Jeep, Dodge-maker Stellantis reports 48% drop in first-half net profit on weak U.S. sales

Core Insights - Stellantis reported a significant decline in first-half net profit, down 48% to 5.6 billion euros ($6.07 billion) compared to the same period in 2023, attributed to reduced volumes, temporary production gaps, and lower market share in North America [1][2][4] Financial Performance - Adjusted operating income for the first six months of 2024 was 8.5 billion euros, a decrease of 5.7 billion euros year-over-year, primarily due to declines in North America [2] - The company's performance in the first half of 2024 did not meet expectations, reflecting both industry challenges and internal operational issues [4] Strategic Initiatives - Stellantis is undertaking corrective actions to address operational issues and has initiated a product blitz, planning to launch at least 20 new vehicles this year, which is expected to create larger opportunities if executed effectively [5] - The CEO emphasized the need for significant work, particularly in North America, to maximize the company's long-term potential [5]