Auto maker Stellantis issued its 2024 financial report Wednesday, indicating that net revenues for 2024 were down 17% compared to the previous year; with net profit for 2024 down 70% compared to the previous year.

Stellantis reported a steep 70% decline in the full year 2024 net profit, falling to 5.5 billion euros ($5.77 billion) from $19.5 billion.

The profit-sharing agreement, part of the 2023 labor agreement between Stellantis and the UAW, is based on the automaker's adjusted operating income margin in North America — $900 per 1% of profit margin.

Stellantis on Wednesday reported a sharp drop in full-year earnings as the company scrambles to take measures to improve its performance and profitability.