Q2 2024 Piaggio & C SpA Earnings Call Transcript
Key Points
- Positive cash flow registered in the first half of 2024 compared to a reduction in 2023.
- India shows continuous, albeit slow, growth, providing a stable market.
- Second best six-month performance ever recorded, indicating strong overall performance.
- Introduction of new vehicles and investment in electric mobility and digitalization of production plants.
- Successful legal outcome against Peugeot, contributing to financial gains.
- Revenues are down in Asia and the USA, impacting overall financial performance.
- Increased costs, particularly in logistics and raw materials, due to geopolitical issues.
- Declining top-line results for four consecutive quarters, raising concerns about market competition and pricing policy.
- Higher competition in Europe, especially with significant discounts from competitors.
- Challenges in the two-wheel market in India, requiring new strategies and management adjustments.
Good afternoon, this is the Chorus Call conference operator. Welcome and thank you for joining the Piaggio first-half 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Raffaele Lupotto, Head of Investor Relations of Piaggio. Please go ahead, sir.
Thank you very much. Hello everybody and welcome to the first half of 2024 financial results. Today's conference call will be hosted by Piaggio Chief Executive Officer, Michele Colaninno and Piaggio Chief Financial Officer, Alessandra Simonotto. Today, we have also here Matteo Colaninno, our Group Executive Chairman.
You can access the slides supporting today's conference call on the Internet at Piaggio Group website. As you may expect, before starting the presentation, I need to remind you that during today's conference call, you may use forward-looking statements based on Piaggio's current expectations and projections about future events. By their nature
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