Stellantis cuts earnings forecast as competition from China intensifies

ca.finance.yahoo.com — September 30, 2024 at 03:00 PM UTC

Stellantis has reduced its earnings forecast, expecting to lose more cash than previously thought. The company cited increased competition from Chinese automakers as a key factor in this decision. Shares fell about 12.5% in after-hours trading. The carmaker anticipates finishing the year with negative cash flow, reflecting broader challenges in the auto industry. Other automakers have also lowered their guidance due to changing market dynamics and declining demand. Pressure is mounting on Stellantis leadership, with concerns over sales and product innovation. Reports suggest that the chairman may be seeking a potential replacement for the CEO, whose tenure ends in 2026.

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Timeline:

[2.9]

Investors show mixed sentiment in Stellantis options trading as price targets emerge (benzinga.com)

161d 2h

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[3.6]

Stellantis reports 19.8% drop in U.S. auto sales for third quarter (cnbc.com)

162d 6h

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[3.7]

Stellantis faces ongoing challenges as stock value declines (seekingalpha.com)

162d 20h

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[4.4]

Stellantis faces inventory crisis with unsold vehicles and profit forecast cut (postandcourier.com)

164d 0h

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[3.9]

Stellantis cuts earnings forecast as competition from China intensifies (ca.finance.yahoo.com)

164d 5h

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[4.2]

Stellantis shares drop nearly 14% after profit warning on weaker sales and competition (cnn.com)

164d 7h

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[4.0]

European carmakers face profit declines amid weak demand and rising costs (khaleejtimes.com)

164d 7h

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[4.6]

Stellantis issues profit warning and seeks new CEO amid declining sales and competition (euronews.com)

164d 8h

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[4.2]

European carmakers issue profit warnings as demand weakens and costs rise (ca.finance.yahoo.com)

164d 9h

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[4.5]

Stellantis cuts earnings forecast as U.S. operations struggle with industry downturn and Chinese competition (abcnews.go.com)

164d 9h

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[4.2]

Stellantis shares fall 9% after lowering profit outlook for 2024 (cnbc.com)

164d 12h

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[4.0]

Stellantis revises 2024 financial outlook amid North American performance issues (globenewswire.com)

164d 14h

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