Stellantis issues profit warning and seeks new CEO amid declining sales and competition

euronews.com — September 30, 2024 at 12:00 PM UTC

Stellantis, the maker of Jeep and Ram, has issued a profit warning for 2024, lowering its earnings forecast due to poor first-half results and increased competition from China. The company is also seeking a new CEO amid criticism from US dealers and the United Auto Workers union. To address its challenges, Stellantis plans to reduce dealer inventory levels more quickly than previously intended. The company reported a 48% drop in first-half net profits and a nearly 16% decline in US sales, despite a slight overall increase in new vehicle sales. Stellantis is facing additional pressure from production cuts in Italy, leading to a planned one-day strike by workers. The carmaker is also dealing with supply chain issues and rising competition in the electric vehicle market.

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Timeline:

[2.9]

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

160d 4h

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[3.6]

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

161d 8h

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[3.7]

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

161d 22h

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[4.4]

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

163d 2h

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[3.9]

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

163d 7h

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[4.2]

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

163d 9h

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[4.0]

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

163d 9h

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[4.6]

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

163d 10h

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[4.2]

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

163d 11h

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[4.5]

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

163d 11h

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[4.2]

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

163d 14h

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[4.0]

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

163d 16h

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