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Stellantis (STLA) Q2 US Sales Fall Despite Strategic Shifts
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Stellantis N.V. (STLA - Free Report) reported a significant drop in its U.S. sales during the second quarter of 2024, continuing a trend of declines in recent periods. The company, which owns Jeep, Ram, Chrysler, Dodge and Fiat, saw a more substantial decline compared with previous periods. STLA last reported a quarterly sales increase in the second quarter of 2023.
In the second quarter of 2024, Stellantis reported U.S. sales of 344,993 vehicles, representing a 21% decrease from the 434,648 units sold in the year-ago period.
Among STLA's U.S. brands, only the low-volume Fiat and Alfa Romeo showed a year-over-year sales rise in the second quarter. The sales of Jeep, Ram, Chrysler and Dodge decreased 19%, 26%, 19% and 17%, respectively, compared with the same period in 2023. Alfa Romeo sales rose 8% year over year. Fiat sold 316 vehicles compared with 144 sold in the year-ago quarter.
The Jeep Wagoneer and Grand Wagoneer, more expensive and profitable models of Stellantis, saw substantial year-over-year sales growth, with an increase of 107% and 24%, respectively. Moreover, retail sales for the Jeep Wrangler, Grand Cherokee and Compass models rose 24%, 12% and 15%, respectively, from the previous quarter of 2024.
Stellantis also highlighted its strong performance with plug-in hybrid models. The Jeep Wrangler 4xe, Jeep Grand Cherokee 4xe, Dodge Hornet R/T and Chrysler Pacifica Hybrid remained four of the top five best-selling plug-in hybrids in the United States.
Per Matt Thompson, head of U.S. retail sales for Stellantis, the company's efforts in the first half of the year, which includes a multi-energy strategy and pricing adjustments across its brands, have resulted in significant momentum. The second quarter experienced a 4% increase in total U.S. sales and market share compared with the previous quarter.
To boost sales, STLA recently launched a national Summer Select Inventory Bonus Cash incentive campaign, offering up to $2,000 cash back on many of its models.
The sales team leadership at Stellantis has seen significant changes recently, with many executives leaving various roles in North America. For example, Matt Thompson replaced Jason Stoicevich as senior vice president of U.S. retail sales shortly after Stoicevich's brief tenure.
Stellantis' news release did not mention the cyberattack on CDK Global, which impacted about half of U.S. dealers, including those selling Stellantis vehicles. This attack forced some dealers to use paper records.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.63%. The EPS estimates for 2024 and 2025 have improved 21 cents and 34 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 5 cents in the past 60 days. The EPS estimates for 2025 have moved up 20 cents in the past 30 days.
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Stellantis (STLA) Q2 US Sales Fall Despite Strategic Shifts
Stellantis N.V. (STLA - Free Report) reported a significant drop in its U.S. sales during the second quarter of 2024, continuing a trend of declines in recent periods. The company, which owns Jeep, Ram, Chrysler, Dodge and Fiat, saw a more substantial decline compared with previous periods. STLA last reported a quarterly sales increase in the second quarter of 2023.
In the second quarter of 2024, Stellantis reported U.S. sales of 344,993 vehicles, representing a 21% decrease from the 434,648 units sold in the year-ago period.
Among STLA's U.S. brands, only the low-volume Fiat and Alfa Romeo showed a year-over-year sales rise in the second quarter. The sales of Jeep, Ram, Chrysler and Dodge decreased 19%, 26%, 19% and 17%, respectively, compared with the same period in 2023. Alfa Romeo sales rose 8% year over year. Fiat sold 316 vehicles compared with 144 sold in the year-ago quarter.
The Jeep Wagoneer and Grand Wagoneer, more expensive and profitable models of Stellantis, saw substantial year-over-year sales growth, with an increase of 107% and 24%, respectively. Moreover, retail sales for the Jeep Wrangler, Grand Cherokee and Compass models rose 24%, 12% and 15%, respectively, from the previous quarter of 2024.
Stellantis also highlighted its strong performance with plug-in hybrid models. The Jeep Wrangler 4xe, Jeep Grand Cherokee 4xe, Dodge Hornet R/T and Chrysler Pacifica Hybrid remained four of the top five best-selling plug-in hybrids in the United States.
Per Matt Thompson, head of U.S. retail sales for Stellantis, the company's efforts in the first half of the year, which includes a multi-energy strategy and pricing adjustments across its brands, have resulted in significant momentum. The second quarter experienced a 4% increase in total U.S. sales and market share compared with the previous quarter.
To boost sales, STLA recently launched a national Summer Select Inventory Bonus Cash incentive campaign, offering up to $2,000 cash back on many of its models.
The sales team leadership at Stellantis has seen significant changes recently, with many executives leaving various roles in North America. For example, Matt Thompson replaced Jason Stoicevich as senior vice president of U.S. retail sales shortly after Stoicevich's brief tenure.
Stellantis' news release did not mention the cyberattack on CDK Global, which impacted about half of U.S. dealers, including those selling Stellantis vehicles. This attack forced some dealers to use paper records.
Zacks Rank & Key Picks
STLA currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Blue Bird Corporation (BLBD - Free Report) , Geely Automobile Holdings Limited (GELYY - Free Report) and American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.29% and 155.14%, respectively. The EPS estimates for 2024 and 2025 have improved 63 cents and 69 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.63%. The EPS estimates for 2024 and 2025 have improved 21 cents and 34 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for AXL’s 2024 sales and earnings suggests year-over-year growth of 3.05% and 544.44%, respectively. The EPS estimates for 2024 have moved up 5 cents in the past 60 days. The EPS estimates for 2025 have moved up 20 cents in the past 30 days.