The group, which is looking for a new CEO, also reported a 17% fall in turnover to €156.9 billion (US$164.6 billion) which it blamed on “temporary gaps in product offerings” and sales promotions to reduce stocks.

It said profit fell from €18.6 billion in 2023 to €5.5 billion last year.

Stellantis chief executive Carlos Tavares quit in December amid differences over how to confront the group’s profit slump.

“In the 90 days since the leadership transition began, and while the process to select the next CEO within the first half of 2025 continues, the interim leadership team has taken quick, decisive actions to improve the company’s performance and profitability,” said a Stellantis statement announcing the results.

It said this included: “Prioritising critical launches to better meet evolving customer needs, especially in the US”.

The group promised 10 new launches in 2025.

Stellantis had reported growing difficulties including model launches delayed because of electrical problems and lower sales in North America, its key market.

The Italian-US-French group’s 14 brands include Fiat, Peugeot-Citroen, Opel, Maserati, Chrysler, Ram and Jeep.