their targeted reduction to 330,000 units.
Stellantis also noted they have begun their “generational product portfolio transition” as they’ve launched new vehicles on the STLA Medium and STLA Large platforms. Of course, these efforts haven’t gone smoothly as we’ve seen numerous delays as well as huge discounts being applied to the Dodge Charger Daytona and Jeep Wagoneer S.
Acting CEO John Elkann said 2024 was a “year of stark contrasts” as the company fell “short of our potential.” However, he’s optimistic about 2025 as this year will see the launch of ten new products.
Details are limited, but the company mentioned the “Jeep Cherokee replacement.” This suggests, yet again, Jeep is planning to drop the Cherokee moniker.
The Jeep Recon is also due later this year and it was teased in a high-profile Super Bowl commercial starring Harrison Ford. It’s expected to borrow heavily from the Wagoneer S and sport a dual-motor all-wheel drive system with up to 600 hp (447 kW / 608 PS) and 617 lb-ft (836 Nm) of torque.
Speaking of future products, Stellantis mentioned there will be Alfa Romeo, Chrysler, and Maserati vehicles based on the STLA Large platform. However, their timing remains murky. The company also mentioned Jeeps based on STLA Frame and these are presumably range-extended versions of the Wagoneer and Grand Wagoneer.
While the company is expecting revenues to climb in 2025, they noted a number of headwinds including tariffs, regulations, and increasing competition. The latter is likely a reference to Chinese automakers, which have established a growing foothold in Europe.
