H1 revenue 85.0 bln eur, down 14% (Il Sole 24 Ore Radiocor) - Paris, 25 Jul - The European car maker Stellantis said that in the first half of 2024 net profit fell 48% to 5.6 billion euros as net revenue dropped 14% to 85.0 billion primarily due to the decline in volume and mix.

Adjusted operating income (AOI) stood at 8.5 billion euros, down 5.7 billion compared to the previous year. The AOI margin was 10%.

Industrial free cash flow was a negative 0.4 billion, "impacted by lower AOI, as well as negative working capital development and higher investment spend, both expected to evolve favorably in the second half, supporting positive full-year industrial free cash flow," the company said.

Total inventory was reduced by 3% to 1.408 million units over the first six months of 2024.

More than 20 launches are planned in 2024, including a refreshed Ram 1500, European van range and the Peugeot 3008, the first on the new STLA family of platforms. The company added that it received all necessary approvals to launch the Leapmotor International joint venture, with initial deliveries in Enlarged Europe near the end of the third quarter, followed by South America, Middle East & Africa and India & Asia Pacific Stellantis returned 6.7 billion euros in capital in the first half, reflecting in part the accelerated execution of the 3.0 billion 2024 share buyback program, and remains committed to returning at least 7.7 billion before the end of 2024.

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(RADIOCOR) 25-07-24 08:21:30 (0176) 5 NNNN