Reported 7 days ago
Stellantis NV has reduced its annual profit forecasts, citing increased cash burn due to worsening market trends, higher costs for restructuring in the U.S., and intensified competition from Chinese automakers in the electric vehicle sector. The company now anticipates a cash burn between €5 billion and €10 billion this year and expects its operating profit margin to drop significantly. Stellantis plans to cut shipments to North America by over 200,000 units in the second half of the year and will implement higher incentives for older model vehicles.
Source: YAHOO