Carlos TavaresCarlos Tavares


Stellantis boss warns of ‘turbulent’ year ahead as profits for 2023 slipped

  • New records set for net revenues and profit last year for Stellantis
  • However, adjusted profit and income slipped
  • Boss Carlos Tavares warns of ‘turbulent’ 2024
  • Stellantis still stands by double digit margin this year

Time 8:34 am, February 19, 2024

Stellantis is expecting a ‘turbulent 2024’ as it signed off on accounts showing falls in income and margin last year.

Results for 2023 show that while net revenues of €189.5bn were up 6% and net profit grew by 11% to €18.6bn on 2022, setting new records, the automotive powerhouse struggled with adjusted income and margin.

Its adjusted operating profit (EBIT) dropped to €10.2bn ($10.96bn) in the July-December 2023 period, while adjusted operating income margin fell to 11.2% – a 1.2% drop on the year before.

Stoppages at its North American factories dented the overall performance, while Stellantis wasn’t immune from pressures felt by the majority of volume car makers such as patchy EV interest globally and the arrival of new Chinese competitors.

For 2024, Stellantis said it would propose a dividend of €1.55 per common share – an increase of about 16% compared to the prior year – and a share buyback programme worth €3bn.

The carmaker also said it remains confident of its achieving double-digit adjusted operating income margin in 2024 and positive industrial free cash flow, ‘despite macroeconomic uncertainties’.

Commenting on the 2023 results, CEO Carlos Tavares (pictured) said: ‘As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds.

‘Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024.

‘Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets.’

Stellantis operates a number of brands globally, including Peugeot, Citroen, Fiat, Opel, Vauxhall, Jeep and Alfa Romeo.

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer. In October 2021 he became Car Dealer's associate editor.

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