Carmaker Stellantis slashes forecasts as it faces industry slump and Chinese competition

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Stellantis NV News

Financial Performance,Auto Industry,General News

Carmaker Stellantis has slashed its earnings forecast, citing investments to turn around its U.S. operations as the wider automobile industry faces a slump and increased Chinese competition. Stellantis said in its profit warning on Monday that it expects to finish the year with a negative cash flow of 5 billion euros to 10 billion euros, ($5.

FILE - A Stellantis logo is shown at the North American International Auto Show in Detroit, Sept. 13, 2023. Fernando Uliano of Fim Cisl union, left, Michele De Palma of Fiom Cgil union, centre, and Rocco Palombella of Uilm union pose after announcing the mobilization of Stellantis workers and the entire automotive supply chain, in Rome, Tuesday, Sept. 24, 2024. FILE - Stellantis CEO Carlos Tavares speaks during a news conference following a meeting with unions, March 31, 2022, in Turin, Italy.

In its profit warning, Stellantis said it expected to finish the year with a negative cash flow of 5 billion euros to 10 billion euros, instead of positive. who is under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance. The company has portrayed the search as a normal leadership succession plan.

 

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