Reported 7 days ago
European auto stocks dropped nearly 4% following a grim forecast from Stellantis that indicated worsening industry trends and aggressive competition from China. The market value of the STOXX Auto & Parts index fell by almost $10 billion, with Stellantis shares plunged 14% after announcing higher cash burn expectations. Analysts predict continued weakness in the sector, driven by supply chain issues and slowing demand, with anticipated earnings dropping almost 14% in 2024.
Source: YAHOO