Stellantis, the parent company behind Detroit brands Jeep, Ram and Chrysler, has slashed its full-year forecast, indicating severe challenges in the global car industry.
The company estimates its profit margin will range between 5.5% and 7.0%, primarily due to efforts to reduce inventory of slow-moving vehicles through incentives.
Stellantis' industrial operations are now projected to burn between €5 billion and €10 billion this year, a significant correction from previous cash generation assurances.
With shares losing a third of their value in three months, Stellantis faces intense pressure, prompting UBS to review its 'buy' rating amid the latest profit warnings.
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