Stellantis, the global automotive giant formed from the merger of Fiat Chrysler Automobiles (FCA) and PSA Group in 2021, has recently released its financial results for the fourth quarter (Q4) of 2024. This report provides an in-depth analysis of the company’s performance during this period, highlighting key statistics, achievements, and challenges.
Overall Sales Performance
In Q4 2024, Stellantis reported total U.S. sales of 320,743 vehicles, marking a 7% decline compared to the same period in 2023. For the entire 2024 calendar year, the company sold 1,303,570 vehicles in the U.S., representing a 15% year-over-year decrease. Despite these declines, the company’s retail sales in Q4 2024 saw a modest 1% increase compared to Q4 2023, indicating some resilience in consumer demand.
Brand-Specific Performance
- Jeep: The Jeep brand’s retail sales in Q4 2024 increased by 6% year-over-year. The Jeep Wrangler experienced a notable 27% increase in total sales during the same period. Additionally, the Jeep Grand Cherokee finished 2024 as the top-selling full-size utility vehicle (UV) in the U.S., leading in segment loyalty. The Grand Cherokee 4xe accounted for 13% of total Grand Cherokee sales in 2024, highlighting the growing consumer interest in electrified options.
- Ram: The Ram brand’s retail sales in Q4 2024 rose by 2% year-over-year. The Ram ProMaster van achieved its second-best total U.S. sales year ever, only behind 2023. This performance underscores the brand’s strong presence in the commercial vehicle segment.
- Chrysler: Chrysler’s total U.S. sales in Q4 2024 surged by 166% compared to the same period in 2023, driven primarily by the Chrysler Pacifica. The Pacifica Hybrid accounted for 17% of total Pacifica sales in 2024, securing its position as the fourth best-selling plug-in hybrid electric vehicle (PHEV) in the U.S.
- Dodge: The Dodge Hornet achieved its best quarter ever in retail sales during Q4 2024, with total sales increasing by 120% year-over-year.The Hornet R/T, Dodge’s first electrified vehicle, represented 57% of total Dodge Hornet U.S. sales in 2024, indicating a successful entry into the electrified vehicle market.
- FIAT: The FIAT brand’s total calendar year sales in 2024 increased by 153% year-over-year, led by the all-new, all-electric Fiat 500e. This significant growth reflects the brand’s successful pivot towards electrification.
Electrification and Market Share
Stellantis holds a commanding 41% share of the U.S. PHEV market as of 2024. The company occupies three of the top five spots among best-selling plug-in hybrids in the U.S.
- Jeep Wrangler 4xe: America’s best-selling plug-in hybrid vehicle.
- Jeep Grand Cherokee 4xe: Ranked third.
- Chrysler Pacifica Hybrid: Ranked fourth.
This dominance underscores Stellantis’s strategic emphasis on electrification across its brand portfolio.
Leadership Changes and Strategic Outlook
In December 2024, Stellantis CEO Carlos Tavares resigned amid the company’s ongoing struggles, including a significant decline in sales and a reduced annual outlook. The board, led by Chairman John Elkann, is conducting a search for a new CEO, expected to conclude by mid-2025. In the interim, an executive committee is overseeing operations.
Challenges and Future Prospects
Despite successes in certain segments, Stellantis faces challenges, including a 43% drop in share value in 2024 and increased competition, particularly from Chinese manufacturers. The company has also revised its profit outlook downward, citing performance issues and industry dynamics.
Looking ahead, Stellantis plans to introduce new electric vehicles in 2025, including the Jeep Recon and the Ramcharger, aiming to strengthen its position in the evolving automotive market. The company’s commitment to electrification and addressing market challenges will be crucial for its future success.
Conclusion
Stellantis’s Q4 2024 performance reflects a complex landscape of achievements and challenges. While the company has made significant strides in electrification and certain brand performances, overall sales declines and leadership changes indicate areas requiring strategic focus. The forthcoming year will be pivotal as Stellantis navigates market dynamics, leadership transitions, and its commitment to innovation in the automotive industry.
