Stellantis shares fall 9% after lowering profit outlook for 2024

Stellantis, the maker of brands like Chrysler and Jeep, has lowered its profit outlook for 2024, citing weaker sales across most regions. Shares fell 9% following the announcement. The company now expects an adjusted operating income margin of 5.5% to 7.0%, down from a previous "double digit" forecast. It also revised its industrial free cash flow projections to a loss of 5 to 10 billion euros. This warning follows a similar move by Volkswagen, which recently cut its annual outlook due to challenges in its vehicle brands and a worsening economic environment.