Stellantis Reports Strong H1 2024: €5.6 Billion Net Profit, €8.5 Billion AOI, and 10% AOI Margin Amid Product-Led Transition Year

Stellantis N.V. today announced results for the first half of 2024, including €85.0 billion of Net revenues, down 14% y-o-y, and €5.6 billion in Net profit, down 48% y-o-y. AOI(1) of €8.5 billion represented a 10% AOI margin(2), and Adjusted diluted EPS(5) decreased 35% y-o-y.

Lower financial performance in the first half of 2024 was driven principally by lower volumes and mix, with the challenging volume comparison due to a combination of inventory reduction initiatives, temporary production gaps due to a generational portfolio transition, and lower market share particularly in North America. With a firm focus on successfully launching a wave of significant new products in the near term, the Company expects the impact of the product portfolio’s coverage gaps to have peaked, while management actions to improve the performance of North America, Enlarged Europe and Maserati create significant performance improvement opportunities for the second half of 2024 and full-year 2025.

Commercially, Stellantis continued its commercial vehicle leadership, taking the top spot for market share in the Middle East & Africa for the first time, and sustaining market share leadershirp in Europe and South America. In the U.S., Stellantis is No. 1 in plug-in hybrid vehicles sales and No. 2 in LEV sales. Leveraging Leapmotor’s cost competitiveness and advencements in powertrains and connectivity, the Leapmotor International joint venture is on track to introduce its inaugural tech-centric electric vehicles, the C10 SUV and T03 car. The initial rollout will be in enlarged Europe, followed by South America, Middle East & Africa and India & Asia Pacific by the end of 2024.

2024 Product Blitz Underway
The Company plans no fewer than 20 new product launches in 2024, including 10 that have started production already in the first half of the year:

• Peugeot 3008 and 5008 – Based on the BEV-native multi-energy STLA Medium platform with a range of up to 680Km, these models feature the brand new Panoramic i-Cockpit. ChatGPT will become standard across the entire Peugeot lineup, following DS brand’s lead earlier this year.
  In June, nearly 30% of 3008 orders were for the battery electric version. Peugeot also localized production of the 2008 in South America.
• New Lancia Ypsilon – Lancia introduced the first car of its new era in the premium hatchback B-segment, the New Lancia Ypsilon. The brand has a 10-year strategic plan to propel it forward with innovative and timeless Italian elegance.
• Maserati Grecale Folgore – Maserati launched the Grecale Folgore, the Trident’s first-ever SUV powered by a full-electric powertrain with 820 Nm of torque and a top speed of 220 Km/h.
• Ram 1500 – Ram launched the new 1500 on the heels of a positive accolade as the No. 1 industry brand in J.D. Power Initial Quality Study — the
  only truck-exclusive brand ever to do so. The Ram 1500 features the new Hurricane Twin-turbo family, the most powerful 6-cylinder engine in
  the segment with up to 540 horsepower and 469 lb-ft of torque.
  •⁠  ⁠Citroën Basalt – The Citroën Basalt, a new SUV coupé, is launching in India and South America. Orders for the new Citroën C3 are strong with
  72% of customers opting for the all-new ë-C3, a competitively priced B-segment EV produced in Europe.
  •⁠  ⁠Stellantis Pro One Vans – The renewed Pro One van lineup from Citroën, FIAT Professional, Opel, Peugeot and Vauxhall is on the road with 12
  models across all segments. Stellantis Pro One is No. 1 in Enlarged Europe, South America and Middle East & Africa in the first half.

In recognition of their storied legacies in Italy and Germany, FIAT and Opel celebrated their 125-year anniversaries. FIAT revealed its comeback to the global mainstream market with the Grande Panda, starting from less than €25,000 for the full EV and will also be available in a hybrid version.

