Half Year 2024 Stellantis NV Earnings Call Transcript
Key Points
- Stellantis NV (STLA) is launching a significant product blitz with 20 new models, indicating a strong future product lineup.
- The company has maintained a double-digit AOI margin, demonstrating resilience despite challenging conditions.
- Stellantis NV (STLA) has returned EUR6.7 billion to shareholders and plans to meet its commitment of EUR7.7 billion, showing strong capital return policies.
- The company is making significant strides in electrification, with new electric models like the Maserati Grecale and Ram 1500 REV.
- Stellantis NV (STLA) has achieved leadership in LCV sales in multiple regions, including Europe, South America, and the Middle East and Africa, indicating strong market positions.
- H1 2024 results were disappointing, with several headwinds impacting performance.
- The company faced high R&D, CapEx, and M&A expenses, which are now being addressed.
- Operational flaws within Stellantis NV (STLA) contributed to the disappointing results.
- Marketing tactics in the US market did not deliver the expected results, impacting overall performance.
- Industrial free cash flow was near zero, reflecting challenges in managing working capital and investments.
Good morning, and good afternoon to all of you. Welcome to this 2024 H1 Stellantis financial results announcement session. We perfectly recognize that you are highly busy people, and therefore value your time. Thank you for attending and thank you for your interest in Stellantis. So let's get started.
It is an understatement to say that H1 2024 results were disappointing and humbling. It represents a perfect convergence of several headwinds that I will describe to you in a very transitional period that opens the road for a product blitz of 20 new products. This is a bump on the road that we are now fixing and that we are going to fight against to make sure that we can rebound from here and that we fix the operational issues that we face.
So what happened in H1 is a convergence of three major factors that I would like to share with you. Number one, we were in a dynamic of R&D, CapEx, and M&A expenses that proved to be too high, and we are now fixing that. That's point number one.
Point number two, we faced
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