Stellantis Updates 2024 Financial Guidance
2024年9月30日 - 2:33PM
Stellantis Updates 2024 Financial
Guidance
AMSTERDAM, September 30, 2024 – Stellantis N.V.
today revised its 2024 financial guidance, reflecting decisions to
significantly enlarge remediation actions on North American
performance issues, as well as deterioration in global industry
dynamics.
The Company has accelerated its planned
normalization of inventory levels in the U.S., targeting no more
than 330,000 units of dealer inventory by year-end 2024, from a
prior timing objective of the first quarter of 2025. Actions
include North American shipment declines of more than 200,000
vehicles in the second half of 2024 (up from 100,000 prior
guidance), compared to the prior year period, increased incentives
on 2024 and older model year vehicles, and productivity improvement
initiatives that encompass both cost and capacity adjustments.
Deterioration in the global industry backdrop
reflects a lower 2024 market forecast than at the beginning of the
period, while competitive dynamics have intensified due to both
rising industry supply, as well as increased Chinese
competition.
The Company’s updated 2024 market outlook and
financial guidance is as follows:
- Adjusted operating
income (“AOI”) margin – Expected to be between 5.5 - 7.0% for the
FY 2024 period, down from prior “double digit”. Roughly two-thirds
of the reduced AOI margin is driven by corrective actions in North
America. Other contributors include lower than expected sales
performance in the second half of the year across most
regions.
- Industrial free
cash flow – Expected to range from -€5 billion to -€10 billion,
from prior “Positive”. This primarily reflects the substantially
lower AOI outlook as well as the impact of temporarily elevated
working capital in the second half of 2024.
The Company will continue to leverage and expand
its competitive differentiators and believes that the recovery
actions being put in place will ensure stronger operational and
financial performance in 2025 and beyond.
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About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan:
STLAM / Euronext Paris: STLAP) is one of the world’s leading
automakers aiming to provide clean, safe and affordable freedom of
mobility to all. It’s best known for its unique portfolio of iconic
and innovative brands including Abarth, Alfa Romeo, Chrysler,
Citroën, Dodge, DS Automobiles, FIAT, Jeep®, Lancia, Maserati,
Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is
executing its Dare Forward 2030, a bold strategic plan that paves
the way to achieve the ambitious target of becoming a carbon net
zero mobility tech company by 2038, with single-digit percentage
compensation of the remaining emissions, while creating added value
for all stakeholders. For more information, visit
www.stellantis.com.
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@Stellantis |
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Stellantis |
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Stellantis |
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Stellantis |
For more information,
contact:investor.relations@stellantis.com communications@stellantis.comwww.stellantis.com |
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Safe harbor statement
This document, in particular references to “FY
2024 Guidance”, contains forward looking statements. Statements
regarding future financial performance and the Company’s
expectations as to the achievement of certain targeted metrics,
including revenues, industrial free cash flows, vehicle shipments,
capital investments, research and development costs and other
expenses at any future date or for any future period are
forward-looking statements. These statements may include terms such
as “may”, “will”, “expect”, “could”, “should”, “intend”,
“estimate”, “anticipate”, “believe”, “remain”, “on track”,
“design”, “target”, “objective”, “goal”, “forecast”, “projection”,
“outlook”, “prospects”, “plan”, or similar terms. Forward-looking
statements are not guarantees of future performance. Rather, they
are based on the Company’s current state of knowledge, future
expectations and projections about future events and are by their
nature, subject to inherent risks and uncertainties. They relate to
events and depend on circumstances that may or may not occur or
exist in the future and, as such, undue reliance should not be
placed on them. Actual results may differ materially from those
expressed in forward-looking statements as a result of a variety of
factors, including: the Company’s ability to launch new products
successfully and to maintain vehicle shipment volumes; changes in
the global financial markets, general economic environment and
changes in demand for automotive products, which is subject to
cyclicality; the Company’s ability to successfully manage the
industry-wide transition from internal combustion engines to full
electrification; the Company’s ability to offer innovative,
attractive products and to develop, manufacture and sell vehicles
with advanced features including enhanced electrification,
connectivity and autonomous-driving characteristics; the Company’s
ability to produce or procure electric batteries with competitive
performance, cost and at required volumes; the Company’s ability to
successfully launch new businesses and integrate acquisitions; a
significant malfunction, disruption or security breach compromising
information technology systems or the electronic control systems
contained in the Company’s vehicles; exchange rate fluctuations,
interest rate changes, credit risk and other market risks;
increases in costs, disruptions of supply or shortages of raw
materials, parts, components and systems used in the Company’s
vehicles; changes in local economic and political conditions;
changes in trade policy, the imposition of global and regional
tariffs or tariffs targeted to the automotive industry, the
enactment of tax reforms or other changes in tax laws and
regulations; the level of governmental economic incentives
available to support the adoption of battery electric vehicles; the
impact of increasingly stringent regulations regarding fuel
efficiency requirements and reduced greenhouse gas and tailpipe
emissions; various types of claims, lawsuits, governmental
investigations and other contingencies, including product liability
and warranty claims and environmental claims, investigations and
lawsuits; material operating expenditures in relation to compliance
with environmental, health and safety regulations; the level of
competition in the automotive industry, which may increase due to
consolidation and new entrants; the Company’s ability to attract
and retain experienced management and employees; exposure to
shortfalls in the funding of the Company’s defined benefit pension
plans; the Company’s ability to provide or arrange for access to
adequate financing for dealers and retail customers and associated
risks related to the operations of financial services companies;
the Company’s ability to access funding to execute its business
plan; the Company’s ability to realize anticipated benefits from
joint venture arrangements; disruptions arising from political,
social and economic instability; risks associated with the
Company’s relationships with employees, dealers and suppliers; the
Company’s ability to maintain effective internal controls over
financial reporting; developments in labor and industrial relations
and developments in applicable labor laws; earthquakes or other
disasters; and other risks and uncertainties. Any forward-looking
statements contained in this document speak only as of the date of
this document and the Company disclaims any obligation to update or
revise publicly forward-looking statements. Further information
concerning the Company and its businesses, including factors that
could materially affect the Company’s financial results, is
included in the Company’s reports and filings with the U.S.
Securities and Exchange Commission and AFM.
- EN-20240930-Stellantis-Guidance-Update