Jeep, Dodge maker Stellantis reports 48% drop in first-half net profit

1) Auto giant Stellantis on Thursday reported a steep drop in first-half net profit, citing reduced volumes, temporary production gaps and lower market share in North America.
2) The company, which owns household names including Jeep, Dodge, Fiat, Chrysler and Peugeot, reported first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023.

3) Stellantis’ adjusted operating income for the first six months of 2024 came in at 8.5 billion euros, down 5.7 billion euros on the year, primarily due to decreases in North America.
4) Milan-listed shares of Stellantis fell around 8.5% on Thursday.

5) The company’s North American market share during the first half of the year was 8.2%, down 1.8 percentage points.
My Take:

1) Stellantis only reports earnings once in half a year so we only compare with the other EV markers like Tesla using Q2 financial data.

2) I have summarized Tesla Q2 2024 earnings report here:

As you can see Tesla's revenue and net profit (or Net Income) performed better than Stellantis

3) The share price was down 7.7% in the US stock market after the earnings call.

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