Stellantis N.V. (NYSE:STLA) Q2 2024 Earnings Conference Call July 25, 2024 8:00 AM ET
Company Participants
Natalie Knight - Chief Financial Officer
Carlos Tavares - Chief Executive Officer
Conference Call Participants
George Galliers - Goldman Sachs
Michael Jacks - Bank of America
Thomas Besson - Kepler Cheuvreux
Patrick Hummel - UBS
Bruno Dossena - Wolfe Research
Daniel Roeska - Bernstein Research
Operator
Hello everyone. Joining us today as we review Stellantis' Half Year 2024 Financial Results. Earlier today, the presentation material for this call, as well as the related press release, were posted under the Investor Section of the Stellantis Group website.
Today our call is hosted by Carlos Tavares, the company's Chief Executive Officer and Natalie Knight, the Company's Chief Financial Officer. After both Mr. Tavares and Ms. Knight present, they will be available to answer questions.
Before we begin, I want to point out that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on Page 2 of today's presentation. As customary, the call would be governed by that language.
Now I would like to hand over the call to Carlos Tavares, CEO of Stellantis.
Carlos Tavares
Good morning and good afternoon to all of you. Welcome to this 2024 H1 Stellantis Financial Result Announcement session. We perfectly recognize that you are highly busy people and therefore value your time. Thank you for attending, and thank you for your interest in Stellantis. So let's get started.
It is an understatement to say that H1 2024 results were disappointing and humbling. It represents a perfect convergence of several headwinds that I will describe to you in a very transitional period that opens the road for a product blitz of 20 new products. This is a bump on the road that we are now fixing and that we are going to fight against to make sure that we can rebound from here and that we fix the operational issues that we face. So what happened in H1 is a convergence of three major factors that I would like to share with you.
Number one, we were in a dynamic of R&D, CapEx and M&A expenses that proved to be too high. And we are now fixing that. That's point number one. Point number two, we faced operational flaws, which were totally internal to Stellantis, and we are fixing that. And number three, some of our marketing tactics, namely in the US Market, did not deliver the expected results. The perfect convergence of those three factors in a transitional year, which is a product blitz that I will detail to you moving forward, has delivered the disappointing results that we are committing to you today.