Sellantis presents the worst accounts since she was born six years ago. The net profit dropped to 5.5 billion euros, down 70%. Revenues also fall, equal to 156.9 billion euros, marking -17% compared to 2023. The deliveries decreased by 12% globally – there were 5.4 million – “for temporary gaps in the range of products and shares of reduction of the stocks now completed”, the group says in the note with which he presented the accounts. The dividend was halved by going from 1.55 to 0.68 euros. “Dramatic data”, comments the deputy premier Matteo Salvini who, during the meeting with the foreign press, points the finger at Europe. “A scientist was not needed – attacks the leader of the League – to understand that the suicide imposed by Brussels in the name of the electric car would have had dead and injured among the workers, among the engineers, not among the politicians”.
Trump fan
In the statements made during the Assembly Elkann also shines on the theme of the energy transition. He announces his confidence in Trump a little surprise and his environmental policies all played in reverse. “We strongly supported the policy of President Trump who aims to promote the American manufacturing industry. In the first 100 hours of the new administration we announced large investments in the United States.” The support for the new tenant of the White House covers some evident contradiction. Stellantis, under his guide, has embarked on a path to the production of electric vehicles and investments in multi-energy platforms, as highlighted by the announcement of the launch of ten new products and by the commitment in the joint ventures for the production of batteries for electric vehicles. Now, however, announces the support for the policies of President Trump, who have supported a decidedly more “traditional” vision of the automotive industry this position, albeit dictated by economic reasons related to geopolitics and duties, seems to enter into contrast with the declarations relating to the commitment of Stellantis towards “green mobility”. In particular, his praise of Trump’s protectionist policies, which aim to relaunch the American automotive industry with strong investments, is part of a dynamic that potentially has devastating effects on the long run regarding the objectives of reducing global emissions. Elkann’s statements thus risk doubts about Stellantis’ sincerity in his transition to sustainability, appearing as a mere response to immediate economic incentives rather than a real commitment to change.
Late criticisms of the EU
Another focal point of Elkann’s statements is his criticism of European emissions regulations, which he considers “hard and contradictory”. This type of rhetoric, which appears in his intervention in the conference call, marks a protest against the European Commission, so far quite contained .. The laws on emissions, which impose on the automotive industry to drastically reduce their ecological footprints, are seen by Elkann as obstacles to the competitiveness and survival of the traditional industry. However, this type of criticism had to be explicit before. Instead, a long bridle was left to the former CEO of the Carlos Tavares group who had made his banner of the battery car (the governments paid so much). If on the one hand Elkann projected optimistically towards the future, speaking of “growth”, “profitability” and “confidence” for 2025, on the other it does not hide the disappointing economic results of 2024, with a net profit falling by 70% and a reduction in global deliveries. In this context, his appeal to the launch of new platforms and multi-energy models appears more as an attempt to reassure investors and the public rather than a concrete plan to face the challenges placed by the energy transition. The “strong contradictions” of which Elkann speaks are, in fact, the key to understanding the current Stellantis phase. The company, although trying to align with the needs of the modern automotive market, still seems linked to traditional business models that may not be sufficient to cope with the requests of a more green and sustainable future. In a period of “strong contrasts”, the question is if the automotive industry can really thrive in an increasingly focused global context on environmental issues and if Stellantis will be able to overcome its own internal contradictions.
