Automobiles: Bad Results for Stellantis

In October 2024, in Europe (European Union, Great Britain, and countries belonging to the European Free Trade Association), the Stellantis automotive group, which includes about fifteen brands including FIAT, Alfa Romeo, Jeep, Chrysler, and Opel, registered 150,346 new cars. According to statistics released by the European Automobile Manufacturers’ Association (ACEA), the number of registrations in October recorded a 16.7% decrease compared to the same month in 2023. Accordingly, last month, the European market share of cars controlled by Stellantis fell from 17.4% (October 2023) to 14.4%. According to ACEA, Stellantis registrations totaled 1,700,846 in the first ten months of 2024, a 7.1 percent decrease from the January-October 2023 period. In the first ten months of 2024, market share declined to 15.7 percent from 17.1 percent for the same period in 2023.

Meanwhile, the crisis in the auto industry continues to hit Germany, where demand for jobs in the German auto industry continues to decline, hitting a “low point” in October. According to an analysis presented on Thursday, November 21, by the IFO Institute and the online job exchange “Indeed” of about 1.6 million job ads for nearly 2400 companies in the German automotive industry, “in October 2024, the number of job ads in the automotive sector were 53% below the results recorded for the same period in 2023.” According to Oliver Falk (pictured), director of IFO’s Center for Industrial Economics and New Technologies, “the decline in job advertisements clearly demonstrates that the shift to electric vehicles has slowed sharply in recent months.” According to the ACEA, while new “traditional” car registrations rose at an annualized rate of 1.1% in October 2024, new electric vehicle registrations instead fell 4.9% compared to the results for the same month in 2023.

The decline in labor demand clearly reflects the current crisis in the European and global automotive industry. It wasn’t until the coronavirus pandemic in mid-2020 that the overall level of job postings was even lower than it is today.