2024 OEM results: tough year for Europe but not disastrous

2024 was a tough year for Europe's five major carmakers (BMW, Mercedes-Benz, Renault, Stellantis and VW) as all reported lower operating earnings in their automotive divisions and all except Renault also reported lower earnings at group level. However, it was far from a disastrous year: the average operating margin of 6.1% is a respectable figure by historical standards, even though it fell by a sharp 3.6 points from the prior year figure.