Technology Push
•⁠  ⁠Eight new vehicles are set to launch on the STLA Large platform between 2024-2026, led by the Dodge Charger Daytona, Jeep®️ Wagoneer S
and Jeep Recon. This new BEV-native multi-energy platform is highly flexible and optimized for various electric drive modules, offering
customers the benefits of instant torque from EV propulsion and a range of up to 800 Km/500 miles in BEV models.
•⁠  ⁠Through 2026, the Smart Car platform will serve as the base for 13 models across three regions. The platform combines advanced technology
with affordability to make EVs available for everyone. In Europe, the FIAT and Opel brands will follow the Citroën C3 and C3 Aircross launches.
•⁠  ⁠Stellantis is employing a dual-chemistry approach and exploring innovative battery cell and pack technologies. The Company recently announced
a five-year collaboration with CEA, a leading research institution, to design next-gen battery cells for EVs.
•⁠  ⁠Stellantis’ electrified dual-clutch transmission (eDCT) tech has been popular in Europe, helping lead to a 53% sales growth year-over-year in
EU30 hybrid vehicle sales. Thirty hybrid models are planned for this year, with six more by 2026, offering a great driving experience and lower
CO2 emissions at more affordable prices than fully electric and plug-in hybrids. Stellantis is the sales leader for low-emission vehicles, which
includes battery electric, fuel cell and plug-in hybrid, in the EU30 for A and B segments and light commercial vehicles.
•⁠  ⁠AI-powered platforms – STLA Brain, STLA SmartCockpit and STLA AutoDrive – are central to Stellantis’ tech advancements and are expected to
be tech ready for integration by the end of 2024 with product deployment in 2025.
•⁠  ⁠Stellantis is transforming the mobility experience with a steady stream of high-margin revenue from software and connected services, which has
more than doubled since the Company’s inception in 2021. Features include:
◦ e-ROUTES, the first route-planning smartphone app integrated with real-time vehicle data, specifically designed for electric vehicles;
◦ ChatGPT enhanced virtual assistant, offered standard for new and existing vehicles available in 20 European countries by the end of 2024;
◦ AppMarket, the central hub for connectivity available over the air in nearly half of 2021-23 MY Jeep and Ram vehicles in North America;
◦ Connect Fleet by Free2Move, providing fleet managers with status visibility, geofence boundary setting and real-time geolocation; and,
◦ MyTasks, an advanced tool to streamline fleet operations, improving coordination to enable better productivity.

GUIDANCE AND OUTLOOK: The Company is reiterating financial guidance of double-digit AOI margin(2) in 2024, as well as positive Industrial free
cash flow(3), despite macroeconomic uncertainties.

On July 25, 2024 at 2:00 p.m. CEST / 8:00 a.m. EDT, a live webcast and conference call will be held to present Stellantis’ First Half 2024 Results, with
the presentation expected to be posted at approximately 7:30 a.m. CEST / 1:30 a.m. EDT. The webcast and recorded replay will be accessible under
the Investors section of the Stellantis corporate website (www.stellantis.com).

UPCOMING EVENTS: Third Quarter Shipments & Revenues – October 31, 2024
Refer to page 7 for an explanation of the items referenced on this page and market and industry information

Download full version of press release here

About Stellantis
Stellantis N.V. (NYSE: STLA/ Euronext Milan: STLAM/ Euronext Paris: STLAP) is one of the world’s leading automakers aiming to provide clean, safe and affordable freedom of mobility to all. It’s best known for its unique portfolio of iconic and innovative brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep_®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is executing its Dare Forward 2030, a bold strategic plan that paves the way to achieve the ambitious target of becoming a carbon net zero mobility tech company by 2038, with single-digit percentage compensation of the remaining emissions, while creating added value for all stakeholders. For more information, visit www.stellantis.com. Contacts: communications@stellantis.com or investor.relations@stellantis.com

SAFE HARBOR STATEMENT
This document, in particular references to “FY 2024 Guidance”, contains forward looking statements. Statements regarding future financial performance and the Company’s expectations as to the achievement of certain targeted metrics, including revenues, industrial free cash flows, vehicle shipments, capital investments, research and development costs and other expenses at any future date or for any future period are forward-looking statements. These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on the Company’s current state of knowledge, future expectations and projections about future events and are by their nature, subject to inherent risks and uncertainties. They relate to events and depend on circumstances that may or may not occur or exist in the future and, as such, undue reliance should not be placed on them. Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the Company’s ability to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; the Company’s ability to successfully manage the industry-wide transition from internal combustion engines to full electrification; the Company’s ability to offer innovative, attractive products and to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; the Company’s ability to produce or procure electric batteries with competitive performance, cost and at required volumes; the Company’s ability to successfully launch new businesses and integrate acquisitions; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in the Company’s vehicles; exchange rate fluctuations, interest rate changes, credit risk and other market risks; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in the Company’s vehicles; changes in local economic and political conditions; changes in trade policy, the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; the level of governmental economic incentives available to support the adoption of battery electric vehicles; the impact of increasingly stringent regulations regarding fuel efficiency requirements and reduced greenhouse gas and tailpipe emissions; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the level of competition in the automotive industry, which may increase due to consolidation and new entrants; the Company’s ability to attract and retain experienced management and employees; exposure to shortfalls in the funding of the Company’s defined benefit pension plans; the Company’s ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the operations of financial services companies; the Company’s ability to access funding to execute its business plan; the Company’s ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with the Company’s relationships with employees, dealers and suppliers; the Company’s ability to maintain effective internal controls over financial reporting; developments in labor and industrial relations and developments in applicable labor laws; earthquakes or other disasters; and other risks and uncertainties. Any forward-looking statements contained in this document speak only as of the date of this document and the Company disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning the Company and its businesses, including factors that could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission and AFM.