Stellantis NV issued a profit warning Monday, revising its annual forecasts downwards due to several factors, including intense competition from Chinese manufacturers in the electric vehicle sector, declining global industry dynamics, and higher costs associated with overhauling its operations in the U.S.
In a press release, the French-Italian conglomerate stated that the revision in its 2024 financial guidance reflects decisions to "significantly enlarge remediation actions on North American performance issues, as well as deterioration in global industry dynamics."
