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Stellantis shares are falling after the Jeep maker logged a 70% profit plunge in 2024

The parent company of Jeep, Dodge, and Ram reported earnings Wednesday.

2/26/25 9:02AM

Just because it builds some vehicles to go off-road doesn’t mean Stellantis enjoys a bumpy ride.

The fourth-largest global carmaker reported earnings Wednesday, and its full-year 2024 profit came in at $5.8 billion, down 70% from the year prior.

Net revenues fell 17% on the year to $164.5 billion. The Jeep, Dodge, and Ram parent was down more than 4% in premarket trading.

Stellantis’ consolidated shipments fell 9% year over year on the quarter, with a 28% drop in North America. The automaker has made efforts to shrink its bloated US inventories, and said it’s successfully decreased dealer stock by 20% from last year in the country.

Last month, Stellantis said its US sales fell 15% last year, dragged down primarily by Dodge (down 29%), and Ram (down 19%). US Jeep sales were down 9% on the year.

Following a monthslong public spat with its US dealer network over bloating inventories and poor sales, Stellantis ousted CEO Carlos Tavares in December.

The company expects lackluster profitability in 2025 and issued a mid-single-digit growth outlook for its operating income margin.

Stellantis still hasn’t named its next CEO — it says that’ll happen in the first half of this year — but it has been slashing its prices. Its average new vehicle transaction price has fallen by about $6,000 over the past year. Per data from Cox Automotive, new Jeep prices fell to about $49,000 in January, down 9% from a year earlier and the brand’s lowest level in three years.

Since the departure of Tavares, Stellantis has “recommitted” to US factory investments and moved the launch of a hybrid Ram pickup ahead of a full-electric version.

This year has the potential to get weird fast for Stellantis and rivals Ford and GM. Increased EV competition in China is still hurting bottom lines, and tariff-related obstacles could send car prices even higher. If President Trump’s planned 25% tariffs do ultimately get tagged onto vehicles, some analysts believe the average price of a car could rise by $3,000.

Max Knoblauch3/20/26

China’s EV startup trio have all become profitable

China’s EV startup trio, Nio, Li Auto, and XPeng, are now all profitable, following the latter’s Q4 results released Friday.

XPeng reported a quarterly net profit of about $55 million, compared to rival Nio’s Q4 net profit (also its first) of about $40 million. Li Auto posted Q4 net profit of less than $1 million.

All three companies being profitable offers a stark contrast to the EV market in the US, where Rivian quietly delayed its 2027 profitability target in a filing about its Uber robotaxi partnership yesterday. Lucid is likely further away, and last month cut 12% of its US workforce as part of its “path toward profitability.”

Still, it’s not all rosy for China’s EV startups, either. XPeng ADRs were down more than 6% in Friday morning trading as its Q1 sales forecast came in below estimates. As China rolls back subsidies, auto sales are slumping. Chinese retail EV and hybrid sales fell 32% in February from the same month last year.

9.3%

Max Knoblauch3/19/26

As the war with Iran produces the biggest spike in US gas prices since Hurricane Katrina, car retailer CarMax is continuing to see heightened interest in EVs, hybrids, and plug-in hybrids.

“From Feb 1st - March 1st (inclusive), compared to March 2nd to March 15th (inclusive), we saw a 9.3% lift in page views for these vehicles,” a spokesperson for the company told Sherwood News.

As industry insiders recently told us, EV interest climbs when gas prices rise. That appears to be holding true even without EV tax credits, which the Trump administration ended under its new budget package.

CarMax also saw EV searches spike in 2022, amid Russia’s invasion of Ukraine and the resulting oil price spike.

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$35.4B

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The tariffs imposed by the Trump administration have cost automakers at least $35.4 billion since the start of 2025, according to a new analysis by Automotive News.

That total will continue to climb this year, since the Supreme Court’s February tariff ruling largely leaves the 25% levy on vehicles and auto parts untouched.

Toyota has taken the biggest hit, projecting more than $9 billion in tariff costs in its fiscal year ending this month, while Detroit’s big three automakers — Ford, GM, and Stellantis — were hit with a combined $6.5 billion tariff charge in 2025.

In the fourth quarter, automakers sold about 8% fewer imported vehicles in the US compared to the same period a year ago, per the Automotive News Research & Data Center.

Tariff charges come at a rough time for legacy carmakers, which are also scaling back EV plans following the Trump administration’s elimination of tax credits and fuel standard goals. According to Automotive News, the cost of EV write-downs and restructuring is, so far, nearly $70 billion.

Stellantis shares are falling after the Jeep maker logged a 70% profit plunge in 2024

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