Jeep, Dodge maker Stellantis posts 70% drop in full-year profit

Core Insights - Stellantis reported a significant decline in full-year earnings for 2024, with net profit dropping to 5.5 billion euros ($5.77 billion), a 70% decrease from 18.6 billion euros in 2023 [2] - The company is currently searching for a new CEO following the unexpected departure of Carlos Tavares, with expectations to appoint a successor in the first half of the year [3] - Stellantis has faced multiple challenges, including performance issues in North America, a global decline in new car demand, and difficulties in the Chinese market [4] Financial Performance - Full-year 2024 net profit was 5.5 billion euros, down from 18.6 billion euros in 2023, which was below analysts' expectations of 6.4 billion euros [2] - The adjusted operating income margin for 2024 is projected to be between 5.5% to 7%, a decrease from the previously anticipated "double digit" outlook [5] Market Context - Shares of Stellantis have increased over 7% year-to-date despite the earnings drop [2] - The company issued a profit warning in September, indicating lower-than-expected sales across most regions for the second half of 2024 [4]